Tackling Debt Distress—One Case at a Time
 
Dear Moneylifers,
 
We’re pleased to share that the Credit Counselling clinic that we had launched last month has received an encouraging and deeply engaged response. As many of you are aware, this initiative was born out of a sharp rise in distress messages from individuals caught in overwhelming debt—whether due to multiple unsecured loans, maxed-out credit cards or high-interest app-based borrowings.
 
In just two sessions, it has become clear that this is not an isolated issue—it cuts across income groups, professions and regions. We’ve heard from people working in IT, doctors in government service, salaried employees and small business owners. In most cases, the borrowing started with good intentions—helping someone in crisis, covering business losses or coping with a medical emergency—but snowballed into something far harder to control.
 
Each session is conducted over Zoom and is anchored by Aparna Ramachandra, founder-director of Rectify Credit. Aparna brings both compassion and clarity to these conversations. She offers practical, one-time guidance to help participants understand the true picture of their liabilities and repayment burden, prioritise which loans or dues to tackle first, avoid falling further into debt through additional borrowing and begin outreach and negotiation with lenders for settlements or restructuring.
 
While these sessions don’t offer ongoing hand-holding or debt resolution, what they do provide is a crucial first step—a reality check and a roadmap. Many participants were unaware of the long-term impact of missed payments on their credit scores, or the risks of falling prey to dubious debt settlement agencies that charge fees but offer no actual support.
 
Some cases also highlighted the emotional toll of being in debt—ranging from denial and depression to unrealistic expectations of repayment inflows. Aparna’s calm, no-nonsense approach helped steer them back to facts and feasible solutions. It is clear that apart from financial guidance, individuals in distress often need empathy, structure and honest advice.
 
To get a fuller sense of the issues people are facing and the kind of help these sessions are providing, we encourage you to read this recent article on Moneylife that highlights insights from the first two sessions.
 
If you or someone you know is in need of guidance, we urge you to make use of this opportunity. The first session is free, and appointments are scheduled on a first-come, first-served basis, subject to submission of required documents. Sessions are held every alternate Friday from 4–6pm via Zoom. To book a slot, please email us at [email protected] with a copy of your credit report, a summary of your monthly income and expenses and a list of your existing loans, credit card dues and EMIs.
 
Financial recovery begins with one step—and often, that step is asking for help. Let’s make sure those who need it get it in time.
 

 
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Get guidance and counselling through our Legal Helpline or Credit Helpline.
 
Sucheta Dalal
Founder-Trustee, Moneylife Foundation
 
 
Trustees: Walter Vieira, Sucheta Dalal, Debashis Basu.
 
Moneylife Foundation is registered with the Charity Commissioner of Mumbai, is an Affiliate member of OECD's International Network on Financial Education, is a Supporter Member of Consumers International, Development Partner of Advocates for International Development (A4ID), and is a winner of the 10th MR Pai Memorial Award.
 
 
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