Defaulted on a loan? Here's how you can deal with the burden of repayment

Don't be afraid to approach the lender for loan restructuring

Sandeep Sethi, a financial analyst, was rather happy that he could buy a house at the age of 25. However, three years later, things started going horribly wrong when his parents retired. Suddenly, the Rs 20,000 equated monthly instalment (EMI) started hurting because he had to provide for his parents as well.

“Since I had to look after the overall household expenses since last year, my planning started going haywire,” admits Sethi. He took several steps to overcome this situation and somehow managed to stave off default for an extended period. However, everyone is not able to handle the financial