Personal loan defaults high in AP, Telangana
The crisis has deepened further, with the two states experiencing a more than 800 per cent increase in debt burdens since 2014. Latest data from police demonstrate 35,944 cases of harassment in 2024 against 25,488 in 2023, showing the horrific human toll of hostile recovery measures and unsustainable lending patterns.
Statistics gathered by The Legal Savvy, a debt resolution company, indicate that since 2024, over 11,000 borrowers in both the Telugu states have collectively repaid debts of over Rs270 crore, as a result of structured legal settlements by The Legal Savvy. Experts point out that defaults are no longer limited to low-income families, but are also affecting salaried professionals, entrepreneurs, and small businessmen. Recovery practices repeated calling, public humiliation, and mental harassment, have contributed to the trauma.
'Borrowers often feel trapped — not just by their EMIs but also by the constant harassment that follows,' said Manasa Manda and Rohit Raj Singh, Directors, The Legal Savvy. 'Through structured legal processes, we've seen debt burdens reduced by 70–85 per cent, allowing individuals to settle with dignity and rebuild financial stability.'
Recent anonymised cases handled by The Legal Savvy illustrate the depth of the problem and the impact of structured legal settlements. In Hyderabad, a salaried employee who had loans worth Rs1.5 crore was able to settle at Rs37.5 lakh a 75 per cent reduction negotiated exclusively through The Legal Savvy's legal intervention after six months of persistent pressure. Likewise, a working woman burdened with a Rs1 crore loan successfully settled her dues at Rs27 lakh after a year-long negotiation process led entirely by The Legal Savvy, which shielded her from continuous lender harassment.
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Hans India
15 hours ago
- Hans India
Personal loan defaults high in AP, Telangana
Hyderabad: Andhra Pradesh and Telangana are witnessing a problematic financial distress crisis, as defaults on loans and debt harassment remain on a sharp uptrend. According to police reports, the two states experienced a 41 per cent increase in harassment cases in 2024, as personal loan defaults reached a six-quarter high of 3.6 per cent. The crisis has deepened further, with the two states experiencing a more than 800 per cent increase in debt burdens since 2014. Latest data from police demonstrate 35,944 cases of harassment in 2024 against 25,488 in 2023, showing the horrific human toll of hostile recovery measures and unsustainable lending patterns. Statistics gathered by The Legal Savvy, a debt resolution company, indicate that since 2024, over 11,000 borrowers in both the Telugu states have collectively repaid debts of over Rs270 crore, as a result of structured legal settlements by The Legal Savvy. Experts point out that defaults are no longer limited to low-income families, but are also affecting salaried professionals, entrepreneurs, and small businessmen. Recovery practices repeated calling, public humiliation, and mental harassment, have contributed to the trauma. 'Borrowers often feel trapped — not just by their EMIs but also by the constant harassment that follows,' said Manasa Manda and Rohit Raj Singh, Directors, The Legal Savvy. 'Through structured legal processes, we've seen debt burdens reduced by 70–85 per cent, allowing individuals to settle with dignity and rebuild financial stability.' Recent anonymised cases handled by The Legal Savvy illustrate the depth of the problem and the impact of structured legal settlements. In Hyderabad, a salaried employee who had loans worth Rs1.5 crore was able to settle at Rs37.5 lakh a 75 per cent reduction negotiated exclusively through The Legal Savvy's legal intervention after six months of persistent pressure. Likewise, a working woman burdened with a Rs1 crore loan successfully settled her dues at Rs27 lakh after a year-long negotiation process led entirely by The Legal Savvy, which shielded her from continuous lender harassment.
Time of India
18 hours ago
- Time of India
Cotton prices fall after India lifts import duty
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Time of India
21 hours ago
- Time of India
Modi to unveil 3 new metro projects in Bengal tomorrow
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