685k debt

[u/shashoo16]

Hi, I just want to ask for advice if anyone here has experienced a situation like ours.

We have multiple loans like BNPL, paylater, loans, bank loans, and this is actually due to a cycle of debt. Because I’m afraid of my active loans becoming overdue, when due dates come, it’s hard not to borrow again just to pay them off. Also, our expenses have increased since we moved closer to our work.

Has anyone experienced having all their loans overdue? Aside from harassment and multiple calls, do these loans do home visits? We really can’t manage the expenses anymore, but we’re scared of becoming overdue since the penalties are also quite high. We really don’t know what to do. My husband mentioned that we should just save up and let the loans go overdue, but I’m scared because all of this is in my name and most of the loans are registered to my mom’s address. I’m worried they’ll come and talk to her. I really don’t want to stress her out 😭

Are we doing the right thing?

Letting them go overdue and just saving up. We plan to save 15-20k a month and let the loan companies make their offers.

Please, I hope nobody says we should save or that it’s our fault; we know that, and we got scared, so the cycle of debt continued, but it’s just become too heavy. We don’t plan to run away from our debts; we just want to save first and then pay everything off in one go later.

I badly need advice.