Personal Unsecured Loan default

Dear Sir/Madam, I had been earning a decent income by running my Taxi bussiness in Mumbai from 1983 to 2005. In the year 2005, due to fierce competition from Autos and cool cabs, and due to my inability to muster up enough finances to buy a new taxi, I decided to wind up my taxi business and disposed of my old taxi to scrap dealer. From 2005 to 2007, I tried my hands running few small businesses but none succeed. In the year 2007, I availed a personal loan of Rs. 3,00,000 (3 year loan) using my credit card to invest in stock market. I made my first 8 EMI payments on time. However by the beginning of 2008, my entire investment was wiped out. Once my bank balance dropped to a total of Rs. 6500, I stopped the EMI Payment and put a stop payment to my security check deposited with the bank. Thereafter, I took up employment as a truck driver which gave me only enough money to sustain myself and my wife. Once passed 60, due to failing eyesight, I stopped driving truck and started to live on my wife's pension of Rs. 1567 a month. We do not own any movable or immovable property in India. We are currently living sometimes in old age home and sometimes staying at relatives places for few weeks to month. About two months ago, I received an email from the finance company which had bought my loan account from the bank wherein they have asked me to pay Rs. 237000 to close my loan account. Though I didn't receive any further communications, I wish to know is there any way I can negotiate with this finance company to reduce their outstanding amount to Rs. 20,000 -25,000 and close my loan account because that's what we can get by selling out last piece of jewellery. If not, what options do we have? Email drafted by a samaritan.