Legal Question in Credit and Debt Law in India

i took a hand loan from a pvt financer and he asked me to sign for chits of 10lakhs and he only took that money and he said he will pay that instalments. But he cheated me and he din pay and it was very late the time i got to know about that as i got the seazing order and then i approached paid a sum of 6lakhs till now ans still the chit fund company says i need to pay 5lakhs. But it is highly painful as i lost my job and there is not income as we are in a worst state of living. I'm asking the chitfund company to give me some more time so that i can arrange money and repay them .. They say that civil arrest and all.. Please suggest me what kind of action i can take against the financer and how i get some time as i want to clear the amout.

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