Date: 2008-06-13 18:27:08
Query : I have taken personal loans from hsbc,icici,centurian bank of punjab and deutsche bank.I have been paying the EMIs but due to the higher educational requirement sof my family and other unpredictable expenditures, i have bee trapped by loans and my credit cards. Now i am looking for a loan from a single financial institue to take over my loans and the credit card payments and consolidate in one EMI. i am deeply disappointed because of the declined from the financial institution.I agree i am undegoing with some financial collapse, if all the financial institution deny to lend, then hoe i will be able to correct my financial crisis.Please suggest me and provide me with some solution.
-----------------------------------------------------------------------------------------------------------
Date: 2008-06-14 15:25:58
Message:
To help me prepare a personalised debt consolidation plan for you, I need the following information from your end.
Initial Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
Loan 1:
Loan 2:
You will also need to list your Credit Card outstanding and Net Income.
Looking forward to your response on this.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
------------------------------------------------------------------------------------------------------------
Date: 2008-06-14 19:05:14
Message:
Dear Amitoj,
Thanks for your immediate reply.I am furnishing the details of my loans.
Personal Loans
Bank Amount Tenure ROI EMI EMIPaid
Loan-1 HSBC 160000 60 20% 4317 12
Loan-2 Centurian Bank of Punjab
210000 60 20% 5767 10
Loan-3 ICICI 248000 36 20% 8965 14
Loan-4 Deutsche( This one from the salary account).
380000 48 20% 11564 9
Total 30613
Credit cards
Bank Amount outstanding
Citi Bank 117000
Barcleys 75000
Total 192000
My net income is 64500 per month.In my account 54,500 is transfered and i get 10000 via reimbursement as transport allowances which is paid against car lease.
I am a person who look after two brothers and one sister education and both families,due their higher studies i have taken loans for them.
Please help me.
------------------------------------------------------------------------------------------------------------
Date: 2008-06-16 11:03:22
Message:
Your monthly net take home is Rs. 64,500 (including quarterly allowances)
Your monthly EMI commitments is Rs. 40,214(assuming 5 % payment on credit card balance)
Based on the data provided, your eligibility for top-ups is as listed below
Principal Tenure Rate of Interest EMI EMIs Paid Principal Balance Top-up Available
Loan 1 160000 60 20.85% 4315.047899 12 139713.0586 20286.94137
Loan 2 210000 60 21.75% 5770.161201 10 188679.1419 21320.85807
Loan 3 248000 36 18.00% 8965.794093 14 166950.4771 81049.52287
Loan 4 380000 48 20.00% 11563.53769 9 329664.8977 50335.1023
My recommendation to you is as follows
a. Opt for a top-up on loan 1,2,3 & 4. This should generate liquid cash to the extent of Rs. 1.72 lacs without any change in your monthly outgo, but your tenure will increase.
b. If the loan provider is able to offer a top-up with an enhancement, please take up the offer. There will be an increase in the EMI in this case.
c. Use the Rs. 1.72 lacs to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 31,000
e. Use your cards sensibly and pay the full amount due at the end of every billing cycle.
You should ensure that all additional income is ploughed back to ensure that your debt is reduced. Please regulate your expenses and get into a habit of saving a portion of your salary every month. Prudence in expenses is the only trick to stay out of debt traps.
Do get back to me for any clarifications on your personalised debt consolidation plan.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
------------------------------------------------------------------------------------------------------------
Date: 2008-06-16 11:12:47
Message:
Dear Mr.Amitoj,
Thanks a million for your valuable advice.
Basically with the bad record for 4 months will these banks give me top up.
Please suggest to me how to proceed.Should i talk to the bank directly.
I am awaiting for your reply.
------------------------------------------------------------------------------------------------------------
Date: 2008-06-16 11:14:53
Message:
Yes, you need to speak to the bank directly and they will be able to confirm the top-ups amount.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
------------------------------------------------------------------------------------------------------------
Date: 2008-06-17 18:02:33
Message:
Dear Amitoj,
I have spoken to two bankers one is HSBC and ICICI, but they denied me upfront that they will not give the top ups.Since i have become irregular something "bucket-1" customer for them.
I have request you suggest me.
------------------------------------------------------------------------------------------------------------
Date: 2008-06-18 12:10:31
Message:
Do you have any assets you can leverage / mortgage / liquidate to improve your cash flow situation ?
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
------------------------------------------------------------------------------------------------------------
Date: 2008-06-18 13:02:15
Message:
Dear Mr.Amitoj,
Thanks for your valuable time and reply.
I have no assets,basically i am from a very low middle class family who has reached up to this level.I have no family background which can help my cash flow.I am left out with my own.
As you are aware my circle also started forbidding me during this situations.
help me.
------------------------------------------------------------------------------------------------------------
Date: 2008-06-20 12:36:11
Message:
I would then suggest you get help from your family members,if they can supplement your income. If they can take up part time jobs, this will help you increase your cash flow.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
------------------------------------------------------------------------------------------------------------
City : Noida
Employment Status : Salaried
Annual Income : 850000
Type of Loan Running : Yes
Loan Running :
EMI Amount :
Tenure :
ROI Loan : Yes
EMI Paid :
Credit Card Holder : Yes
Amount Due :
Loan Running on Credit Card : No
Residential Status : Rented
Vehicle Owned : 4 Wheeler