Date: 2008-06-17 16:09:58
Query : Hello,
I have the following loans
1) Personal Loan EMI:9965/.(paid about 16 months out of 36 months)
2) Car loan of 12322/.EMI and paid only one EMI.
3) I have 3 Credit cards and the out standing of total 20000.
Please give a solution to come out of this credit card debt .
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Date: 2008-06-17 16:57:01
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
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Date: 2008-06-17 17:36:16
Message:
Name |Loan Amount |Tenure |ROI| EMI |No of EMI Paid
ICICI 300000 36 11.5 9965/. 16
Tata 375000 36 12.5 12300/. 1
Citibank Credit card 1:75000(Outstanding amount)
Citibank credit card 2:50000(Outstanding amount)
HSBC Credit card: 80000(Outstanding amount)
my net income is 50000/. per month
I hope this info is helpful in resolving my issue.
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Date: 2008-06-18 11:23:20
Message:
Your monthly net take home is Rs. 50,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 32,517 (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 300000 36 12.00% 9964.292944 16 179811.1761 120188.8239
Loan 2 375000 36 11.15% 12303.674 1 366180.701 8819.299001
My recommendation to you is as follows
a. Opt for a top-up on loan 1. This should generate liquid cash to the extent of Rs. 1.20 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. 1.20 lacs to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 26,500.
e. You should apply for an additional personal loan of Rs. 85,000 to pay off the balance portion of your card debt.
f. 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
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City : Hyderabad
Employment Status : Salaried
Annual Income : 720000
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