Date: 2008-06-19 17:16:47
Query : I have 4 loans and 2 credit cards. I am paying 27,813 every month towards my loans and credit card payments however I am not able to manage the same as income is less than the total amount payable. Please help me.
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Date: 2008-06-19 18:47:33
Message:
Dear Satish Gupta
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: 2008-06-19 19:26:53
Message:
Sir,
Please find below the requested details.
Bank InitialLoanAmt Tenure IRR EMI EMI Paid
1 PL Citibank 70000 49 26% 2225 42
2 PL ICICIBank 50000 48 16% 1417 42
3 PL Citifinancial 25000 48 48% 1271 22
4 PL ICICIBank 190000 36 16.01% 6681 19
Just to brief you about the first 2 PL's, these are Bangalore accounts. I had taken these loans when I was working in Bangalore before getting tranferred to Hyderabad.
The ECS given for these accounts is not working as my Salary Account was changed to a different bank. I have been paying cash in these 2 accounts.
Credit Card Details
5 CC Citibank 78533
6 CC ICICIBank 97000
Also, the following are my Salary Details:
Month Net Take Home
May' 08 37615
April' 08 33733
March' 08 40286
February' 08 30250
January' 08 42454
December' 07 34787
Also, I wanted to keep you informed that in the year 2005, there were 2 settlements in my name reflecting in the CIBILL.
One is the PL from HDFC Bank and the second one is a Credit Card.
About myself:
I am a Team Leader with 24/7 Customer Pvt. Ltd. (a BPO/Call Centre - MNC). I am working with this company since 17th March' 2003. I am married and my family is settled in Hyderbad.
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Date: 2008-06-19 20:15:02
Message:
Sir,
Also, I have to apy Rs. 10,000/- towards family expenses to my mother as we stay in joint family. Me and wife spend around 3000-4000 rupees on ourselves. I am falling short of almost 15000 rupees every month since last 5 months. I am managing my finances by taking hand loans from my friends and relatives.
My total debt would come up to 500000 including everything. I have savings of about 40000.Also, I am 31000 towards life insurance policies of self and mu wife.
I am not sure how to take things forward as time is progressing it is becomming difficult for me to manage.
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Date: 2008-06-20 15:49:13
Message:
Your monthly net take home is Rs. 37,000(including quarterly allowances)
Your monthly EMI commitments is Rs. 20,370 (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 70000 49 23.25% 2225.230606 42 14436.33512 55563.66488
Loan 2 50000 48 16.00% 1417.01404 42 8119.015273 41880.98473
Loan 3 25000 48 53.50% 1271.244213 22 19340.368 5659.632004
Loan 4 190000 36 16.01% 6680.774349 19 101015.4166 88984.58337
My recommendation to you is as follows
a. Opt for a top-up on loan 4. This should generate liquid cash to the extent of Rs.88,000 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. 88,000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 15,970
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
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Date: 2008-06-22 11:17:34
Message:
Sir,
I have tried to get a top loan from ICICI Bank on the loan number 4 however it is declined.
I have tried getting a loan from almost all the banks however the file is getting declined.
The main reasons for my files getting rejected as follows:
1> Check bounces reflecting in almost all the loans. In the loan number 3 & 4, there are only 4 ( 2 in each) check bounces in the last 22 and 19 months.
2> The settlements reflecting in CIBILL.
I am completely lost and have no clue as to how should I go about with the above mentioned recommendations as no financial institution is ready to give me a loan.
Each passing day is becoming an additional burden on me.
Please advice and help.
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Date: 2008-06-23 10:53:16
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
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Date: 2008-06-23 15:58:31
Message:
No Sir, I do not have any assets. I am completely dependent on my job as of now.
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Date: 2008-06-23 16:27:19
Message:
I would then suggest,you should then try and cut down on expenses & get some more supplementary income to improve your cash flow.You could ask your family members to help you in this.
Try regulating your payments this will help improve your credit worthiness.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
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Date: 2008-06-23 16:35:13
Message:
Thanks Sir!!!!
Appreciate all of your time and efforts in guiding me through this.
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City : Hyderabad
Employment Status : Salaried
Annual Income : 300000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 27813
Tenure : 48
ROI Loan : Yes
EMI Paid : more than 12 months
Credit Card Holder : Yes
Amount Due : 175533
Loan Running on Credit Card : Yes
Residential Status : Rented
Vehicle Owned : 2 Wheeler