Date: 2008-06-23 19:52:07
Query : SINCE I AM A SELF-EMPLOYED I DO NOT SHOW DIRECT INCOME AND THE NETT OFF IS TOO LOW. SUGGEST TO GET RID OF THE LOANS IN A SHORT SPAN OF TIME
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Date: 2008-06-23 21:21:59
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: 2008-06-24 17:16:35
Message:
SIR AS PER YOUR REQUIREMENT I AM SENDING YOU ALL THE LOAN DETAILS BELOW. ALSO MY NETT INCOME IS ONLY 2,15,000/- AS PER THE INCOME TAX PAPERS.
Initial Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
Loan 1:374000 60 20% (HSBC) 9909/- 20
Loan 2:150000 48 20% (CITI) 4565/- 20
Loan 3:140000 36 20% (CHOLA) 5203/- 20
loan 4:618000 48 18% (AXIS) 18235/- 7
Loan 5:380000 60 17% (CBOP) 9192/- 13
Loan 6:250000 48 18% (BARCLAYS) 6348/- 10
Loan 7:417000 36 19% (ICICI) 15510/- 1 Loan 8:642000 60 14% (HDFC CAR) 14606/- 23
Loan 9:761000 60 14% (ICICI CAR)16603/- 7
KINDLY HELP ME OUT OF THE TRAP OR IT WILL LEAD ME TO A TRAP OF DEBT.
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Date: 2008-06-24 17:18:41
Message:
MY TOTAL CREDIT CARD OUTSTANDING IS NEARLY RS.225000/-
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Date: 2008-06-25 15:22:41
Message:
Your monthly net take home is Rs. 2,15,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 1,11,418 (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 374000 60 20.00% 9908.712509 20 287602.8186 86397.18144
Loan 2 150000 48 20.00% 4564.554352 20 101468.4966 48531.50338
Loan 3 140000 36 20.00% 5202.90167 20 72545.02342 67454.97658
Loan 4 618000 48 18.25% 18234.5824 7 553254.603 64745.39702
Loan 5 380000 60 15.75% 9190.461085 13 320844.6952 59155.30477
Loan 6 250000 48 10.05% 6346.650596 10 205831.856 44168.14396
Loan 7 417000 36 20.06% 15509.96556 1 408460.8844 8539.115563
Loan 8 642000 60 13.00% 14607.47289 23 443338.6114 198661.3886
Loan 9 761000 60 11.15% 16602.96845 7 692386.9234 68613.07659
My recommendation to you is as follows
a. Opt for a top-up on loan 6,8 & 9. This should generate liquid cash to the extent of Rs. 3,11,442 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. 2,25,000 lacs to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 1,00,168
e. You should use the balance amt to pre pay your loan3 ,where the principal outstanding is rs 72,545
f. This will bring down your total emi commitment to 95,846
g. 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 : Mumbai
Employment Status : Self Employed
Annual Income : 1600000
Type of Loan Running : Yes
Loan Running : pl, cl,
EMI Amount : 100171
Tenure : 48
ROI Loan : Yes
EMI Paid : 9 to 12 months
Credit Card Holder : Yes
Amount Due : 150000
Loan Running on Credit Card : Yes
Residential Status : Rented
Vehicle Owned : 4 Wheeler