Date: 2008-07-01 13:06:41
Query : down with debits on credit cards,confused of how to pay back,should i take loan & pay back my cards& pay one emi on loan only coz int on cards is killing me big time
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Date: 2008-07-01 14:20:37
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: 2008-07-01 16:56:09
Message:
Initial Loan Amt :50000|Tenure:: 3 years|Rate Of Interest ::11% reducing|EMI:: 1637|No of EMI Paid::31
Credit Cards outstanding in total of 97000
Net Income in hand every month :: 19000
Please Advise would taking a personal loan & paying off my cards be a gud option at this point of time.
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Date: 2008-07-02 12:24:19
Message:
Your monthly net take home is Rs. 19,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 6,486 (assuming 5 % payment on credit card balance)
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. 42,000 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. 42,000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 4,385
e. You should apply for an additional personal loan of Rs. 55,000 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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Date: 2008-07-03 12:47:45
Message:
Thanks a ton Amitoj..just wanted to brief y abt my expense on monthly basis
:: school fee 4000 monthly
:: Insurances for my son approx 2000 monthly
:: my existing loan amt 1637
:: home exp 8000 including rent
:: electricity seperate + my card installemnts
Please advised if i go for a fresh loan for abt 1k will tht takecare of my cards debts completly & i end up paying only 1 emi for my loan coz int on cards is a pain.
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Date: 2008-07-03 21:34:25
Message:
As suggested above you can opt for a top-up on your existing loan. With that amount clear your card dues.And for the balance dues you can apply for a loan.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
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City : Faridabad
Employment Status : Salaried
Annual Income : 2,80000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 1637
Tenure : 36
ROI Loan : Yes
EMI Paid : more than 12 months
Credit Card Holder : Yes
Amount Due : 97000
Loan Running on Credit Card : No
Residential Status : Rented
Vehicle Owned : 4 Wheeler