Date: 2008-08-16 23:23:27
Query : I have 10 credit card, which I have almost used and are going overlimit... My dad had a surgery and all the money was used into it as our financial situation at home wasn't good. I also took a loan to pay hospital bills. Now i earn 32000 per month out of which 25000 goes into personal loan. i am left with 7-8 thousand from which i have to give some moeny at home and am left with 5000 rupees every month to pay credit cards... every month each card has to be paid around say 3000 on an average, which goes to 30000 per month on my 10 card, nut i have only 5000 which goes for 1 or 2 cards. rest all cards are then charged late fees and are overlimit also, banks have started calling me also. what do i do.? please advice. is there any debt consolidation plan in india as it is in hte US. any agency who consolidates debt. i cant even get a personal loan so that i can pay off all cards as almost more than 75% of my salary amount goes into loans already. please help me or i dont know what i'll do to myself to come out of this situation.
------------------------------------------------------------------
Date: 2008-08-18 11:11:16
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: 2008-08-19 01:53:53
Message:
Hi,
Below mentioned are the details as required.
Initial Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
Loan 1: 250000 | 60 | 20% | 6623 | 12
Loan 2: 250000 | 48 | 20% | 7367 | 8
Loan 3: 400000 | 48 | 17% | 11420 | 2
Credit Cards:
Card 1: HDFC Bank - Outstanding: 100000
Card 2: ICICI Bank - Outstanding: 81000
Card 3: ICICI Bank - Outstanding: 45000
Card 4: CitiBank - Outstanding: 45000
Card 5: CitiBank - Outstanding: 550000
Card 6: AXIS Bank - Outstanding: 55000
Card 7: Barclays Bank - Outstanding: 45000
Card 8: Stanchart Bank - Outstanding: 25000
Card 9: Deutsche Bank - Outstanding: 45000
Card 10: SBI Card - Outstanding: 45000
Card 11: ABN AMRO Bank - Outstanding: 60000.
Please help me.
------------------------------------------------------------------
Date: 2008-08-20 11:57:26
Message:
Your monthly net take home is Rs. 32,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 80,200 (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 250000 60 20.00% 6623.470929 12 217659.9429 32340.05715
Loan 2 250000 48 18.18% 7367.285269 8 219796.279 30203.72096
Loan 3 400000 48 16.41% 11420.28097 2 388018.068 11981.93204
My recommendation to you is as follows
a. Opt for a top-up on loan 1, 2 & 3. This should generate liquid cash to the extent of Rs. 74,000 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. 74,000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 76,511
e. Use your cards sensibly and pay the full amount due at the end of every billing cycle.
f. Do you have any assets you can leverage / mortgage / liquidate to improve your cash flow situation ?
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
-------------------------------------------------------------------
City : Mumbai
Employment Status : Salaried
Annual Income : 400000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 25000
Tenure : 48
ROI Loan : Yes
EMI Paid : 6 to 9 months
Credit Card Holder : Yes
Amount Due : 600000
Loan Running on Credit Card : No
Residential Status : owned
Vehicle Owned : 2 Wheeler