Date: 2008-11-09 13:13:31
Message:
City: Jaipur
Employement Status: Salaried
Date of Birth: 30-12-1975
Earning Members: 1
Dependants: 2
Net Salary: Rs. 20000
Assets
Property: Owned
Vehicle: Owned
Other Assets: Owned
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 267000
Tenure: 48
Emi: 9839
ROI: 26
Emi Paid:
Card Details
Payment Due Status: Less than M A D
Outstanding on Card: 170000
Query: I requested kindly tell me how can manage my credit card dues and personal loan EMI and my leaving expenses
--------------------------------------
Date: 2008-11-09 21:52:42
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: 2008-11-23 13:13:26
Message:
loan 1- 167000 , emi 5728 tenure 48 month bank citi bank paid emi 8 month
loan 2 - 100000, emi 4111 tenure 36 month bank flurtton paid emi 18 month
credit card outstanding 170000
net per month income 20500
we need clear credit card outstanding and balance loan amount
----------------------------------------
Date: 2008-11-24 11:54:22
Message:
Your monthly net take home is Rs. 20,500 (including quarterly allowances)
Your monthly EMI commitments is Rs. 18,339 (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 167000 48 27.03% 5727.991924 8 149971.8378 17028.16224
Loan 2 100000 36 27.53% 4111.008343 18 60067.64253 39932.35747
My recommendation to you is as follows
a. Opt for a top-up on loan 1 & 2. This should generate liquid cash to the extent of Rs. 56000 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. 56,000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 15,539
e. Also if you have any assets to mortgage, you can use the funds to clear up the balance amount of your card dues.
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