Date: 2009-05-07 19:32:36
Name: Hello
Message:
City: Nagpur
Employement Status: Salaried
Date of Birth: 17-10-1973
Earning Members: 1
Dependants: 1
Net Salary: Rs. 50000
Assets
Property: Financed
Vehicle: Financed
Other Assets: Owned
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 300000
Tenure: 48
Emi: 16000
ROI: 16
Emi Paid: 150000
Loan Type: Property Loan
Loan Amount: Rs.
Tenure:
Emi:
ROI:
Emi Paid:
Card Details
Payment Due Status: M A D
Outstanding on Card: 300000
Query: how do i consolidate my dues on credit cards and also personal loan EMI's...I have till date no defaults on any payments
Date: 2009-05-07 23:52:34
Message:
Dear Hello
Could you help me with the number of EMI's paid on your loan so I can prepare a debt consolidation plan for you.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com
Date: 2009-05-09 12:40:57
Message:
please find below my loans details:
1) loan amount: 89636 EMI : 2829 EMI's paid : 8 months tenor: 48 mths.
2) loan amount : 153608 EMI : 5963 EMI's paid : 19 months tenor : 36 months
3) loan amount : 127939 EMI : 5030 EMI's paid : 12 months tenor : 36 months.
Date: 2009-05-11 11:21:42
Message:
Dear Hello,
Your monthly net take home is Rs. 50,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 28,822 (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 89636 48 22.10% 2828.947331 8 79580.35854 10055.64146
Loan 2 153608 36 23.21% 5962.948789 19 85692.51696 67915.48304
Loan 3 127939 36 24.16% 5030.166233 12 94996.64493 32942.35507
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. 1.10 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. 1.10 lacs to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 23,322
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
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com