Date: 2009-05-15 15:33:27
Name: XYZ
Message:
City: Noida
Employement Status: Salaried
Date of Birth: 09-10-1980
Earning Members: 2
Dependants: 2
Net Salary: Rs. 20000
Assets
Property: Owned
Vehicle: Owned
Other Assets: Pledged
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 90000
Tenure: 36
Emi: 3254
ROI: 17
Emi Paid: 29
Loan Type: Property Loan
Loan Amount: Rs.
Tenure:
Emi:
ROI:
Emi Paid:
Card Details
Payment Due Status: Full Payment
Outstanding on Card: 200000
Query: i want a solution to get rid of my debts, i hv credit cards to pay off, and personal loan to pay off, i want to pay off all in one go. what is the solution? pls advide.
Date: 2009-05-15 16:12:16
Message:
Dear XYZ
Do you have any assets you can leverage / mortgage / liquidate to improve your cash flow situation ?
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com
Date: 2009-05-15 17:09:27
Message:
Dear Sir,
I had only some gold ornaments with me, which are already pledged to pay off some other debts. Jointly me and my husband r earning about 39,000/ take home salary, but this money is just not sufficient to pay off our debts. it is actually enough to pay off the debts, but after that we hv nothing much left for the household expenses and other things. i m planning to take a personal loan so that i can pay off my debts, but i m unable to do that also since i dont hv continuity in my job, i hv just joined a new office, i wl hv to wait for another 3-4 months to avail a loan. but my requirement is urgent. what should i do?
Date: 2009-05-17 12:28:48
Message:
Dear XYZ,
Your monthly net take home is Rs. 20,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 13,253 (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 90000 36 18.00% 3253.715598 29 21468.71167 68531.28833
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. 68,500 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. 68,500 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 9828
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