Date: 2009-06-08 11:21:16
Name:
Message:
City: Kolkata
Employement Status: Salaried
Date of Birth: 18-06-1962
Earning Members: 1
Dependants: 2
Net Salary: Rs. 48000
Assets
Property: Owned
Vehicle: Do not own
Other Assets: Do not own
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 320000
Tenure: 60
Emi: 7118
ROI: 12
Emi Paid: 31
Loan Type: Personal Loan
Loan Amount: Rs. 198000
Tenure: 48
Emi: 5920
ROI: 19
Emi Paid: 25
Loan Type: Personal Loan
Loan Amount: Rs. 290000
Tenure: 60
Emi: 6598
ROI: 13
Emi Paid: 36
Loan Type: Personal Loan
Loan Amount: Rs. 210000
Tenure: 48
Emi: 6280
ROI: 19
Emi Paid: 20
Loan Type: Personal Loan
Loan Amount: Rs. 500000
Tenure: 60
Emi: 15568
ROI: 18
Emi Paid: 11
Card Details
Payment Due Status: M A D
Outstanding on Card: 49500
Payment Due Status: M A D
Outstanding on Card:
Query: The total outgo on account of loans and credit cards far exceeds my monthly salary.Can I have a proper debt consolidation plan so that I am able to take home at least Rs 25000 for household expenses,.This can probably be done if I can get a long term loan which cover all my loan and credit card outstandings.The situation at present is unbearable.Please help.
Date: 2009-06-08 14:47:53
Message:
Dear
Your monthly net take home is Rs. 48,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 43,958 (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 320000 60 12.00% 7118.223259 31 178423.856 141576.144
Loan 2 198000 48 19.00% 5920.223406 25 113383.9871 84616.01293
Loan 3 290000 60 13.00% 6598.391183 36 138791.2962 151208.7038
Loan 4 210000 48 19.00% 6279.024825 20 141128.7704 68871.22957
Loan 5 500000 60 28.00% 15567.91033 11 451712.3602 48287.63983
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. 49,500 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. 49,500 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 41,483
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
Date: 2009-06-08 16:33:23
Message:
Dear Sir
The EMI paid against card dues is Rs 49,500 per month.Total card dues is in excess of Rs 8.0 lakhs.How can Rs 49,500 pay off such a massive credit card debt.Would like to have your advice
Regards
Atis
Date: 2009-06-09 20:30:24
Message:
Dear
As the amount Rs49,500 was mentioned as card outstanding took that as the total amount on your credit card.Since he you have an outstanding of Rs 8 lakhs on your credit card use the top-up amount available from your existing loans and clear your card dues.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com