Date: 2009-05-10 08:48:53
Name:
Message:
City: Hyderabad
Employement Status: Salaried
Date of Birth: 05-05-1977
Earning Members: 1
Dependants: 2
Net Salary: Rs. 18500
Assets
Property: Do not own
Vehicle: Owned
Other Assets: Owned
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 297000
Tenure: 48
Emi: 8959
ROI:
Emi Paid: 14
Loan Type: Personal Loan
Loan Amount: Rs. 200000
Tenure: 36
Emi: 7032
ROI:
Emi Paid: 29
Loan Type: Personal Loan
Loan Amount: Rs. 100000
Tenure: 36
Emi: 3516
ROI:
Emi Paid: 34
Loan Type: Personal Loan
Loan Amount: Rs. 196000
Tenure: 48
Emi: 5972
ROI:
Emi Paid: 16
Card Details
Payment Due Status: M A D
Outstanding on Card: 300000
Payment Due Status: M A D
Outstanding on Card: 300000
Query: How Can consolidate my debts, Pls advice
Date: 2009-05-11 14:25:57
Message:
Dear
Your monthly net take home is Rs. 18,500 (including quarterly allowances)
Your monthly EMI commitments is Rs. 55,479 (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 297000 48 19.50% 8958.886757 14 232616.3827 64383.61725
Loan 2 200000 36 16.01% 7032.394052 29 46701.43188 153298.5681
Loan 3 100000 36 16.01% 3516.197026 34 6894.120705 93105.87929
Loan 4 196000 48 20.07% 5971.663405 16 147051.1825 48948.81754
My recommendation to you is as follows
a. Opt for a top-up on loan 1,2,3 & 4. This should generate liquid cash to the extent of Rs. 3.59 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. 3.59 lacs to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 37,529
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: 2009-05-12 08:41:27
Message:
Dear Amitoj
I Appreciate ur recommendation.The problem now for me is that since 1 month Iam unable to repay both my loan & CC due to obvious Cash Crunch.
Also what if the borrower does not agree to give me a top up because of various reasons,what should be the alternative.
Coming to savings, I had a habit of SIP , but bcoz of requirements I had to use them also. AFter doin all this now , Iam struck.So pls Advice.
REgards
Date: 2009-05-13 09:53:04
Message:
Dear,
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: 2009-05-13 23:04:13
Message:
I have couple of Insurance policies as on now , I can give the details.Expecting around 1 lac in cash frm sale of property this monthend.I donot have any othr source of liquidity.
Date: 2009-05-14 10:45:36
Message:
Dear
You can then try and get a loan against your policies and use the funds to clear your dues.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com