Date:
Name:
Message:
City: Pune
Employement Status: Salaried
Date of Birth: 03-11-1965
Earning Members: 2
Dependants: 1
Net Salary: Rs. 40000
Assets
Property: Owned
Vehicle: Financed
Other Assets: Do not own
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 150000
Tenure: 36
Emi: 5246
ROI: 22
Emi Paid: 18
Loan Type: Personal Loan
Loan Amount: Rs. 150000
Tenure: 36
Emi: 5246
ROI: 22
Emi Paid: 20
Loan Type: Personal Loan
Loan Amount: Rs. 100000
Tenure: 48
Emi: 3578
ROI: 21
Emi Paid: 30
Loan Type: Personal Loan
Loan Amount: Rs. 150000
Tenure: 36
Emi: 4486
ROI: 21
Emi Paid: 17
Card Details
Payment Due Status: More than M A D
Outstanding on Card: 160000
Query: After being punctual on all my loans for almost half of the tenure, all the accounts have gone in default due to personal ailment and break in employment. Today I have a stable source of income and would like to regularise my accounts but every one is asking for one time settlement, which is not possible. Can you help in consolidating my debts
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
Date:
Message:
Dear Mr.Sethi,
No sir, I do not have any such asset.But as I have a steady job, I can manage EMI up to 30000.
Regards & Thanks,
Message:
Dear
Your monthly net take home is Rs. 40,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 26,555 (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 150000 36 15.63% 5246.195471 18 83695.82667 66304.17333
Loan 2 150000 36 15.63% 5246.195471 20 75329.57937 74670.42063
Loan 3 100000 48 29.61% 3577.951922 30 51499.84478 48500.15522
Loan 4 150000 36 4.85% 4485.539535 17 81876.0552 68123.9448
My recommendation to you is as follows
a. Opt for a top-up on loan 1,2 & 4 This should generate liquid cash to the extent of Rs. 1.60 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. 1.60 lacs to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 18,555
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