Date: 2008-04-24 09:54:27
Message:
City : Gaziabad
Employment Status : Salaried
Annual Income : 450000
Type of Loan Running : Yes
Loan Running :
EMI Amount :
Tenure :
ROI Loan : Yes
EMI Paid :
Credit Card Holder : Yes
Amount Due :
Loan Running on Credit Card : No
Residential Status : Rented
Vehicle Owned : 2 Wheeler
Query : We had a big financial crisis in our family a few years back when my father went out of work. I was just starting out and the debts kept on mounting up on our family. I typically got trapped in the loans and credit card cycle while i didn't realize that i was going further and further into the trap trying to get my family out. recently my dad had a heart attack and things went from bad to worse.
As the current situation stands our combined family debt is nearly 10 lacs. I have just changed jobs and I would be earning more than 30000 every month now. Can i get a solution where i can pay the whole amount of 10 lacs and pay 1 single EMI of around 15 to 16k every month ? Currently I am paying nearly 25000 every month for the debts and my mother who is working in a School is also paying close to 70000. This debt trap has brought huge distress and depression in my family and even though we have a decent combined income we don't have a stress free environment. Private lenders have made our lives hell and we have to go through a lot of insults everyday because of our inability to pay up to some of them every month. Please help..
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Date: 2008-04-29 00:40:45
Message:
To help me prepare a personalised debt consolidation plan for you, I need the following information from your end.
Initial Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
Loan 1:
Loan 2:
You will also need to list your Credit Card outstanding and Net Income.
Looking forward to your response on this.
Also do you have any assets you can leverage / mortgage / liquidate to improve your cash flow situation ?
Best regards,
Amitoj Sethi
www.deal4loans.com
Loans by choice not by chance !
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Date: 2008-04-29 09:39:11
Message:
Thanks for the response Mr. Sethi. Here is the information that you asked for :
Initial Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
Loan 1: 1,27,000 | 36 months | 16% |4000 ( Appprox) | 16
Loan 2: 1,70,000 | 36 months | 15.5 %|6000 ( Approx) | 4
Credit card outstanding : 1,30,000 ( combined )
Apart from this the combined amount of debt ( private lenders ) that my parents have is close to 5 lacs.
My net income is 30000 pm. And my mother who is working in a school earns 8500 pm.
And I am sorry I have no assets to improve my cash flow situation.
Thanks again.
Looking forward to your response.
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Date: 2008-05-05 11:54:58
Message:
Your monthly net take home is Rs. 38,500 (including your mother's income)
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. 50,000 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. 50,000 to pay off card debts as these are typically at 36 % or the private lenders if their interest rate is higher.
e. You should apply for an additional personal loan to pay off the balance portion of your card debt and private loans.
f. 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.
Best regards,
Amitoj Sethi
www.deal4loans.com
Loans by choice not by chance !
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Date: 2008-05-05 12:24:37
Message:
So this means that there is no option where I can get a single amount of 10 lacs to pay off all my loans ?? I heard that like in the US CITIBANK is currently giving a debt consolidation loan her in India also. Is this true ?
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Date: 2008-05-23 19:08:18
Message:
There are no banks in India which offer debt consolidation loans.
Best regards,
Amitoj Sethi
www.deal4loans.com
Loans by choice not by chance !