Date: 2009-06-03 22:51:08
Name: Mohd Noman
Message:
City: Delhi
Employement Status: Salaried
Date of Birth: 08-03-1967
Earning Members: 1
Dependants: 2
Net Salary: Rs. 40000
Assets
Property: Rented
Vehicle: Do not own
Other Assets: Do not own
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 1150000
Tenure: 5
Emi: 27900
ROI: 11
Emi Paid: 25
Card Details
Payment Due Status: Full Payment
Outstanding on Card: 18000
Query: Plz help me consolidate my debt,so that i can pay lesser amount of instalments.
Date: 2009-06-05 11:38:58
Message:
Dear Mohd Noman,
Your monthly net take home is Rs. 40,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 28804 (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 1150000 60 15.90% 27904.69922 25 777458.522 372541.478
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. 18,000 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. 18,000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 27,904
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: 2009-06-05 19:12:12
Message:
Thnx a ton for your sooner reply.But is there any way by which my monthly commitment is reduced by 40-50% because now my two children are also going to school.and there is a loan for which i have 8 instalments pending,which i want to clear by doing so.plz suggest.
Date: 2009-06-08 00:51:44
Message:
Dear Mohd Noman,
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: 2009-06-08 22:59:33
Message:
No,i do not have any assets in my name .....
Date: 2009-06-09 20:21:24
Message:
Dear Mohd Noman
Since you do not have any assets to mortgage and improve your cashflow then you can try for top-up loan amount and 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