Date: 2009-06-19 15:44:03
Name: VINAY RATTAN
Message:
City: Faridabad
Employement Status: Salaried
Date of Birth: 16-08-1978
Earning Members: 1
Dependants: 2
Net Salary: Rs. 30000
Assets
Property: Rented
Vehicle: Financed
Other Assets: Owned
Loan Details
Loan Type: Twowheeler Car Loan
Loan Amount: Rs. 259428
Tenure: 36
Emi: 9425
ROI:
Emi Paid: 07
Loan Type: Personal Loan
Loan Amount: Rs. 100000
Tenure: 36
Emi: 3615
ROI:
Emi Paid: 30
Card Details
Payment Due Status: Full Payment
Outstanding on Card: 75000
Payment Due Status: Full Payment
Outstanding on Card: 52000
Query: Dear Sir/ Madam,
Due to medical emergencies and my job loss in February 2009. My credit card bill has shootup. Apart from above said details I have borrowed Rs 1.25 Lakhs from my Inlaws. Now is it possible that apart from my car loan I can have only one consolidated EMI and can get RID of all my credit cards. I am in job since last 8+ years. but due some family reasons I had to leave my parental home and apart from that the Mediacl Emergency had pulled me down. Kindly help. Right now I am working in a company where my net salary is Rs 30K/Month. I have joined this company on 9, june09. Thanks
Date: 2009-06-21 22:46:47
Message:
Dear VINAY RATTAN,
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: 2009-06-23 21:37:55
Message:
NO
Date: 2009-06-29 11:56:11
Message:
Dear VINAY RATTAN,
Your monthly net take home is Rs. 30,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 19,389 (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 259428 36 18.35% 9424.556147 7 219427.8281 40000.17195
Loan 2 100000 36 18.00% 3615.239554 30 20596.69638 79403.30362
My recommendation to you is as follows
a. Opt for a top-up on loan 1 & 2. This should generate liquid cash to the extent of Rs. 1.19 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. 1.19 lacs to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 13,439
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