Date: 2009-06-29 01:53:54
Name: Aaron
Message:
City: Mumbai
Employement Status: Salaried
Date of Birth: 01-10-1982
Earning Members: 1
Dependants: 2
Net Salary: Rs. 24000
Assets
Property: Owned
Vehicle: Financed
Other Assets: Owned
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 100000
Tenure: 36
Emi: 3500
ROI: 18
Emi Paid: 12
Loan Type: Twowheeler Car Loan
Loan Amount: Rs. 120000
Tenure: 36
Emi: 3500
ROI: 18
Emi Paid: 16
Card Details
Payment Due Status: More than M A D
Outstanding on Card: 160000
Query: HOW CAN I PAY MY CREDIT CARD DUES WITHOUT GOING FOR A SETTLEMENT
Date: 2009-06-29 14:06:54
Message:
Dear Aaron,
Your monthly net take home is Rs. 24,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 15,001 (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 100000 36 15.70% 3500.9102 12 71710.73671 28289.26329
Loan 2 120000 36 3.20% 3500.332006 16 68084.2064 51915.7936
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. 80,205 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. 80,205 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 10,990
e. You should apply for an additional personal loan of Rs. 79,795 to pay off the balance portion of your card debt.
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.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com
Date: 2009-06-29 16:01:59
Message:
Dear Amitoj,
First of all thank you so much for replying promptly.The problem I have is only paying my credit card dues let me explain the problem to you in detail.
Card number 1 - Citibank Silver Card Outstanding as of today is Rs 1,01,000 whose min payment is Rs 27,000
Card number 2 - Citibank Gold Card Outstanding as of today
is 55,000 whose min payment is Rs 15,000
I havent been able to pay my credit card bills since the past 3 months since I have changed my job around a month back.I already have a car loan with ICICI of Rs 1,20,000 for which I pay approximately Rs 3,500 p.m & a personal loan from Barclays bank of Rs 1,00,000 for which I pay approximately Rs 3,500 p.m. The irony of the situation is that I cannot avail a personal loan is because I have recently changed my job and no bank is willing to offer me a personal loan since one of their condition is that 'you need to working in the present place of employment for atleast 6 mnths which I am not' secondly Barclays have stopped giving out personal loan let alone top up's.I dont want to be a defaulter as I am very well aware of its outcome and am aware that my credit score in CIBIL will be hampered and I will never be able to avail a loan in my life if I go for a settlement with Citibank for my credit cards.I have been repeatedly getting calls from collection agencies hired by Citibank who speak rudely to me as if I am a defaulter.I did have a word with one of the Citi phone officers explaining my inability to pay my credit card dues all I asked from the officer is to reduce my min monthly payment to 10,000 pm so I can pay off my credit card dues in the due course of time but she was least helpful.This is causing me nightmares once again I dont want to be a defaulter but it seems I have no choice but to go for a settlement.Please Help !!!!
Date: 2009-06-30 12:34:39
Message:
Dear Aaron,
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: 2009-06-30 17:06:53
Message:
Dear Amitoj,
As you may have guessed by now that I am a complete idiot when it comes to managing my finances I have no assests of my own whatsoever to leverage/mortgage but I do have a Savings Bond of Rs 1,00,000 that matures in 2010 I have heard that I can mortgage the same with a bank for a loan.Could you kindly let me know of any bank that can offer me a loan on keeping my Savings Bond as a security I would also like to add that my girlfriend who stays in Pune as she works there has tried getting a personal loan on her name for me but is unable to get the same though she earns Rs 20,000 p.m due to the following reasons
1.She is on the payroll of a company called Seeds,Pune which according to HDFC bank is not a registered company
2.She cannot provide a guarantor
3.She lives in a rented apartment in Pune
Could you also let if there is any bank that can offer her a loan?
Date: 2009-07-02 23:04:01
Message:
Dear Aaron
For a loan against your bonds you can approach your existing bankers or even nationalised banks should be able to help you.
And your friend you can ask her to log to our site www.deal4loans.com for a loan and representatives from various banks will get in touch with her.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com