Date: 2008-06-02 13:08:35
Query : I want to club my credit card dues and personal loans into one. Pls suggest.
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Date: 2008-06-02 13:39:27
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.
Best regards,
Amitoj Sethi
www.deal4loans.com
Loans by choice not by chance !
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Date: 2008-06-05 11:18:43
Message:
Total 2 loans
1. PL : Loan Amount : Rs.1,20,000/-
Tenure : 60 months
Rate of Interest : 18%
EMI : 3024
EMI Paid : 18 months
2. Credit Card based loan
Loan Amount : Rs.1,20,000/-
Tenure : 48 months
Rate of Interest : 21%
EMI 3700/-
EMI Paid : 13 months
3. Credit card due : 70000/-
Net Income : 2,10,000/- per annum
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Date: 2008-06-06 12:11:01
Message:
Your monthly net take home is Rs. 17,500 (including quarterly allowances)
Your monthly EMI commitments is Rs. 10,263 (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 120000 60 18.00% 3047.211291 18 94445.41925 25554.58075
Loan 2 120000 48 21.00% 3715.883396 13 96639.91216 23360.08784
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. 48,914 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. 48,914 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 7,817
e. You should apply for an additional personal loan of Rs. 21,086 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
www.deal4loans.com
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City : Chennai
Employment Status : Salaried
Annual Income : 198000
Type of Loan Running : Yes
Loan Running : hl, pl, other,
EMI Amount : 3024
Tenure : 60
ROI Loan : Yes
EMI Paid : more than 12 months
Credit Card Holder : Yes
Amount Due : 60000
Loan Running on Credit Card : Yes
Residential Status : owned
Vehicle Owned : 2 Wheeler