Date: 2008-05-28 15:57:54
Query : want to reschedule in a single installment
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Date: 2008-05-28 16:47:54
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
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Date: 2008-05-28 17:47:58
Message:
Initial Loan Amt: 2,30,000/-
Tenure : 48 months
Rate Of Interest : 17.75%redusing
EMI : 6800/-
No of EMI Paid : 10
Credit Card Oustanding
IcIcI Credit Card : 35000/-
Hdfc bank credit card : 35000/-
Net Income : 240000 p.a.
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Date: 2008-06-01 15:47:17
Message:
Your monthly net take home is Rs. 20000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 10226 (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 230000 48 17.75% 6726.240759 10 194456.2072 35543.79278
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. 35,500 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. 35,500 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 8449.
e. You should apply for an additional personal loan of Rs.34,000 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 : Pune
Employment Status : Salaried
Annual Income : 240000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 6800
Tenure : 36
ROI Loan : Yes
EMI Paid : 9 to 12 months
Credit Card Holder : Yes
Amount Due : 71000
Loan Running on Credit Card : No
Residential Status : Rented
Vehicle Owned : 2 Wheeler