HWZ Forums

Login Register FAQ Mark Forums Read

Debt consolidation Plan

Like Tree1539Likes
Reply
 
LinkBack Thread Tools
Old 24-01-2017, 07:20 PM   #16
Member
 
deadlockb's Avatar
 
Join Date: Oct 2007
Posts: 257
which bank did you check out?
trying to apply uob bank, need to check others once documents are ready
deadlockb is offline   Reply With Quote
Old 24-01-2017, 10:45 PM   #17
Junior Member
 
Join Date: May 2012
Posts: 8
the requirement is loan amount needs to be minimally 12 months of your monthly income.

i am short of a few thousand to hit the minimum. does anyone thinks its wise to take personal loan from other banks to hit the minimal loan amount? Or is it a stupid idea?
iceboar is offline   Reply With Quote
Old 25-01-2017, 09:01 AM   #18
Master Member
 
Join Date: Jun 2010
Posts: 2,921
Or is it a stupid idea?
It's a stupid idea unless you've gotten assurance that'll work, that you'll be accepted into the DCP with a rate and terms that you find acceptable. Or, at the very least, that the additional loan is at a lower interest rate than your current debt, that you hold the loan proceeds (don't spend them), and that you use those loan proceeds to pay down higher interest rate debt if you are not accepted into a more attractive DCP.
BBCWatcher is offline   Reply With Quote
Old 25-01-2017, 06:06 PM   #19
Member
 
Join Date: Aug 2001
Posts: 402
the requirement is loan amount needs to be minimally 12 months of your monthly income.

i am short of a few thousand to hit the minimum. does anyone thinks its wise to take personal loan from other banks to hit the minimal loan amount? Or is it a stupid idea?
BAD idea...
boiboi86 is offline   Reply With Quote
Old 25-01-2017, 09:56 PM   #20
Master Member
 
Join Date: Jun 2010
Posts: 2,921
Today i approached one bank.They quoted 12% per year .and worst part is their illustration shows: for 65k loan over 8 years---total payment will be : 226K. ( around 4 TIMES...)
and Ist Year monthly installment is 5900.( Yes !! ),second year 3k+,etc.That means ..in the first year i will pay around 70k?
Who on this earth will take that ?
Nobody, but something is clearly wrong with that math. A $65K loan at 12% interest, compounded annually, and with an 8 year term would have a monthly level payment of $1,034.65. Payments would total to $99,326.29.

To get to a $226K total payment on a $65K loan with an 8 year term the interest rate would be about 51% compounded annually or about 42% compounded monthly. Are you paying over 42% on your current debt?

I would go back, find another bank employee to double check the offer and explain it more carefully, and also inquire with at least one other bank.
deadlockb likes this.
BBCWatcher is offline   Reply With Quote
Old 25-01-2017, 10:37 PM   #21
Arch-Supremacy Member
 
CeSaRiO's Avatar
 
Join Date: Oct 2004
Posts: 24,449
yes...when i see first year installment im scared ... $5900 .EIR is 20%+.
looks like something is seriously wrong....or they dont wanted to offer me
Which bank is it, if you don't mind sharing?
CeSaRiO is offline   Reply With Quote
Old 25-01-2017, 11:29 PM   #22
Master Member
 
Join Date: Jun 2010
Posts: 2,921
when i read it again...i understood total is around 95K+. Still expensive.
Not compared to credit card debt. That $65K/$95K/8 years equates to a little over 10% compounded monthly, by the way.

i pay around 5-7% for most of my installments.
If your debt is attracting 6% interest compounded monthly, then no, a 10% offer is not attractive, other things being equal. Of course you still want to make minimum payments on the lowest interest rate debt you're holding and focus your above minimum payments on your highest remaining interest rate debt.
deadlockb likes this.
BBCWatcher is offline   Reply With Quote
Old 26-01-2017, 07:24 AM   #23
Member
 
Join Date: Feb 2015
Posts: 217
sorry ...its worst illustration by bank...very very confusing...
when i read it again...i understood total is around 95K+. Still expensive.
i pay around 5-7% for most of my installments.
Hi, can I check ? You went down to the bank personally or ? With all the documents ? Thks
Iwanttobehappy is offline   Reply With Quote
Old 26-01-2017, 06:58 PM   #24
Member
 
Join Date: Apr 2011
Posts: 393
http://mp.weixin.qq.com/s/xNRYLsuVN-aqMWpUCy4IjQ

boc got promo for dcp
__________________
what can i put in signature????
sbs199 is offline   Reply With Quote
Old 02-02-2017, 11:05 PM   #25
Member
 
deadlockb's Avatar
 
Join Date: Oct 2007
Posts: 257
any update from any bros here?
deadlockb is offline   Reply With Quote
Old 05-02-2017, 10:29 AM   #26
Member
 
Join Date: Mar 2003
Posts: 352
UOB interest rate is among the highest? 7.88% from second year onwards? HSBC less than 5%?
Izumi8 is offline   Reply With Quote
Old 05-02-2017, 03:30 PM   #27
Member
 
Join Date: Feb 2015
Posts: 217
UOB interest rate is among the highest? 7.88% from second year onwards? HSBC less than 5%?
Dbs is 10. xx if I am not wrong . They got until 8 years repayment ..
Iwanttobehappy is offline   Reply With Quote
Old 05-02-2017, 06:01 PM   #28
Member
 
deadlockb's Avatar
 
Join Date: Oct 2007
Posts: 257
Dbs is 10. xx if I am not wrong . They got until 8 years repayment ..
they quoted around the same for me...
deadlockb is offline   Reply With Quote
Old 05-02-2017, 06:50 PM   #29
Member
 
Join Date: Feb 2015
Posts: 217
they quoted around the same for me...
U got apply ?
Iwanttobehappy is offline   Reply With Quote
Old 08-02-2017, 04:51 PM   #30
Member
 
deadlockb's Avatar
 
Join Date: Oct 2007
Posts: 257
U got apply ?
waiting to collect all my statements.
deadlockb is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On