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Old 09-02-2017, 10:03 AM   #31
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waiting to collect all my statements.
I applied dbs ... sent in some docs and they request afew latest one ..
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Old 10-02-2017, 04:05 AM   #32
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need financial advice from the bros & sisters

Hi everyone, i need some advice.
i am in debt for credit cards, credit lines and personal loans - various banks. and now i am 35 and looking to buy a place so i know this will affect my ability to borrow. will applying for debt consolidation help my ability to borrow /?

example - i owe 40k roughly. i get debt consolidation say with HSBC for 3 years so my monthly becomes something like 1300 per month.

this should help give more clarity to my TDSR / MSR ?

any advice is helpful. but please dun start bashing and suaning me. cuz i know i am in a **** hole due to poor money management and also needed money for family reasons.

thank you
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Old 10-02-2017, 08:24 AM   #33
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It may affect as the dcp will appear in your csb report and it will only disappear about 5 to 7 years after you completely clear the final payment
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Old 10-02-2017, 10:11 AM   #34
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It may affect as the dcp will appear in your csb report and it will only disappear about 5 to 7 years after you completely clear the final payment
https://www.abs.org.sg/consumer-bank...olidation-plan

How will my Credit Bureau records be impacted if I take up DCP?

Your Credit Bureau record will be updated with the “Debt Consolidation” product code as the DCP is viewed to be a unsecured credit product.

Note: To ensure that all your other accounts are not reflected as being past due, you are encouraged to continue servicing at least the monthly minimum payment amounts until the DCP is approved, and make sure that outstanding amounts (if any) in excess of the DCP amount are settled.

How long will the DCP account stay in my Credit Bureau report?

Credit information will stay on your Credit Bureau report for 3 years after DCP closure, as is the practice for other products.
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Old 10-02-2017, 10:12 AM   #35
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It may affect as the dcp will appear in your csb report and it will only disappear about 5 to 7 years after you completely clear the final payment
But without the DCP the debt appears anyway, and it takes much longer to pay off the debt and/or accumulate a down payment. And as Deadlockb pointed out, it's 3 years.

I really don't understand this objection. Is it just the usual "face saving" stuff? There's nothing shameful or embarrassing about negotiating for a lower rate. Practically everyone negotiates prices at least on occasion, and of course you can (and should) negotiate the price of money, too.

Last edited by BBCWatcher; 10-02-2017 at 10:47 AM..
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Old 10-02-2017, 03:00 PM   #36
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Hi everyone, i need some advice.i am in debt for credit cards, credit lines and personal loans - various banks. and now i am 35 and looking to buy a place so i know this will affect my ability to borrow. will applying for debt consolidation help my ability to borrow /?
DCP is definitely a negative hole in your credit reports for the next 7 years (assume you will take 3 years to fully repaid the DCP) , and it will affect other banks decisions to grant you a housing loan or other loans. If you have other means to clear you CC debts, please consider other option first and only use DCP as a last resort.

Last edited by Izumi8; 10-02-2017 at 03:03 PM..
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Old 10-02-2017, 04:30 PM   #37
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Hi everyone, i need some advice.
i am in debt for credit cards, credit lines and personal loans - various banks. and now i am 35 and looking to buy a place so i know this will affect my ability to borrow. will applying for debt consolidation help my ability to borrow /?

example - i owe 40k roughly. i get debt consolidation say with HSBC for 3 years so my monthly becomes something like 1300 per month.

this should help give more clarity to my TDSR / MSR ?

any advice is helpful. but please dun start bashing and suaning me. cuz i know i am in a **** hole due to poor money management and also needed money for family reasons.

thank you

pay money and check your rating at credit bureau.
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Old 10-02-2017, 05:29 PM   #38
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DCP is definitely a negative hole in your credit reports for the next 7 years (assume you will take 3 years to fully repaid the DCP)....
No, that would be 6 years in your example: 3 to pay off the DCP, and 3 after the DCP is paid. Not 7.

....But if you don't take the DCP then the risk of bankruptcy is higher, and you're probably not paying off your debt within 6 years. The alternative to the DCP is not lollipops and rainbows.

I really don't understand this argument, this fear. It seems quite irrational. If you're a candidate for the DCP, you have onerous, expensive debt that's bogging you down or worse. That could, at any moment, tip you over the edge into bankruptcy. So why the fear of damaging a credit history that's already badly damaged and very likely to get worse if you don't act? You're not in any position to take on more debt, and if you have a down payment for a home saved up then you're c-r-a-z-y if you don't run to your creditors and pay off that ~28% credit card debt immediately...and then spend some more time debt free and accumulating another down payment.

Does. Not. Compute.

Last edited by BBCWatcher; 11-02-2017 at 02:34 PM..
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Old 11-02-2017, 01:03 PM   #39
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RAS is much better den the DCP. your monthly repayment get lower every month if u paid everything on time
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Old 11-02-2017, 02:47 PM   #40
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DCP is definitely a negative hole in your credit reports for the next 7 years (assume you will take 3 years to fully repaid the DCP) , and it will affect other banks decisions to grant you a housing loan or other loans. If you have other means to clear you CC debts, please consider other option first and only use DCP as a last resort.
Just i dont understand one point , in what way DCP has negative impact on Credit Breaue report/Loan Application? Actually ,the borrower is clearing all loans( DCP bank is clearing on his behalf) that he owed and he is not defaulted.
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Old 11-02-2017, 02:49 PM   #41
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RAS is much better den the DCP. your monthly repayment get lower every month if u paid everything on time
But RAS is applicable to the amount over your 12XMonthly salary.
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Old 11-02-2017, 02:49 PM   #42
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I applied dbs ... sent in some docs and they request afew latest one ..
what is DBS rate per year ?
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Old 12-02-2017, 12:37 AM   #43
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But RAS is applicable to the amount over your 12XMonthly salary.
ya. but at least interest is 5% pa n the repayment will decrease each month. but that one no more liao

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Old 12-02-2017, 07:19 PM   #44
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what is DBS rate per year ?
I think 10.99 ..
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Old 12-02-2017, 11:00 PM   #45
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Just i dont understand one point , in what way DCP has negative impact on Credit Breaue report/Loan Application? Actually ,the borrower is clearing all loans( DCP bank is clearing on his behalf) that he owed and he is not defaulted.
Well, assume you have cleared all CC debts in 3 years (NO DCP), by the 4th years, your credit ratings become AA again as if nothing has happened. DCP is a different story, all the banks can still see the old stained records in the 6th year even if you have cleared everything on the 3rd year.....you left only ONE credit card with credit limit of one month salary (Remember all other banks credit card already closed, every other bank may just straight away reject your fresh CC application, pathetic isnt it? Why the bank will consider a DCP holder application when there are 96% of better candidates elsewhere?)

Last edited by Izumi8; 12-02-2017 at 11:16 PM..
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