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Old 13-02-2017, 10:30 AM   #46
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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?)
oh ic....is it the same case with those who took RAS, debt management program etc..?

actually people who took DCP are trying honestly to clear loans and dcp is a convenient mode of payment for them( only one installment for all loans).They are no way bad borrowers right..?
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Old 13-02-2017, 04:10 PM   #47
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oh ic....is it the same case with those who took RAS, debt management program etc..?

actually people who took DCP are trying honestly to clear loans and dcp is a convenient mode of payment for them( only one installment for all loans).They are no way bad borrowers right..?
Agree bro !!! Well said ..
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Old 14-02-2017, 08:25 AM   #48
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Well, assume you have cleared all CC debts in 3 years (NO DCP)....
That "rainbows and puppies" assumption would be lovely, but it's not common at typical 28% credit card interest rates and outstanding debt >100% of annual earnings. Bankruptcy is common in that scenario. You cannot repair what you cannot repair.

It is an extremely odd objection that the DCP "limits" the participant to one credit card if the alleged plan is to pay off all debt in three years. Why would any individual who carried such huge, high cost debt ever rationally want to do so again? Even one credit card might be one too many.
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Old 14-02-2017, 10:30 AM   #49
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oh ic....is it the same case with those who took RAS, debt management program etc..?

actually people who took DCP are trying honestly to clear loans and dcp is a convenient mode of payment for them( only one installment for all loans).They are no way bad borrowers right..?
Yes, those took debt relieve program suffered too. Banks definitely do not care if you are clearing the loan 'honestly' or not. They love min payment high interest customers. If you are the banks, can choose to earn 28% consistently, why limit yourself to a person who has taken DCP ?
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Old 16-02-2017, 11:28 AM   #50
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DBS interest is 6.99%, they just called me recently.

I haven't submit my application yet. As during this few month I have lost my job and currently doing ad hoc. Then this 3,4 mth suddenly my credit Record grade become HH. Previously was quite perfect. Wonder will it affect.
By right this program is suppose to help people clear debt, shouldn't be to rely on the credit report.
Now all my cc card I need to pay around 1k plus. With this plan. I might be able to pay $600 plus only
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Old 16-02-2017, 04:51 PM   #51
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DBS interest is 6.99%, they just called me recently.

I haven't submit my application yet. As during this few month I have lost my job and currently doing ad hoc. Then this 3,4 mth suddenly my credit Record grade become HH. Previously was quite perfect. Wonder will it affect.
By right this program is suppose to help people clear debt, shouldn't be to rely on the credit report.
Now all my cc card I need to pay around 1k plus. With this plan. I might be able to pay $600 plus only
Icic .. I saw from website was 10.99% .. o mine is HH too .. but if conso all together I sure can pay on time monthly .. if they call u means high % will approve one ..
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Old 17-02-2017, 12:09 AM   #52
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Is CC debt rising fast in SG now?
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Old 17-02-2017, 12:33 AM   #53
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Is CC debt rising fast in SG now?
Yes.
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Old 17-02-2017, 06:10 PM   #54
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DBS interest is 6.99%, they just called me recently.
Please state the DBS DCP Interest Rate of 6.99% you heard is calculated based on which method:
Flat Rate (similar to Car Loan/Personal Term Loan)
Reducing Balance (Housing Loan)
What is Effective Interest Rate (EIR)? (Different Tenure different interest rate)

Without this info, it will be impossible to compare the Interest Rate with other banks.
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Old 17-02-2017, 07:37 PM   #55
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oh ic....is it the same case with those who took RAS, debt management program etc..?

actually people who took DCP are trying honestly to clear loans and dcp is a convenient mode of payment for them( only one installment for all loans).They are no way bad borrowers right..?
For you is not bad borrower but not others. Others see the person as incapable to manage the finance and don't have the capabilites to clear the debt. Credit bureau is to measure the probability whether the person will default on loan or not. If is good borrower, no need come to this step.

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Old 17-02-2017, 11:59 PM   #56
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Flat 6.99% no matter u choose 1 year or 8 year to repay. I got the application form with me
Please state the DBS DCP Interest Rate of 6.99% you heard is calculated based on which method:
Flat Rate (similar to Car Loan/Personal Term Loan)
Reducing Balance (Housing Loan)
What is Effective Interest Rate (EIR)? (Different Tenure different interest rate)

Without this info, it will be impossible to compare the Interest Rate with other banks.
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Old 18-02-2017, 12:27 AM   #57
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anybody alr on the plan ?
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Old 18-02-2017, 07:56 AM   #58
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Flat 6.99% no matter u choose 1 year or 8 year to repay. I got the application form with me
What's the EIR number? They will use the EIR to calculate the monthly payment

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Old 18-02-2017, 10:18 AM   #59
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From DBS page:

"Interest rates from as low as 9.8% p.a.(EIR)! To find out more click on "Contact Me" button below."

Annual rate shown is usually lower than EIR. Citibank EIR is 10.5% I think.

SCB has one of the highest EIR around:

"Applied / flat interest rate (from 6.88% p.a. to 8.58% p.a.)
EIR: Effective interest rate (from 11.51% p.a. to 15.53% p.a.)"
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Old 19-02-2017, 11:27 AM   #60
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Actually i m thinking . Out of the so many banks , which bank will be more easier to apply ... as in not so strict ?
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