Debt consolidation Plan

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Louis81

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ya cos they need meet u alone....talk to u after u submit for dmp...
then they submit to banks
then wait bank approved & send u letter
then u go open account wit banks if needed
then wait bank open account for u to pay to them wit the stated amt
so all these abt 1 to 2 mths for all settle
Wah u know so well
 

england234

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Wah u know so well

ya heard from friends..

i also got friend's friend bankrupt & only pay abit got discharged liao..after some years.

so i think overall govt dun wan people to b bankrupt no gain for them de...
they will lose more money..

When they implement RAS during 24 mths income exceed criteria, i think not much people wana apply cos only 50% help & no credit cards...people usually wana use credit card loan n fill hole A to hole B from 1 bank to another...that time forum also nobody say RAS...& CCS help people apply RAS very fast also...

....so now i think they improving the scheme to DCP to help more people in debts..since they implement that 18months thing..& aso come out 1 month credit card allowance for people use so more people apply ..thats y maybe application all taking so long due to overwhelming

i think government at least working out someting for people to clear their debts instead of bankrupcy lor..
 

melbourne10

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RAS was not very helpful for my case because at the time mine was only about 10x and I didn't qualify
 

Crazy12

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Hi all Bros, I just submitted today for BOC...
Income 80k
Loan 90-100k
Rating DD
Loan tenure 7 years

Hopefully can go thru...... v Kan Cheong
 

Izumi8

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If it exceeds 18 months for 3 months in a row, all the FIs will suspend your credit.

I fully expect them to play dirty and close accounts, chase for payment, etc etc once that happens.

Not True. Every bank has their own internal criteria of calculating your income. Some used IRAS reported annual income divide by 12. Some used average salary for the last 6 months etc. So one bank may suspend you, the other bank still happy to give you credits. Although you submitted the same income doc to both.

Suspended credit cards still required to pay min amount. If you don't pay min payment for more than 3 months, the account will be closed, so full amount oustanding need to be paid. As long as you pay min amount the credit account will be safe.
 

Crazy12

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Apply at branch? Income statement they require what

I went to middle rd and submit my doc. Main office 3rd floor.
Can look for Keng Teng or Thomas. They quite helpful.
The usual income proof . NOA and all the statements. If got Loan then all the settlement from various banks
 

Ginola81

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1 mth ok la 2 mths die liao default x 3
Dont know got urgent case anot

The moment they set the plan then u Sian. Banks will keep calling u ask for payment.. Then u have to tell them u apply ccs Liao. See how it goes.. Some even ask u pay some.. Damn ** lol
 

melbourne10

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ya cos they need meet u alone....talk to u after u submit for dmp...
then they submit to banks
then wait bank approved & send u letter
then u go open account wit banks if needed
then wait bank open account for u to pay to them wit the stated amt
so all these abt 1 to 2 mths for all settle

At the CCS talk they mentioned the process will take 4-6 weeks after consultation, and got a few steps, got QC, got review committee etc... Basically the message is, DMP also not guaranteed will get.
 

melbourne10

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The moment they set the plan then u Sian. Banks will keep calling u ask for payment.. Then u have to tell them u apply ccs Liao. See how it goes.. Some even ask u pay some.. Damn ** lol

Recommendation is to pay the last minimum sum stated in the most recent statement and keep paying that amt till DMP is confirmed

Can't remember where I saw this, if I remember I will link it
 

pororokia

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banks will still call u for payment, just tell them u are already in contact with ccs, they will still ask u to pay. if cant pay minimum then at least try to pay half or just pay whatever u can.

my ccs dmp got approved in ard 2 mths. the cso will definitely try to help u, just be honest with them.

that's my experience. at least now got this thread, those in debt can all come together and share.

last time in 2013, i suffered alone, that feeling really damn sucks.
 

pororokia

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At the CCS talk they mentioned the process will take 4-6 weeks after consultation, and got a few steps, got QC, got review committee etc... Basically the message is, DMP also not guaranteed will get.

yah normally banks will ask hw come pay so little, lol. then will fine tune abit.
 

Ginola81

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banks will still call u for payment, just tell them u are already in contact with ccs, they will still ask u to pay. if cant pay minimum then at least try to pay half or just pay whatever u can.

my ccs dmp got approved in ard 2 mths. the cso will definitely try to help u, just be honest with them.

that's my experience. at least now got this thread, those in debt can all come together and share.

last time in 2013, i suffered alone, that feeling really damn sucks.

Mine 2012. Pay finish Liao.. The feeling damn Sian.. Very mth go axs machine pay so many banks so many amt.. But better than go bankrupt ba. Stick to the plan dun get in further debt can Liao.
 

melbourne10

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banks will still call u for payment, just tell them u are already in contact with ccs, they will still ask u to pay. if cant pay minimum then at least try to pay half or just pay whatever u can.

my ccs dmp got approved in ard 2 mths. the cso will definitely try to help u, just be honest with them.

that's my experience. at least now got this thread, those in debt can all come together and share.

last time in 2013, i suffered alone, that feeling really damn sucks.

When doing the budget, they will give u leeway for things like parental allowance, insurance, phone bill, internet bill right?

They won't force u to surrender ur insurance and do early termination of contract right?
 

melbourne10

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Mine 2012. Pay finish Liao.. The feeling damn Sian.. Very mth go axs machine pay so many banks so many amt.. But better than go bankrupt ba. Stick to the plan dun get in further debt can Liao.

Now ok la. Got the axs app and FAST transfer, can settle all on smartphone.
 

melbourne10

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Zzz I do the "homework" and realized even things like how many packets of hoonkee I purchase a month must put down.
 

melbourne10

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Not True. Every bank has their own internal criteria of calculating your income. Some used IRAS reported annual income divide by 12. Some used average salary for the last 6 months etc. So one bank may suspend you, the other bank still happy to give you credits. Although you submitted the same income doc to both.

Suspended credit cards still required to pay min amount. If you don't pay min payment for more than 3 months, the account will be closed, so full amount oustanding need to be paid. As long as you pay min amount the credit account will be safe.

Interesting way to look at it. Thanks for the share.
 

melbourne10

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ekfqVRy.jpg


This is the "homework"... Very similar to the one in the blue form.

Can start to write down your expenses here first, when the time comes, transfer over.
 
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