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Debt consolidation Plan

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Old 13-01-2018, 02:58 PM   #8371
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Oh Maybank, UOB, HSBC rejected me. Actually they won’t tell you the reason via phone if you call the official line. But you ask them for their work phone number or person number, they can share with you the exact reason.

My reasons
Maybank 1st attempt - BTI below 12x
Maybank 2nd attempt - rejected by credit management due to bad payment history

HSBC - BTI below 12x

UOB - rejected due to unsatisfactory credit records

SCB - approved me with FF rating, but my payments with SCB are very good, no miss payment, always settle minimum and more.

My rating is HH , UOB approved me , Maybank and SCB rejected me.

HSBC + Bank of China can try with HH rating
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Old 13-01-2018, 03:04 PM   #8372
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Here’s a quick summary of what a DRS would cost.

Upon submission of documents – $350
Review of your eligibility – $250
Annual administration of the debt repayment plan – $300 per year for first 2 years, $350 per year for the following 3 years.
Collection fee for all payments made by debtor – 1.5% of amount collected
Distribution fee of dividends to creditors – 3% of amount distributed



DRS is when a bankruptcy is filed in court, then can convert to DRS.

https://www.mlaw.gov.sg/content/io/e...nt-scheme.html
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Old 13-01-2018, 03:20 PM   #8373
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Your monthly installment will be something like this

Total interest paid for 7 years = $123*105% X 4.71% X 7 = $42,580.76

Total outstanding + total interest = $123,000 + $42,580.76 = $165,580.76

Monthly installment = $165,580.76/84 = $1,971.20.

You’d be paying about $1,971 a month.
Thanks again, bro.
Btw, does you DCP statement indicate loan principal amount & interest separately?
If we want to pay early, we just need to pay principal amount + penalty [4~5%], right? No need to pay interest for the rest of years?
It seems that MBB would issue new CC as I see new CC account created even though I have existing card with them.
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Old 13-01-2018, 04:55 PM   #8374
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No worries

I haven’t got my DCP statement yet. Most likely receiving it next week. I believe they will include the breakdown for your loan payments and also include the interest etc.

Yes if wanna pay early, just remaining + penalty. No need remaining interest.

Yes MBB will issue you a new CC, most likely will suspend your other card. Not sure if you can still use your existing card tho

For my SCB, I can’t use the old card, only can use the One DCP passed me.

Thanks again, bro.
Btw, does you DCP statement indicate loan principal amount & interest separately?
If we want to pay early, we just need to pay principal amount + penalty [4~5%], right? No need to pay interest for the rest of years?
It seems that MBB would issue new CC as I see new CC account created even though I have existing card with them.
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Old 13-01-2018, 05:41 PM   #8375
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Im really want to fu*k the mother fuc*ker turfclub, already told myself don't go horse ,don't go horse but still die die go again , lost again 500 , all my hard earn from cruise give to feed horse, my heart very pain , if i lose casino nothing to say , coz i got win also sometimes, lost in turfclub really fu*ck up ,never win at all , go 1 time lost 1 time , go 10 times lost 10 times , pls close the turfclub , don't cheat ppl money .
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Old 13-01-2018, 05:43 PM   #8376
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Drs is not a voluntary scheme , not in the event u get terminated your bankruptcy application will be reviewed. Dcp doesn’t make u bankrupct.

Here’s a quick summary of what a DRS would cost.

Upon submission of documents – $350
Review of your eligibility – $250
Annual administration of the debt repayment plan – $300 per year for first 2 years, $350 per year for the following 3 years.
Collection fee for all payments made by debtor – 1.5% of amount collected
Distribution fee of dividends to creditors – 3% of amount distributed
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Old 14-01-2018, 05:06 AM   #8377
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Dear all,

Anyone knows if I could apply for Housing loan from banks while under DCP?

Kindly share any information.

Thanks in advance.
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Old 14-01-2018, 09:43 AM   #8378
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Dear all,

Anyone knows if I could apply for Housing loan from banks while under DCP?

Kindly share any information.

Thanks in advance.
hi let me take your question:

the answer is yes. you can still take housing/car/renovation loan as long as your secured loans ratio meets the MAS requirements.

i just got my HDB loan approved with my new BTO otw =)
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Old 14-01-2018, 09:45 AM   #8379
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Im really want to fu*k the mother fuc*ker turfclub, already told myself don't go horse ,don't go horse but still die die go again , lost again 500 , all my hard earn from cruise give to feed horse, my heart very pain , if i lose casino nothing to say , coz i got win also sometimes, lost in turfclub really fu*ck up ,never win at all , go 1 time lost 1 time , go 10 times lost 10 times , pls close the turfclub , don't cheat ppl money .
if u got discipline, actually can win one. but most pple go there 10 race, 10 race also bet. how to win?

wake up lah, gambling only one dead end.
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Old 14-01-2018, 09:47 AM   #8380
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Here’s a quick summary of what a DRS would cost.

Upon submission of documents – $350
Review of your eligibility – $250
Annual administration of the debt repayment plan – $300 per year for first 2 years, $350 per year for the following 3 years.
Collection fee for all payments made by debtor – 1.5% of amount collected
Distribution fee of dividends to creditors – 3% of amount distributed
I think still need to prepare 2K+ to file for bankruptcy first. Assume someone paying monthly for DRS, Dividends also distributed monthly, fees could be 3%+1.5% = 4.5% per month?
Every month need pay 4.5% fees this is much worse than DMP.
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Old 14-01-2018, 10:33 AM   #8381
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That’s why I’m also not sure why there’s a DRS. Still gotta pay $$$ upfront to get onto it. And still pay interest.

I’d prefer to be on My DCP..

I think still need to prepare 2K+ to file for bankruptcy first. Assume someone paying monthly for DRS, Dividends also distributed monthly, fees could be 3%+1.5% = 4.5% per month?
Every month need pay 4.5% fees this is much worse than DMP.
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Old 14-01-2018, 01:29 PM   #8382
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Any bro or sis here successfully converted to DCP from RAS scheme?
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Old 14-01-2018, 05:15 PM   #8383
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Thank you Jojodespo for the positive and very supportive posts. Let me share my Citi DCP experience.

For me, it was Citi who 1st contacted me to check with me if I was interested to sign up DCP. I was hesitant and informed the CSO (very helpful CSO name Sharon) to contact me 1month later for me to consider.

She first contacted me on mid of October, so around mid November, she followed up with me on my decision. I decided to try it after I've read this forum.

My process was consider a quick one IMO. I signed up on 15th, but due to incomplete statements, I only able to submitted all statements on 21st Nov. 22nd November at night, received a sms on the updated address on my citibank account. Then disbursement of the funds started from 23rd onwards. The rest is history.

I only managed to have reversal of interest for Amex card. All the other banks said it's a valid charges and refused to reverse the interests even though i made my min payment promptly each month.

My rating was EE during the application time (before application, it was CC).
Total funds disbursed to the banks was $99xxx (forgot the exact amount).
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Old 14-01-2018, 05:16 PM   #8384
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hi let me take your question:

the answer is yes. you can still take housing/car/renovation loan as long as your secured loans ratio meets the MAS requirements.

i just got my HDB loan approved with my new BTO otw =)
Did you apply for HDB loan when you are under DCP? how long were you on DCP before applied for HDB loan?
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Old 14-01-2018, 06:05 PM   #8385
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Thank you Jojodespo for the positive and very supportive posts. Let me share my Citi DCP experience.

For me, it was Citi who 1st contacted me to check with me if I was interested to sign up DCP. I was hesitant and informed the CSO (very helpful CSO name Sharon) to contact me 1month later for me to consider.

She first contacted me on mid of October, so around mid November, she followed up with me on my decision. I decided to try it after I've read this forum.

My process was consider a quick one IMO. I signed up on 15th, but due to incomplete statements, I only able to submitted all statements on 21st Nov. 22nd November at night, received a sms on the updated address on my citibank account. Then disbursement of the funds started from 23rd onwards. The rest is history.

I only managed to have reversal of interest for Amex card. All the other banks said it's a valid charges and refused to reverse the interests even though i made my min payment promptly each month.

My rating was EE during the application time (before application, it was CC).
Total funds disbursed to the banks was $99xxx (forgot the exact amount).
Wow... So how long is the tenture and how much do u pay mthly
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