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Old 23-01-2017, 09:51 AM   #1
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Debt consolidation Plan

https://www.abs.org.sg/consumer-bank...olidation-plan .....

Last edited by deadlockb; 23-02-2017 at 07:32 AM..
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Old 23-01-2017, 04:36 PM   #2
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I think this is quite a reasonable plan compared to the old one.. not too sure about it though.. waiting for the gurus to comment
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Old 23-01-2017, 05:00 PM   #3
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The terms and conditions seem reasonable, but I would try to get at least a couple DCP offers to compare interest rates and terms, such as prepayment penalties and other fees.
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Old 23-01-2017, 06:12 PM   #4
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The terms and conditions seem reasonable, but I would try to get at least a couple DCP offers to compare interest rates and terms, such as prepayment penalties and other fees.
I Think once the loan is approved , we must take that.We cant apply 2 to 3 banks at a time.

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Old 23-01-2017, 06:18 PM   #5
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Just Checked DBS is upto 8 Years to choose from..
http://www.dbs.com.sg/personal/loans...olidation-plan

Last edited by deadlockb; 23-01-2017 at 08:04 PM..
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Old 23-01-2017, 10:06 PM   #6
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I Think once the loan is approved , we must take that.
No, I don't think so. You can only have one of these DCPs, that's true, but you can certainly sit down with more than bank to understand their offers.
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Old 23-01-2017, 10:24 PM   #7
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No, I don't think so. You can only have one of these DCPs, that's true, but you can certainly sit down with more than bank to understand their offers.
i too confused on these statements below:

Upon approval of Debt Consolidation Plan application,
no cancellation is allowed
all existing unsecured credit facilities will be suspended
closed 
If that is the case, we have to finalize a bank before application.
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Old 23-01-2017, 10:26 PM   #8
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Usually which bank will process fast ?
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Old 23-01-2017, 10:46 PM   #9
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Hi I wanted to consolidate my loans to one under debt-consolidation-plan.
https://www.abs.org.sg/consumer-bank...olidation-plan
even though all 14 banks participating, only few banks have information on their website.
also, is there any other drawbacks in consolidating loans under above plan? which bank is the best one to go for?
Thanks
Did my research

Not all participating banks offer DCP. I sent an email to all, currently awaiting reply.

Some banks offer longer repayment periods so you might want to take that into consideration.
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Old 23-01-2017, 11:14 PM   #10
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Did my research

Not all participating banks offer DCP. I sent an email to all, currently awaiting reply.

Some banks offer longer repayment periods so you might want to take that into consideration.
i found few banks:
Citi dbs ocbc uob stabdard chart,HSBC,ANZ
May be we can have a comparison chart. Some banks are offering promotional interest rate for 1st year and vouchers too.

5 Years tenor is not so much burden and paying a bit less interest around 5*6% = 30% as Interest.
(Anyway this depends on the loan amount and Available funds for that person ).
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Old 23-01-2017, 11:17 PM   #11
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Hw many percent???? 7???????
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Old 23-01-2017, 11:20 PM   #12
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Hw many percent???? 7???????
around 6% per annum
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Old 24-01-2017, 11:04 AM   #13
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If that is the case, we have to finalize a bank before application.
You are free to ask for more than one DCP offer. You can sit down with a banker to understand the program, their rate, their promotion (if any), and their terms and conditions. You can listen, in other words -- and you can listen to more than one bank. You should. When you formally apply for any one of those offers, that's the one you must take if formally approved.

Your confusion seems to be that you cannot find out what the rate, terms, and conditions are before you apply -- "sign here, even though you don't know what you're signing up for." No, that's not correct. You can (and should) comparison shop. But once you have decided which offer you most prefer, you can lodge only one application. If that application is approved, then that's your DCP bank. If that application is rejected, you can make another DCP application with another bank.

There's a basic reason for this: the C in DCP, consolidation. This is a special consolidation program. You cannot double or triple up on this sort of offer.
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Old 24-01-2017, 11:33 AM   #14
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You are free to ask for more than one DCP offer. You can sit down with a banker to understand the program, their rate, their promotion (if any), and their terms and conditions. You can listen, in other words -- and you can listen to more than one bank. You should. When you formally apply for any one of those offers, that's the one you must take if formally approved.

Your confusion seems to be that you cannot find out what the rate, terms, and conditions are before you apply -- "sign here, even though you don't know what you're signing up for." No, that's not correct. You can (and should) comparison shop. But once you have decided which offer you most prefer, you can lodge only one application. If that application is approved, then that's your DCP bank. If that application is rejected, you can make another DCP application with another bank.

There's a basic reason for this: the C in DCP, consolidation. This is a special consolidation program. You cannot double or triple up on this sort of offer.
So far , i only found 1 bank which can offer a decent rate, eventhough my CB rating is CC and amount is 15 Xmy monthly salary.When i called one bank, they told 9%+ per year( based on customer).
Dont know what is best approach to have a high success rate.?
Shall i wait for some more time or proceed with the only which offered a best rate for me?

if any bank turns down the application, will it be recorded in Credit beureu?( im giving the CB report to them ).If so, other bank will know our previous failed attempt.

Last edited by deadlockb; 24-01-2017 at 11:36 AM..
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Old 24-01-2017, 05:54 PM   #15
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So far , i only found 1 bank which can offer a decent rate, eventhough my CB rating is CC and amount is 15 Xmy monthly salary.When i called one bank, they told 9%+ per year( based on customer).
Dont know what is best approach to have a high success rate.?
Shall i wait for some more time or proceed with the only which offered a best rate for me?

if any bank turns down the application, will it be recorded in Credit beureu?( im giving the CB report to them ).If so, other bank will know our previous failed attempt.

which bank did you check out?
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