I Think once the loan is approved , we must take that.We cant apply 2 to 3 banks at a time.
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/ closedaround 6% per annum
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.
So far , i only found 1 bank which can offer a decent rate, eventhough my ** 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 ** report to them ).If so, other bank will know our previous failed attempt.
It's a stupid idea unless you've gotten assurance that'll work, that you'll be accepted into the DCP with a rate and terms that you find acceptable. Or, at the very least, that the additional loan is at a lower interest rate than your current debt, that you hold the loan proceeds (don't spend them), and that you use those loan proceeds to pay down higher interest rate debt if you are not accepted into a more attractive DCP.
Nobody, but something is clearly wrong with that math. A $65K loan at 12% interest, compounded annually, and with an 8 year term would have a monthly level payment of $1,034.65. Payments would total to $99,326.29.
