Debt consolidation Plan

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SalmonSushi

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I have been reading this forum for some time and was wondering if DCP is possible for someone earning above 120k per year.

Appreciate any response.

Applicant(s) for DCP with annual declared income of more than $120,000 will be rejected as it does not fulfil to DCP requirement.

The only way for you to go about doing this is; if your monthly salary reflected less than $10,000, I would suggest you to submit your latest 3 months computerised payslips for your income documents.

Hope this helps.
 

iamnotlame

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Applicant(s) for DCP with annual declared income of more than $120,000 will be rejected as it does not fulfil to DCP requirement.

The only way for you to go about doing this is; if your monthly salary reflected less than $10,000, I would suggest you to submit your latest 3 months computerised payslips for your income documents.

Hope this helps.

Thank you for all who have replied. Yes, my debt is way above the more than $120k annual salary, hence, this question.

I will try to apply and update this thread of the outcome.

Thanks again.
 

GreenAvocado

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Oh wow. I just got my dcp approved with UOB!!

In my credit report, my outstanding amount is with UOB, but i have cleared it. Just that it is not reflected in the report. Which is probably why other banks rejected me.
UOB called me and asked me if i am interested in dcp with them.
After got rejected by Citibank and Maybank, I thought confirm kena reject again, but just try for fun.
Wah 10days after sending all documents, got a call that my application is accepted. According to the officer, its because in report my problem was with UOB and internally they can check, while other banks got to trust the credit report blindly. Interesting info.

Well damn happy i got DCP approved.
Any tips by bro/sis on my next steps??
 

Jojodespo

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Strange. UOB CSO told me before 120k and above can try DCP but not guarantee.

Maybe they say “not guarantee” by default always..? lol..

Applicant(s) for DCP with annual declared income of more than $120,000 will be rejected as it does not fulfil to DCP requirement.

The only way for you to go about doing this is; if your monthly salary reflected less than $10,000, I would suggest you to submit your latest 3 months computerised payslips for your income documents.

Hope this helps.
 

Jojodespo

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Congrats. :)

Oh wow. I just got my dcp approved with UOB!!

In my credit report, my outstanding amount is with UOB, but i have cleared it. Just that it is not reflected in the report. Which is probably why other banks rejected me.
UOB called me and asked me if i am interested in dcp with them.
After got rejected by Citibank and Maybank, I thought confirm kena reject again, but just try for fun.
Wah 10days after sending all documents, got a call that my application is accepted. According to the officer, its because in report my problem was with UOB and internally they can check, while other banks got to trust the credit report blindly. Interesting info.

Well damn happy i got DCP approved.
Any tips by bro/sis on my next steps??
 

Youandme8888

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Oh wow. I just got my dcp approved with UOB!!

In my credit report, my outstanding amount is with UOB, but i have cleared it. Just that it is not reflected in the report. Which is probably why other banks rejected me.
UOB called me and asked me if i am interested in dcp with them.
After got rejected by Citibank and Maybank, I thought confirm kena reject again, but just try for fun.
Wah 10days after sending all documents, got a call that my application is accepted. According to the officer, its because in report my problem was with UOB and internally they can check, while other banks got to trust the credit report blindly. Interesting info.

Well damn happy i got DCP approved.
Any tips by bro/sis on my next steps??

Bro I think the next step is to seek waiver of interest from the other banks that you held previously, as from the other bro who get approval, they say the other bank will still charge them for interest of the close balance and it's almost impossible to get any waiver from ocbc.

Hope this helps
 

RebornMyLife88

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Hi,

Does anyone know if MayBank accept DCP with EE Credit Rating?

Furthermore when MayBank look up your CBS report, does it indicate Unsecured Credit Card or DC?
 

Aaronlovesyou

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Hi guys, been in this forum for awhile. Only chanced upon this thread recently.

Have a question..

I skipped my amex cards min sum for 3 straight months & the company cancelled my card and request full payment through legal means. I paid in full in 2 months without any further summons, lawyer letters, etc.

By any chance this record can be erased ever? It is under my account history. Showing my "credit card closed due to ....."

Also, can my ratings still ever get to an AA from here? Currently at GG


** The Amex incident happened in 2016 and i have been constant in paying my cards now. **
 
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liondomo

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Hi,

Does anyone know if MayBank accept DCP with EE Credit Rating?

Furthermore when MayBank look up your CBS report, does it indicate Unsecured Credit Card or DC?

hey bro,

Just to let u know that i was approved by MBB last year with EE ratings. Care to share outstanding and NOA?
 

zaskarace

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Hi folks..need some help for folks on UOB DCP..I have been paying via Giro for a few months and the last payment was on 28 Feb. The next payment suppose to be on 2 April but very puzzled why next payment amount due Keeps reflecting as $0.00 in internet banking nstead of the instalment amount till today 14 March. Does anyone also experience this?

Thanks for your reply!
 

bozoka86

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Hi folks..need some help for folks on UOB DCP..I have been paying via Giro for a few months and the last payment was on 28 Feb. The next payment suppose to be on 2 April but very puzzled why next payment amount due Keeps reflecting as $0.00 in internet banking nstead of the instalment amount till today 14 March. Does anyone also experience this?

Thanks for your reply!

best is to call uob hotline now to clarify
 

Probie

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Hi All, Newbie here. Was considering taking DCP and chance upon this forum. After going through all the info, decided to put in my application with few banks at the same time since I read some bros mentioned it's ok to do and the CSO didn't ask anything about outstanding DCP application. Just found out that I'm entitled to a free credit report and 2 questions I have now which hopefully someone can help to answer here.

1. My rating when submitting the application was FF and this morning I realized it had dropped to HH. Is it due to too many enquiries from the banks?

2. I see that for other banks the enquiry is listed as DC (debt consolidation i guess) while for SCB is listed as Credit Card. Any reason why is that so?

Cheers
 

Jojodespo

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Hi bro, yes too many enquiries can drop your credit rating. However, other factors may also contribute to the drop e.g high credit exposure or delinquency presence.

Some banks will go with DC, some banks will go with credit card applications. HSBC even puts it as a joint application. But still, it is an unsecured credit facility and it does not matter what they list it as.

Which bank did you apply with? FF, high chance with SCB. Hope they enter themselves into your DC registry first :)

Hi All, Newbie here. Was considering taking DCP and chance upon this forum. After going through all the info, decided to put in my application with few banks at the same time since I read some bros mentioned it's ok to do and the CSO didn't ask anything about outstanding DCP application. Just found out that I'm entitled to a free credit report and 2 questions I have now which hopefully someone can help to answer here.

1. My rating when submitting the application was FF and this morning I realized it had dropped to HH. Is it due to too many enquiries from the banks?

2. I see that for other banks the enquiry is listed as DC (debt consolidation i guess) while for SCB is listed as Credit Card. Any reason why is that so?

Cheers
 

Probie

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Hi bro, yes too many enquiries can drop your credit rating. However, other factors may also contribute to the drop e.g high credit exposure or delinquency presence.

Some banks will go with DC, some banks will go with credit card applications. HSBC even puts it as a joint application. But still, it is an unsecured credit facility and it does not matter what they list it as.

Which bank did you apply with? FF, high chance with SCB. Hope they enter themselves into your DC registry first :)

Hi, i applied with SCB, BOC and HSBC. And yes based on what I see, SCB is the first to make the enquiry on my credit report. Application submitted last Thursday and CSO mentioned will update me by this Friday.
 

SalmonSushi

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Hi folks..need some help for folks on UOB DCP..I have been paying via Giro for a few months and the last payment was on 28 Feb. The next payment suppose to be on 2 April but very puzzled why next payment amount due Keeps reflecting as $0.00 in internet banking nstead of the instalment amount till today 14 March. Does anyone also experience this?

Thanks for your reply!

I'm experiencing this with my credit card when it's being reflected on my UOB iBanking. 'Payment due on [DD-MM-YYYY] as $0.00' meaning they have received your payment for that statement month and you are not required to make any more payment till your next statement cycle.

I strongly believe is the same as DCP because Credit Cards, Line of Credit and Personal Loan are classified as unsecured facilities along with DCP, and it should be reflected the same format under UOB iBanking.

Hope this helps.
 

SalmonSushi

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Outstanding 75K
Monthly 3100

MBB viewed my CBS and asked for more detail statement. Does this means I stand a chance?

I encountered the same scenario as you, they called me up requesting for my latest 12 months CPF contribution statement when I had submitted my latest year Notice of Assessment along with the latest month payslip but eventually my application was being rejected. I further e-mailed them asking whether is it possible to appeal for my application but was being turned down.

My Rating is FF with score of about 1700 to 1790
Outstanding: $49,000
Annual income reflected in latest NoA: $47,000

Base on my calculation on your DTI ratio is more than 24 times. I would say chances of approval is slim.

Just trying to be honest with you though.
 
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