Debt consolidation Plan

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Rick1970

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I read few success story post applying for 7 yrs. not use it’s helpful. Good luck!
Thanks for your advice. Actually I think 7 yrs is a better bet at this moment. Will try May bank 7 yrs first. Hope can get it approved fast so can focus on my work & family life, have to get over this big hurdle. Hope this nightmare will be over soon.I am really grateful for your time & replies. Thanks again.
 
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Rick1970

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Thanks! How Long did they take for approval? I’m keeping my fingers crossed. Third bank Liao. If still rejected, I’ll have to continue paying those debts n get my credit rating improve. :(
All the best for your application. Good luck. Hope we are clear this hurdle soon. Tomorrow will be better
 

OCBC Bank

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Hi guys, I have a noob question regarding loan.

Due to an emergency in family, we have to pay a sum of medical bill, so i swipe it to my OCBC credit card. I have been paying for months and only recently got to know of and just applied for the "OCBC Paywise" 12mth loan (0% interest with 1 time admin fee), I believe it got approved yesterday as I suddenly received a deposit of the loan amount into my account.

Sorry this is my first time taking a bank loan, so I'm not familiar with how it works. I believe the CSO on the phone told me that I am just required to pay a monthly fixed X amount to repay back for 12 consecutive months, but why is there an deposit in my bank from OCBC paywise, and what am i supposed to do with it? Because what I told the CSO on the phone was that I wanted the medical fees charged to my card to be paid in 12 months repayment, but now it seems like my loan increased with this sudden deposit from OCBC?

Sorry this is really noob question, but sincerely thank you for any clarifications.

Hi Zentape,

We came across your post, and would like to clarify that OCBC does not offer a "Paywise" loan. Is the loan perhaps with some other banks?

Should you need further assistance, please call our hotline at 1800 363 3333, or drop us a PM with more details.

^DG
 

havcove

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Hi guys, I have a noob question regarding loan.

Due to an emergency in family, we have to pay a sum of medical bill, so i swipe it to my OCBC credit card. I have been paying for months and only recently got to know of and just applied for the "OCBC Paywise" 12mth loan (0% interest with 1 time admin fee), I believe it got approved yesterday as I suddenly received a deposit of the loan amount into my account.

Sorry this is my first time taking a bank loan, so I'm not familiar with how it works. I believe the CSO on the phone told me that I am just required to pay a monthly fixed X amount to repay back for 12 consecutive months, but why is there an deposit in my bank from OCBC paywise, and what am i supposed to do with it? Because what I told the CSO on the phone was that I wanted the medical fees charged to my card to be paid in 12 months repayment, but now it seems like my loan increased with this sudden deposit from OCBC?

Sorry this is really noob question, but sincerely thank you for any clarifications.


sounds like a balance transfer.... instead of a 0% equal installment plan..

balance transfer pay 1 time fee.. then pay minimum balance usually a few percent for the duration and must clear during the period or usual rate applies

0% installment plan, whole amount divided by the period, you just pay that sum for that month and until the period ends, usually no admin fee and usually no reward points given.. missed payment once, usual rate applies for late amount....
 

ZenTape

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I believe this is re-financing scheme. Means u are supposed to pay your credit card balance with your loan proceeding and instead u are paying loan instalment to be cleared subsequently in fixed tenor

The advantage should be lower interest rate

Ahh I see, thank u so much for the advice.

Hi Zentape,

We came across your post, and would like to clarify that OCBC does not offer a "Paywise" loan. Is the loan perhaps with some other banks?

Should you need further assistance, please call our hotline at 1800 363 3333, or drop us a PM with more details.

^DG

Oh! Sorry, upon double checking the statement. I got the name wrong. It is "Cashwise" and not "Paywise". My bad.

So for this Paywise scheme, am I supposed to use the deposited amount to my account to pay out the balance of what I owe for the medical bill charged to the card, or that amount is to use for a period of 12 mths for the loan to slowly deduct?

Sorry for the confusion and look forward to your clarifications. Thank you so much! :)

sounds like a balance transfer.... instead of a 0% equal installment plan..

balance transfer pay 1 time fee.. then pay minimum balance usually a few percent for the duration and must clear during the period or usual rate applies

0% installment plan, whole amount divided by the period, you just pay that sum for that month and until the period ends, usually no admin fee and usually no reward points given.. missed payment once, usual rate applies for late amount....
I see, thanks alot for the insights.

Sent from Samsung SM-N950F using GAGT
 

OCBC Bank

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Ahh I see, thank u so much for the advice.

Oh! Sorry, upon double checking the statement. I got the name wrong. It is "Cashwise" and not "Paywise". My bad.

So for this Paywise scheme, am I supposed to use the deposited amount to my account to pay out the balance of what I owe for the medical bill charged to the card, or that amount is to use for a period of 12 mths for the loan to slowly deduct?

Sorry for the confusion and look forward to your clarifications. Thank you so much! :)



I see, thanks alot for the insights.

Sent from Samsung SM-N950F using GAGT


Hi there,

Thank you for your interest!

If you will like to know more about our CashWise scheme, we can arrange for our service executive to call you.

Do share your contact number with us via PM.
Thank you.

^CC
 

Vl3101

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MY DCP GOT APPROVED! So happy. my rating was HH, got rejected by a lot of banks, then recently become GG, so I went to try applying at UOB, and it got approved within 5 days. SO HAPPY! For those who are still trying don't give up! Just keep trying to improve your rating.

My credit rating is GG, owing amount is around $44K, month salary $3100.
 

Stresses

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I received a msg from HSBC stating my Dcp had been approved. Felt relieved so how long will it take for them to reimbursed the funds to other banks?
 

happy2018

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you are lucky but is good. At least the banks wont be chasing you, just have to keep on the repayment schedule.
 

ZENKEN

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Hello all, i cleared my debt consolidation plan on 3rd August but my credit application is still under suspension. Should i contact financial instituion to lift my suspension or CBS ? Any bro can help?
 

Shalala-86

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MY DCP GOT APPROVED! So happy. my rating was HH, got rejected by a lot of banks, then recently become GG, so I went to try applying at UOB, and it got approved within 5 days. SO HAPPY! For those who are still trying don't give up! Just keep trying to improve your rating.

My credit rating is GG, owing amount is around $44K, month salary $3100.
Congrats! Road to debt free!
 

Handsome_guy

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MY DCP GOT APPROVED! So happy. my rating was HH, got rejected by a lot of banks, then recently become GG, so I went to try applying at UOB, and it got approved within 5 days. SO HAPPY! For those who are still trying don't give up! Just keep trying to improve your rating.

My credit rating is GG, owing amount is around $44K, month salary $3100.

So your mthly payment from how much decrease to how much now
 

CK12345

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Thanks! How Long did they take for approval? I’m keeping my fingers crossed. Third bank Liao. If still rejected, I’ll have to continue paying those debts n get my credit rating improve. :(
CSO called me back in a couple of days. So you should know very soon if you've applied. Normally DCP result will be out fairly quickly.
 

gobbie

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Hi Guys,

I just got off the phone with DBS CSO for my application. My debt is around 44k while my gross is 4k and becoz of this I have a shortfall of 4k. They mention that I don't meet the requirements and they have very strict procedures for it, even 100-200 short they also don't entertain.

It is very frustrating to pay off every month as the interest is killing, all of my cards are already maxed out (in fact 2 banks already suspend my card which they say my overall debt is 12x my salary which I dun even know how they count) while i have another cashline which still available balance of only 1-2k the most. This still does not meet the 12x monthly.

Does anyone have the same situation but still got their DCP approve? I'm thinking to call up other banks but seems like it is going to be just a waste of time.
 
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Youandme8888

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Hi Guys,

I just got off the phone with DBS CSO for my application. My debt is around 44k while my gross is 4k and becoz of this I have a shortfall of 4k. They mention that I don't meet the requirements and they have very strict procedures for it, even 100-200 short they also don't entertain.

It is very frustrating to pay off every month as the interest is killing, all of my cards are already maxed out (in fact 2 banks already suspend my card which they say my overall debt is 12x my salary which I dun even know how they count) while i have another cashline which still available balance of only 1-2k the most. This still does not meet the 12x monthly.

Does anyone have the same situation but still got their DCP approve? I'm thinking to call up other banks but seems like it is going to be just a waste of time.

Bro you can try uob if your ratings is good.
 

CK12345

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Bro you can try uob if your ratings is good.
It's strictly above 12x income because it is MAS regulation. I don't think any bank will be able to help on this as it contravenes MAS regulations to offer DCP if your debt is below 12x.

What some CSOs can do is probably use a different calculation to come up with the 12x but I'm not too sure on how it works. You can try SCB or HSBC as they have some helpful CSOs.
 

slushie

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Hi Guys,

I just got off the phone with DBS CSO for my application. My debt is around 44k while my gross is 4k and becoz of this I have a shortfall of 4k. They mention that I don't meet the requirements and they have very strict procedures for it, even 100-200 short they also don't entertain.
m

gobbie, I'm also in the same situation. Applied for hsbc and they got back within a day v fast, but they said I'm still a few hundred short of the 12x. And I've already maxed out all but still can't hit the 12x unless I apply for another cc but I don't think banks will issue a cc when I'm already so close to the 12x bti. Crap.
 

Jojodespo

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I am on a DCP.. and managed to apply and approved my renovation loan yesterday for 30k.. :)

Even if you’re on DCP, you are still able to apply and get approved for renovation loans. Pm me if you wanna find out more :)

“Your Renovation Loan has been approved. You will receive your loan package within 5 working days. Questions? Call 1800 363 3333”

Just asking. I had my DCP approved last October and had been making prompt payment.

Recently I got my HDB and wanted to get a Renovation Lon but was wondering if anyone has succeed in applying for the renovationloan while still in DCP?

Thanks
 

janessali

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I am on a DCP.. and managed to apply and approved my renovation loan yesterday for 30k.. :)

Even if you’re on DCP, you are still able to apply and get approved for renovation loans. Pm me if you wanna find out more :)

“Your Renovation Loan has been approved. You will receive your loan package within 5 working days. Questions? Call 1800 363 3333”

Care to share ur details on the reno loan while u on DCP? Following this thread and would like to apply reno loan soon as well.
 
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