How to encash hdb fully paid loan at only 62 yrs old.

[Johari1168]

My bro in law has several card which he is now struggling to pay .. Since his bcs score is hx .. Dcp is rejected by Standard Chartered Bank.
Still working and earning abt $2.7k/month.
Have a fully paid hdb with less then 2yrs staying.
Can he do Lease back scheme but the criteria says both owners must be 65years old.
Or any options that anyone can share.
I was thinking to get a licences money lender to pay his monthly outstanding to bring down his credit rating then apply for dcp..
Any assistance is very much appreciated ..
Thank you

 

[BBCWatcher]

My bro in law has several card which he is now struggling to pay .. Since his bcs score is hx .. Dcp is rejected by Standard Chartered Bank.

If he’s eligible for the DCP, he can go to any one participating bank and apply. It doesn’t have to be a bank that he currently does business with.

Still working and earning abt $2.7k/month.
Have a fully paid hdb with less then 2yrs staying.
Can he do Lease back scheme but the criteria says both owners must be 65years old.
Or any options that anyone can share.

DMP and DRS are the other two programs. DCP, DMP, and DRS each have different eligibility rules.

There are other, generalized solutions: boost income, reduce spending, and reduce the interest rate. He may be able to rent out a room to supplement his income, for example. Reducing spending is pretty obvious. A licensed money lender is probably not a good idea, but a 8% personal loan would be better than credit card interest rates, if eligible. If he has CPF savings available for withdrawal then that’d help.

I was thinking to get a licences money lender to pay his monthly outstanding to bring down his credit rating then apply for dcp..

That doesn’t seem like a good idea at all.

 

[JuniorLion]

Your bro in law or you?

 

[Johari1168]

Your bro in law or you?

Its my bro in law caused im not eligible to have a credit card