HWZ Forums

Login Register FAQ Mark Forums Read

Debt consolidation Plan

Like Tree1592Likes
Reply
 
LinkBack Thread Tools
Old 13-01-2018, 03:20 PM   #8116
Junior Member
 
Join Date: Jan 2018
Posts: 13
Your monthly installment will be something like this

Total interest paid for 7 years = $123*105% X 4.71% X 7 = $42,580.76

Total outstanding + total interest = $123,000 + $42,580.76 = $165,580.76

Monthly installment = $165,580.76/84 = $1,971.20.

You’d be paying about $1,971 a month.
Thanks again, bro.
Btw, does you DCP statement indicate loan principal amount & interest separately?
If we want to pay early, we just need to pay principal amount + penalty [4~5%], right? No need to pay interest for the rest of years?
It seems that MBB would issue new CC as I see new CC account created even though I have existing card with them.
relief is offline   Reply With Quote
Old 13-01-2018, 04:55 PM   #8117
Member
 
Join Date: Jul 2017
Posts: 434
No worries

I haven’t got my DCP statement yet. Most likely receiving it next week. I believe they will include the breakdown for your loan payments and also include the interest etc.

Yes if wanna pay early, just remaining + penalty. No need remaining interest.

Yes MBB will issue you a new CC, most likely will suspend your other card. Not sure if you can still use your existing card tho

For my SCB, I can’t use the old card, only can use the One DCP passed me.

Thanks again, bro.
Btw, does you DCP statement indicate loan principal amount & interest separately?
If we want to pay early, we just need to pay principal amount + penalty [4~5%], right? No need to pay interest for the rest of years?
It seems that MBB would issue new CC as I see new CC account created even though I have existing card with them.
Jojodespo is offline   Reply With Quote
Old 14-01-2018, 05:06 AM   #8118
Junior Member
 
Join Date: Jun 2017
Posts: 49
Dear all,

Anyone knows if I could apply for Housing loan from banks while under DCP?

Kindly share any information.

Thanks in advance.
liondomo is offline   Reply With Quote
Old 14-01-2018, 09:43 AM   #8119
Member
 
Join Date: Jul 2010
Posts: 411
Dear all,

Anyone knows if I could apply for Housing loan from banks while under DCP?

Kindly share any information.

Thanks in advance.
hi let me take your question:

the answer is yes. you can still take housing/car/renovation loan as long as your secured loans ratio meets the MAS requirements.

i just got my HDB loan approved with my new BTO otw =)
reggaez is offline   Reply With Quote
Old 14-01-2018, 09:45 AM   #8120
High Supremacy Member
 
hwaa's Avatar
 
Join Date: Dec 2003
Posts: 40,177
Im really want to fu*k the mother fuc*ker turfclub, already told myself don't go horse ,don't go horse but still die die go again , lost again 500 , all my hard earn from cruise give to feed horse, my heart very pain , if i lose casino nothing to say , coz i got win also sometimes, lost in turfclub really fu*ck up ,never win at all , go 1 time lost 1 time , go 10 times lost 10 times , pls close the turfclub , don't cheat ppl money .
if u got discipline, actually can win one. but most pple go there 10 race, 10 race also bet. how to win?

wake up lah, gambling only one dead end.
SibehHL likes this.
hwaa is offline   Reply With Quote
Old 14-01-2018, 09:47 AM   #8121
Member
 
Join Date: Mar 2003
Posts: 370
Here’s a quick summary of what a DRS would cost.

Upon submission of documents – $350
Review of your eligibility – $250
Annual administration of the debt repayment plan – $300 per year for first 2 years, $350 per year for the following 3 years.
Collection fee for all payments made by debtor – 1.5% of amount collected
Distribution fee of dividends to creditors – 3% of amount distributed
I think still need to prepare 2K+ to file for bankruptcy first. Assume someone paying monthly for DRS, Dividends also distributed monthly, fees could be 3%+1.5% = 4.5% per month?
Every month need pay 4.5% fees this is much worse than DMP.
Izumi8 is offline   Reply With Quote
Old 14-01-2018, 10:33 AM   #8122
Member
 
Join Date: Jul 2017
Posts: 434
That’s why I’m also not sure why there’s a DRS. Still gotta pay $$$ upfront to get onto it. And still pay interest.

I’d prefer to be on My DCP..

I think still need to prepare 2K+ to file for bankruptcy first. Assume someone paying monthly for DRS, Dividends also distributed monthly, fees could be 3%+1.5% = 4.5% per month?
Every month need pay 4.5% fees this is much worse than DMP.
Jojodespo is offline   Reply With Quote
Old 14-01-2018, 01:29 PM   #8123
Junior Member
 
Join Date: Mar 2017
Posts: 12
Any bro or sis here successfully converted to DCP from RAS scheme?
tausalito is offline   Reply With Quote
Old 14-01-2018, 05:15 PM   #8124
Junior Member
 
Join Date: Dec 2017
Posts: 6
Thank you Jojodespo for the positive and very supportive posts. Let me share my Citi DCP experience.

For me, it was Citi who 1st contacted me to check with me if I was interested to sign up DCP. I was hesitant and informed the CSO (very helpful CSO name Sharon) to contact me 1month later for me to consider.

She first contacted me on mid of October, so around mid November, she followed up with me on my decision. I decided to try it after I've read this forum.

My process was consider a quick one IMO. I signed up on 15th, but due to incomplete statements, I only able to submitted all statements on 21st Nov. 22nd November at night, received a sms on the updated address on my citibank account. Then disbursement of the funds started from 23rd onwards. The rest is history.

I only managed to have reversal of interest for Amex card. All the other banks said it's a valid charges and refused to reverse the interests even though i made my min payment promptly each month.

My rating was EE during the application time (before application, it was CC).
Total funds disbursed to the banks was $99xxx (forgot the exact amount).
dailymoi is offline   Reply With Quote
Old 14-01-2018, 05:16 PM   #8125
Junior Member
 
Join Date: Dec 2017
Posts: 6
hi let me take your question:

the answer is yes. you can still take housing/car/renovation loan as long as your secured loans ratio meets the MAS requirements.

i just got my HDB loan approved with my new BTO otw =)
Did you apply for HDB loan when you are under DCP? how long were you on DCP before applied for HDB loan?
dailymoi is offline   Reply With Quote
Old 14-01-2018, 06:05 PM   #8126
Member
 
Join Date: Sep 2017
Posts: 205
Thank you Jojodespo for the positive and very supportive posts. Let me share my Citi DCP experience.

For me, it was Citi who 1st contacted me to check with me if I was interested to sign up DCP. I was hesitant and informed the CSO (very helpful CSO name Sharon) to contact me 1month later for me to consider.

She first contacted me on mid of October, so around mid November, she followed up with me on my decision. I decided to try it after I've read this forum.

My process was consider a quick one IMO. I signed up on 15th, but due to incomplete statements, I only able to submitted all statements on 21st Nov. 22nd November at night, received a sms on the updated address on my citibank account. Then disbursement of the funds started from 23rd onwards. The rest is history.

I only managed to have reversal of interest for Amex card. All the other banks said it's a valid charges and refused to reverse the interests even though i made my min payment promptly each month.

My rating was EE during the application time (before application, it was CC).
Total funds disbursed to the banks was $99xxx (forgot the exact amount).
Wow... So how long is the tenture and how much do u pay mthly
Ho Kum Poh is offline   Reply With Quote
Old 14-01-2018, 08:14 PM   #8127
Member
 
Join Date: Sep 2017
Posts: 205
Im really want to fu*k the mother fuc*ker turfclub, already told myself don't go horse ,don't go horse but still die die go again , lost again 500 , all my hard earn from cruise give to feed horse, my heart very pain , if i lose casino nothing to say , coz i got win also sometimes, lost in turfclub really fu*ck up ,never win at all , go 1 time lost 1 time , go 10 times lost 10 times , pls close the turfclub , don't cheat ppl money .
So today u got go cruise win money?
Ho Kum Poh is offline   Reply With Quote
Old 14-01-2018, 08:38 PM   #8128
Junior Member
 
Join Date: Dec 2017
Posts: 6
Wow... So how long is the tenture and how much do u pay mthly
5years. monthly $2100
dailymoi is offline   Reply With Quote
Old 14-01-2018, 09:07 PM   #8129
Member
 
Join Date: Jul 2017
Posts: 434
No worries!! Glad you took up the DCP for a road to being debt free!

Wah, almost all my banks that I requested waivers for, gave me minimum 1 month waiver. Some even waived 3 months worth of interest for my credit cards.

Throughout last year until the time of after DCP approval, my ratings went crazy...

From EE to HH, to FF, back to HH, then back to FF.l before dcp. After dcp became GG.

Thank you Jojodespo for the positive and very supportive posts. Let me share my Citi DCP experience.

For me, it was Citi who 1st contacted me to check with me if I was interested to sign up DCP. I was hesitant and informed the CSO (very helpful CSO name Sharon) to contact me 1month later for me to consider.

She first contacted me on mid of October, so around mid November, she followed up with me on my decision. I decided to try it after I've read this forum.

My process was consider a quick one IMO. I signed up on 15th, but due to incomplete statements, I only able to submitted all statements on 21st Nov. 22nd November at night, received a sms on the updated address on my citibank account. Then disbursement of the funds started from 23rd onwards. The rest is history.

I only managed to have reversal of interest for Amex card. All the other banks said it's a valid charges and refused to reverse the interests even though i made my min payment promptly each month.

My rating was EE during the application time (before application, it was CC).
Total funds disbursed to the banks was $99xxx (forgot the exact amount).
Jojodespo is offline   Reply With Quote
Old 14-01-2018, 09:12 PM   #8130
Member
 
Join Date: Jul 2017
Posts: 434
Yes saw some that went from RAS to DCP here.

Any bro or sis here successfully converted to DCP from RAS scheme?
Jojodespo is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On