Debt consolidation Plan

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Danielle01

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Mine was actually less than 10 times my salary but the guy was considering it (up till now no rejection, no approval. Lol) Am thinking of borrowing 2K from moneylender to pay the late payments. Then bonus in June can pay all the 2K plus interest as am able to afford minimum payments for all the cards. Mine not so jialat ah. Thankfully but still headache, cannot save.

Do you think money lender good idea?
 

Louis81

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Mine was actually less than 10 times my salary but the guy was considering it (up till now no rejection, no approval. Lol) Am thinking of borrowing 2K from moneylender to pay the late payments. Then bonus in June can pay all the 2K plus interest as am able to afford minimum payments for all the cards. Mine not so jialat ah. Thankfully but still headache, cannot save.

Do you think money lender good idea?

Very high interest rate
 

Izumi8

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i thinking of getting help from my mum to borrow 15k to pay back some bank....

but i thinking even that .. my debt still above the 18 month of what i own and if the june rule kick in....

i think even if i can manage min sum but still my account will be closed and asked to pay back everything right???

any bros can comment???

how the not more then 18th month rules work in the coming june.... :(

From what I gather from who have exceeded 24 months currently:
A) You have 3 months of "warning period" that the banks will keep sending your letter/messages telling you have exceeded the borrowing limit.

B) After 3 months, that means from Sep 1st, 2017 onwards banks will start to suspend the credit card/cashline etc

C) Your credit card/cashline accounts WILL NOT be closed. Keep paying min payments then you will be safe.

D) Of course, you are unable to use those suspended accounts anymore, even if there are plenty of credit limits left.

E) Update your highest annual income with every banks to maximize your borrowing limits. If your annual income is lower than previous years, don't update.
 
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lodestone

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From what I gather from who have exceeded 24 months currently:
A) You have 3 months of "warning period" that the banks will keep sending your letter/messages telling you have exceeded the borrowing limit.

B) After 3 months, that means from Sep 1st, 2017 onwards banks will start to suspend the credit card/cashline etc

C) Your credit card/cashline accounts WILL NOT be closed. Keep paying min payments then you will be safe.

D) Of course, you are unable to use those suspended accounts anymore, even if there are plenty of credit limits left.

E) Update your highest annual income with every banks to maximize your borrowing limits. If your annual income is lower than previous years, don't update.


Bro... Thanks for the info.got a question to ask you... The suspended account is temp closed or perm n future is pay finish still able to use?
 

melbourne10

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From what I gather from who have exceeded 24 months currently:
A) You have 3 months of "warning period" that the banks will keep sending your letter/messages telling you have exceeded the borrowing limit.

B) After 3 months, that means from Sep 1st, 2017 onwards banks will start to suspend the credit card/cashline etc

C) Your credit card/cashline accounts WILL NOT be closed. Keep paying min payments then you will be safe.

D) Of course, you are unable to use those suspended accounts anymore, even if there are plenty of credit limits left.

E) Update your highest annual income with every banks to maximize your borrowing limits. If your annual income is lower than previous years, don't update.

Thanks for the info, good share
 

Izumi8

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Bro... Thanks for the info.got a question to ask you... The suspended account is temp closed or perm n future is pay finish still able to use?

Well, if your Total Debt drop below 12 months income, credit ratings is AA, I think the banks will likely remove the suspension, subject to each individual bank's approval.
 
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Henabi

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Still up to individual banks to decide whether to unsuspend the account and let you use
 
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