Debt Management Programme (DMP) by Credit Counselling Singapore (CCS)

knottedhead

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Only Employers from the financial-related institution will know.

70K debt with 3% interest, under an 8-year plan, need to pay 79k, monthly installment will be 800 to 900, still borderline doable for your case. You have to get the lastest amount from every bank with late charges/interest included. Cannot be based on CBS amount which is two months behind. With all the latest updated debt amt, if total debt still under 80k, should be still doable for the surplus of 1k/month.

I am not sure if they will count commission in as it is varied month by month. If they remove your commission, how much is the surplus per month?

Thank you for your reply. Without commission, my surplus barely reach $800 but i am committed to get out of debt and i am willing to cut many corners and tie stomach and bring up my surplus.
 

Dean38

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I am hvong problems with licensed money lenders and really do need help..from 20k loans i try my best till now my balnce is 12 to 13 k from 20 lenders to 14 and now i have fallen deeper to financial difficulties....need help in this....and understand to apply for drs u mee to do payment of 3k plis i am alrdy at wits end to ask for help and the drs scheme also needs money....pls help...
 

iamnotlame

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Perhaps you do not need to go into DRS at this point in time. I suggest to get in touch with Blessed Grace Social Services using their helpline 84286377. They might be able to help you with your situation.

I am hvong problems with licensed money lenders and really do need help..from 20k loans i try my best till now my balnce is 12 to 13 k from 20 lenders to 14 and now i have fallen deeper to financial difficulties....need help in this....and understand to apply for drs u mee to do payment of 3k plis i am alrdy at wits end to ask for help and the drs scheme also needs money....pls help...
 

iamnotlame

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You should have more clarity once you have the discussion with the counsellor during you counselling session. Until then, you just have to hold on tight and pray that the DMP process is to your favor.

Thank you for your reply. Without commission, my surplus barely reach $800 but i am committed to get out of debt and i am willing to cut many corners and tie stomach and bring up my surplus.
 

Dean38

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Can u elaborate more in don need to go into DRS...well tried to nego wif the lenders...some are ok and some are really like loan sharks means if payment delay 1 day today mean today must pay....du want to be angry wif dem for not understanding the situation but wif the way they talk will jus spark an argument..
 

knottedhead

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You should have more clarity once you have the discussion with the counsellor during you counselling session. Until then, you just have to hold on tight and pray that the DMP process is to your favor.

Thanks.
I will wait for the counselling session next week. Really hope DMP Possible. I only have myself to be blamed.

Meanwhile, counting pennies till next paycheck.

I will update again after the counselling session.
 

iamnotlame

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Your statement earlier says you do not have the money to pay the fees for DRS so I have recommended an option for you. If you are at wits end paying for the loans, why not try the recommendation? It is up to you, though, to take action or not. All the best!

Can u elaborate more in don need to go into DRS...well tried to nego wif the lenders...some are ok and some are really like loan sharks means if payment delay 1 day today mean today must pay....du want to be angry wif dem for not understanding the situation but wif the way they talk will jus spark an argument..
 

Dean38

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Hi of course but would like to learn more about it..cos AMP did not tell me abt it..amd when try contacting them no reply at all...its like first the care no money dont care sad to say la..its like being left high and dry..
 

Dean38

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Iamnotlame hi i already heeded ur advice and called the number and talk to one of tge blessed gtace ad looks like am at wirs end dey asked me to go to AMP again as its the only one dey said its for muslims i am really having a very hard time regarding dis. AMP asked me to remain patient and wait. WAIT for wat its not i wanted to run i do want to pay my loans all i neesed was help. Seems like some organisations not able to help. Kindly pls advice negotiating wif lenders can be a pain as dey dont underatand or dont want to unserstand. Pls help.
 

iamnotlame

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If you did not qualify for Blessed Grace assistance and was referred to AMP as you have mentioned below, perhaps just heed AMP to wait for their further advice. Beside asking to wait by AMP, what else did they help you with?

The lenders are in the business of making money and it is understandable that they want their money back plus interest. Pay whatever you can is the only suggestion I can make if you do not have the enough to pay full or installment amount.

Iamnotlame hi i already heeded ur advice and called the number and talk to one of tge blessed gtace ad looks like am at wirs end dey asked me to go to AMP again as its the only one dey said its for muslims i am really having a very hard time regarding dis. AMP asked me to remain patient and wait. WAIT for wat its not i wanted to run i do want to pay my loans all i neesed was help. Seems like some organisations not able to help. Kindly pls advice negotiating wif lenders can be a pain as dey dont underatand or dont want to unserstand. Pls help.
 

seeklightsoon

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I would like to check if anyone has successfully applied for a secured credit card while still paying down the debt through DMP? Due to my frequent business trips, I would need a credit card for hotels to hold the amount when I check in. Using debit or prepaid card is not accepted at some of the hotels.

If there is, can you share which bank I can try to apply and the process to apply for the secured credit card (e.g. placement of fixed deposit, application process and timeline). Thanks!
 

cute5tuff

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DMP

I'm currently in my 1st year of DMP. I found a job that is suitable for me, however it is a financial institution. Should I even bother trying to apply for the job? While this position is not a financial job, it is quite a senior position, so they will likely do a check and realize I am under DMP, and that would kill any chance of being successful.
 

knottedhead

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I'm currently in my 1st year of DMP. I found a job that is suitable for me, however it is a financial institution. Should I even bother trying to apply for the job? While this position is not a financial job, it is quite a senior position, so they will likely do a check and realize I am under DMP, and that would kill any chance of being successful.

If i’m the employer. I rather my future employee be upfront especially since this is a senior position.
 

knottedhead

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I went for the counselling session. I was passed the draft report. Went home and read. The information on the draft such as number of banks owed and the total amout owed was higher than the actual.

Should this be a cause of concern? I have sent ccs email. Waiting for update..
 

seeklightsoon

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I went for the counselling session. I was passed the draft report. Went home and read. The information on the draft such as number of banks owed and the total amout owed was higher than the actual.

Should this be a cause of concern? I have sent ccs email. Waiting for update..
The amount owed is generally derived from your latest ** report for purpose of computation of the monthly repayment. If the difference is not too huge (E.g. > $1k) there is no cause of concern. When your plan is approved, the bank will write to you for the monthly settlement amount and period based on your latest outstanding amount.
 

knottedhead

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The amount owed is generally derived from your latest ** report for purpose of computation of the monthly repayment. If the difference is not too huge (E.g. > $1k) there is no cause of concern. When your plan is approved, the bank will write to you for the monthly settlement amount and period based on your latest outstanding amount.

If based by ** report the amount in the draft was 20K more.
 

knottedhead

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Does the draft amount in your proposal tally with that of your latest credit card statement? It should also include all your unbilled instalment plan balances.

The draft amount does not tally with latest card statement. Latest card statements very close to amt shown on credit report.

I think for ease of mind, i’ll call ccs on Mon.
 

mrnanq

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Hello...

I'm a newbie here. Have been reading, but not everything(time restriction).

Initially I wanted to go the DCP route, but changed my mind. I've registered for the talk this week.

I have been avoiding all the banks call all this while. Can I now answer their call & say that I'm going for DMP?

As per previous months, Monday comes meaning I'll receive calls non stop...but suddenly today, no calls. I start to feel scared. Does that mean, writ of summon is coming? What should I do? Should call them? What should I say?

If writ of summon comes, does the letter comes from High Court? Or it comes from the FI's law firm? What should I do if I received them? Do I need to attend a court hearing? Can I still apply for DMP in this case?

For DMP route, anyone can advise on the timelime? After the talk, what's the next step & how long?

I know that somewhere along the way, they will want me to list down my income & expenses. Do they need to know our spouse's income as well?

I just hope this DMP will work for me. I've learnt my lesson.

Pls be nice in your replies as I'm stress enough :(
 
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