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

[knottedhead]

Im on ccs since March. For citibank, i paid by dbs online fast transfer. So far the monthly statement show the payment.

 

[infinitz7]

I agree also based on experience. Payments to Citibank credit cards are not possible online. Need to do it via AXS to pay. However, if you have a Ready Credit account to pay, you can do so via online transfer.

Hello
Just a quick one, the payment methods mentioned seems to be modes for regular accounts, no?

If on CCS plan, all facilities are terminated, no?
If so, payments are to be made via AXS or CDMs, no?

Making payments online usually are for active accounts, i believe.

 

[infinitz7]

Im on ccs since March. For citibank, i paid by dbs online fast transfer. So far the monthly statement show the payment.

Hello

I asked similar question on another post too.

Such online payment modes are still available even when on CCS plan?

My understanding is, when on CCS plan, credit facilities are terminated, no?

 

[infinitz7]

Hi guys, was wondering if any of you successfully getting a mortgage after having put in debt management thru ccs?
For my case, ccs 7years for 100plu k debt now balance 10months to complete full repayment and my hdb flat just mop...was thinking of upgrading to condo but for private property can only take loan from banks instead of hdb...got in touch with a property agent and told her up front about my situati(ccs), she just help submit my details to a bank officer and waiting for reply if a loan of 150k to 200k is possible in order for my property purchase.....meantime just checkig any u guys go tru the same before?

Hello

I ever shared some basic info on credit reports on this thread.
Perhaps you can try searching for it, hopefully it will be helpful.

Here, i will be brief about it.
CBS works in a way, based on reports submitted by financial institutions (FI).
If on any sort of alternative arrangements, such as DMP, all FIs would submit
certain reports to Credit Bureau and the ratings usually will be very bad.
So this bad rating would not change unless FIs submit new reports that
reflect "a better performance" from the person which merits an improved rating.
That is a general idea but behind the scenes, quite sure it is not that simple.

In your case, even when you're done with all the repayments, ie. all debts cleared,
it does not mean you would immediately be able to obtain credit facilities.
Someone i know, started to "build rapport with a bank" and rebuild trust some time
in the middle of the repayment program. This means the person has active account(s)
or maybe other financial products with the bank. It is to show the bank this person
is changing for the better and is building wealth again. Within a year after the
completion of all repayments, the person managed to obtain credit facilities from
this bank although with some restrictions during the initial stages. Slowly, other
banks also took small steps in allowing credit facilities.

Credit facilities has always been based on trust, the trust in the person's ability
to maintain the facilities and to sustain monthly payments. Of course, everyone
has different situations however, you can definitely take some reference here.

Good luck.

 

[infinitz7]

Thanks! My credit rating is HH, I hope i can get it approved

Hello

Just my 2 cents worth.
Only people like us with bad ratings need help, so no need to worry.
It is precisely we cannot cope hence the bad ratings, and therefore need help.
People with AA ratings wont be going to them, they probably require
different type of assistance.

No worries, good luck!

 

[seeklightsoon]

Hello

I asked similar question on another post too.

Such online payment modes are still available even when on CCS plan?

My understanding is, when on CCS plan, credit facilities are terminated, no?

For Citibank it is still the same mode for payment. Either AXS or online transfer

 

[infinitz7]

Apply DCP on 5 FIs all failed since last year August.. My CbS report from HZ to HH.. hoping it could be improved over the time as I am tired of paying the minimum payment..

Finally on Apr 27th I decided to attend talk by CCS.. On July 10th my DMP approved.. From paying 2k plus a month, CCS work out a plan for me to $800 monthly for 7 years..

What I can say is, if you failed applying DCP why not just go thru CCS for DMP.. The interest rate I got is 3%. Yes! It affect my CbS rating but I don't mind coz my intention is to clear my debts not applying for any loans tho..

Now my journey has begun... I can see the lights coming..

Hello everyone

Replying this post to share some views.

There is not much critical information available where the finance world is concerned. It
is often shrouded by all the marketing and competition among banks to gain more
business and customers. Of course, many of us lay-men would not be tactful enough
to read into all the details of the "wonderful products".

To begin, the basics of credit facilities, is based on a person's trustworthiness. In turn,
this is evaluated by virtue of the perceived capability of the person to sustain a certain
level of income, an income that can provide all the needs. And here, we are only looking
at fresh cases, a person with clean record.

If, for any reason, a bank decides against providing credit services to a person, it is
not advisable to keep trying. It is especially true if there had been rejection from 2 or
3 banks already. The reason being, the banks could see the rejections so maybe the
3rd or 4th bank would have some "suspicions". Usually, at this stage, it would be good
to wait out before trying again.

This logic also applies to the case of DCP. After 1 or 2 rejections, it would be difficult
for another financial institution to see it in a different light.

Hopefully, this helps in certain aspect.

 

[iamnotlame]

Hello
Just a quick one, the payment methods mentioned seems to be modes for regular accounts, no?

If on CCS plan, all facilities are terminated, no?
If so, payments are to be made via AXS or CDMs, no?

Making payments online usually are for active accounts, i believe.

My understanding is that under CCS, all credit facilities are terminated or cancelled, whatever you may call it. However, based on my experience, the old accounts and newly setup repayment accounts as part of CCS DMP are active and can be used for online payments except for Citibank credit card. To repeat from my previous post, the following is the mode of payment I am doing under DMP:

Online payments/transfer:
DBS cashline
UOB repayment account
SCB repayment account
HSBC repayment account
Citibank readycredit
AMEX credit card
Maybank creditable
Maybank credit card

Via AXS:
Citibank credit card

 

[infinitz7]

My understanding is that under CCS, all credit facilities are terminated or cancelled, whatever you may call it. However, based on my experience, the old accounts and newly setup repayment accounts as part of CCS DMP are active and can be used for online payments except for Citibank credit card. To repeat from my previous post, the following is the mode of payment I am doing under DMP:

Online payments/transfer:
DBS cashline
UOB repayment account
SCB repayment account
HSBC repayment account
Citibank readycredit
AMEX credit card
Maybank creditable
Maybank credit card

Via AXS:
Citibank credit card

Thanks for sharing.

 

[infinitz7]

Snowballed interest, financial charges, late payment fee and other bank charges.


Sent from "Enjoy Helping People. Except For The Self Centered Ones. They Can F*** Off And Die." using GAGT

Hello .. kinda late on this
But would like to use this to share share

Credit limits do not change
Yes, many items will add up like all the charges and fees
If unpaid, or paid inadequately, the amount just keep growing
In short, credit limits are set to limit a person's spending or usage
This has got nothing to do with debt amount
Debt amount never stop growing
P.S - that is why there is also a thing called "over-limit" charges

Hopefully, this is clearer

 

[infinitz7]

I had problems with UOB and OCBC Bank in the past when I tried to apply for debit card while on DMP.
For OCBC, I was rejected when I sent in the form or applied online. However, when I use my OCBC Savings ATM Card to apply via the ATM machine, it was approved and card was mailed to me within a week.

For UOB, you have to go to the bank counter to apply and they will probably seek approval to give you a card. If apply via form, it will be rejected.

As for Maybank and HSBC, i don't think there will be any problem. Hope this helps.

Hello

Would like to tap on this old post to share share some info
That's why we are here, to share share infor and experience

The technical aspect of debit card is pretty similar to credit card

Issuing bank collects money from merchant because merchant sent in
transaction data

The difference is, for credit, the user is given a period of time to pay up
This very much like biz to biz credit terms, goods or service delivered but
need not pay up immediately

In debit, payment is within days of transaction, depending on banks
It takes place automatically through a savings account

Here comes the "grey area", which is that 1 to 3 days in between
Although very slim, there is still a chance where the amount in the
savings account is insufficient to pay for the transaction
This could be due to withdrawal of cash, transfer of funds or Nets payments
during the window period

Therefore, like credit services, banks do run a risk with debit cards
And this is why banks may not be willing to provide debit cards to
debtors on DMP

This is based on certain understanding of guidelines and practices
Of course, there may also be other mitigating factors
Banks do not usually tell us what exactly is going on behind the scene,
do they?

Maybe this piece of share share can help in 1 way or another

 

[iamnotlame]

Thanks for sharing.

You're welcome.

 

[pororokia]

Hello

I asked similar question on another post too.

Such online payment modes are still available even when on CCS plan?

My understanding is, when on CCS plan, credit facilities are terminated, no?

certain banks still allow.

anyway can just download the axs app and pay via the app.

 

[waunderwall]

Proposal just submitted ytd by CCS. Hoping for the best...

 

[iamnotlame]

Proposal just submitted ytd by CCS. Hoping for the best...

You are on your way to your DMP journey. Do take it a month at a time to be relieved of the repayment stress you have experienced.

All the best.

 

[Mushroom13]

Hi All,
Something to share.
I was on DMP in 2013 owing $180K to various banks and MI was $3340. Grateful to CCS for drafting DMP and helping me to tie over the difficult period.
A year ago, successfully cleared my outstanding and was discharged since then.

My financial events after DMP discharge
- $55K Car loan, all banks rejected (1month after discharge)
- 360 OCBC credit card, rejected (1 year after discharge)
- Krisflyer credit card, approved with $3000 credit limit (1 year after discharge)
- UOB private housing loan, rejected (1 year after discharge)
- DBS private housing loan co applicant, approved (1 year after discharge)

Thought I will be jailed from financial loan, fortunately, it is not.
Cheers.! With discipline and the lesson learnt, everyone could see light in the tunnel.

 

[pororokia]

congrats. mine only approved after 3yrs on $4000 credit limit but on 2 different cards by the same bank, so total 8k limit.

 

[waunderwall]

Question:

My dad helped to settle my UOB debt, which amounts to 5k plus. Will it affect my application of DMP with other banks? The proposal is already sent last week.

I didn’t let my dad know how much in full I owe to the other banks because i really want to settle this by myself. In addition he may he not be able to take it if he knows how much in full I owe in total...

 

[iamnotlame]

Hi All,
Something to share.
I was on DMP in 2013 owing $180K to various banks and MI was $3340. Grateful to CCS for drafting DMP and helping me to tie over the difficult period.
A year ago, successfully cleared my outstanding and was discharged since then.

My financial events after DMP discharge
- $55K Car loan, all banks rejected (1month after discharge)
- 360 OCBC credit card, rejected (1 year after discharge)
- Krisflyer credit card, approved with $3000 credit limit (1 year after discharge)
- UOB private housing loan, rejected (1 year after discharge)
- DBS private housing loan co applicant, approved (1 year after discharge)

Thought I will be jailed from financial loan, fortunately, it is not.
Cheers.! With discipline and the lesson learnt, everyone could see light in the tunnel.

Congratulations! I am happy to learn that people like you have successfully completed their DMP. Looking forward to completing mine as well. Thanks for sharing.

 

[subforester]

Hi! Hi! I am back in this thread again. I have successfully surrendered my car after much struggle. Ytd, i received email from CCS on the outcome of DMP. It went through! Yippy! $1274 monthly for 5 years max to 6 banks.. commence payment in sep 2019. It was torturing during the past 2 months.. i even received writ of summon via OCBC. The officer from law firm was nice and very patient in explaining the whole process to me. Even asked me not to worry.

Thanks to the brothers here for your encouragement.