Debt consolidation Plan

[Carlingford]

That's very helpful bro! Can we comment there or just for reading?

You are welcome to comment...just want to document down this journey & for future reference by others...

 

[member8]

HH is a signal to look at other options while you wait for the final reply

Yes bro. All the best everyone.

 

[Louis81]

3 things:
Green form - proof of attendance, must submit if you intend to apply for DMP
White form - self help kit, can be downloaded online
Blue form - this is the impt, MUST take one, the DMP form (take 2 or 3 if they have extra, in case you mess up while filling in)

What is the difference between white n bkue form.
Any idea book for counselling will take how long?

 

[CeSaRiO]

This journey of uncertainty has indeed affected me quite a bit, as I'm sure most of the bros / sis (not sure there are any) can feel the same also.

I just started writing this blog just to relieve my stress level (cannot possibly go around telling family & friends about this sort of things right ?)
I will try to update the blog over my debt restructuring journey. Hope that it can help others in their debt restructuring journey in future also.

https://restartingmylifeblog.wordpress.com

It's a good start bro! Pesevere and don't give up just yet!

 

[lodestone]

This journey of uncertainty has indeed affected me quite a bit, as I'm sure most of the bros / sis (not sure there are any) can feel the same also.

I just started writing this blog just to relieve my stress level (cannot possibly go around telling family & friends about this sort of things right ?)
I will try to update the blog over my debt restructuring journey. Hope that it can help others in their debt restructuring journey in future also.

https://restartingmylifeblog.wordpress.com

bro thanks for sharing your blog.i am reading it now... really feel not alone now.... thanks again.cheers!!!!

 

[Carlingford]

What is the difference between white n bkue form.
Any idea book for counselling will take how long?

I reckon the white form is for you to fill up & request for debt restructuring (in the form of a conversion of your unsecured debts to a term loan) directly to the banks. I think not easy to DIY lah...they sure bo hiu u ...with CCS help then got higher chance to reach an agreement.

 

[Carlingford]

It's a good start bro! Pesevere and don't give up just yet!

Thanks bro !

 

[Carlingford]

bro thanks for sharing your blog.i am reading it now... really feel not alone now.... thanks again.cheers!!!!

Never give up bro...

 

[melbourne10]

I reckon the white form is for you to fill up & request for debt restructuring (in the form of a conversion of your unsecured debts to a term loan) directly to the banks. I think not easy to DIY lah...they sure bo hiu u ...with CCS help then got higher chance to reach an agreement.

White form includes a sample letter to ask for restructuring from the banks directly...

The problem is they are probably used to such letters alrdy, so I doubt they will bother to entertain...

Different from having a case officer over at CCS, because the FIs are accountable to ABS, MAS (and of course CCS is part of the equation too) in terms of the way they handle DMP requests

 

[Louis81]

I reckon the white form is for you to fill up & request for debt restructuring (in the form of a conversion of your unsecured debts to a term loan) directly to the banks. I think not easy to DIY lah...they sure bo hiu u ...with CCS help then got higher chance to reach an agreement.

I c I will go for css talk then proceed w DMP. Waiting time will be processing time for citibank.

 

[melbourne10]

DMP is not for you to reduce interest - shared at the talk I attended.

The first criteria is when you pay so much for the minimum payments that you cannot afford basics like food etc.

So for a while we thought we were ok cuz we just pay minimum then swipe again but imagine ALL your credit is stopped, can you survive?

If the answer is NO... Then get help.

 

[CeSaRiO]

Just spoken to the Citi bank rep as a couple of my statements has expired.

He mentioned that my case is a 50-50 chance, because my outstanding amount is less than 16x of my monthly salary. If more than 16x and above, it's an automatic rejection.

He advise me that if Citibank application got rejected, can try to apply Maybank, UOB and SCB as they have a bigger risk appetite.

More importantly, never do concurrent application.

 

[lodestone]

we are really the " DEBT OF BROTHERS " ....

 

[Carlingford]

I am entering that stage slowly but surely..

DMP is not for you to reduce interest - shared at the talk I attended.

The first criteria is when you pay so much for the minimum payments that you cannot afford basics like food etc.

So for a while we thought we were ok cuz we just pay minimum then swipe again but imagine ALL your credit is stopped, can you survive?

If the answer is NO... Then get help.

 

[melbourne10]

Just spoken to the Citi bank rep as a couple of my statements has expired.

He mentioned that my case is a 50-50 chance, because my outstanding amount is less than 16x of my monthly salary. If more than 16x and above, it's an automatic rejection.

He advise me that if Citibank application got rejected, can try to apply Maybank, UOB and SCB as they have a bigger risk appetite.

More importantly, never do concurrent application.

But we are seeing rejection for those < 16 months also.
I think tenor also plays a part. Choose 5 years safer.

 

[melbourne10]

we are really the " DEBT OF BROTHERS " ....

This brotherhood must find a solution that benefits all

 

[CeSaRiO]

But we are seeing rejection for those < 16 months also.
I think tenor also plays a part. Choose 5 years safer.

Yup it is. HH is indeed a scary rating. I will try SCB if Citi rejects me. Right now I still will work on improving the rating before I re-apply again. Though it may be demoralising but can still find a way one! Must stay positive first!

Btw anyone keeping track on the bros here who has applied and succeeded/rejected?

 

[lodestone]

This brotherhood must find a solution that benefits all &#55357;&#56490;

yup... we are using time in exchage for space to stay alive first... then we can use the space to make a come back....

 

[Louis81]

DMP is not for you to reduce interest - shared at the talk I attended.

The first criteria is when you pay so much for the minimum payments that you cannot afford basics like food etc.

So for a while we thought we were ok cuz we just pay minimum then swipe again but imagine ALL your credit is stopped, can you survive?

If the answer is NO... Then get help.

I got 3 kids so no choice better seek help from css

 

[CeSaRiO]

I got 3 kids so no choice better seek help from css

Bro, does your wife knows about your present status?