Debt consolidation Plan

[Jojodespo]

I don’t mean to be negative.. but the chances of a balance transfer with your current BTI is quite Low as banks are starting to limit the total unsecured lending. It would be a miracle if you manage to get that approved..

Just to update, I received a call from HSBC DCP CSO & during our discussion, she confirmed that my BTI is under 12x as they had to take my gross income (not take home pay) for calculation. My total owing is 50k, so I am approximately 8K short to be eligible for DCP. My CSO suggested that I should try to apply for a credit card with balance transfer with 8K credit limit to pump up my owing; but don't get her wrong, she suggested that I can do the balance transfer to my personal bank account & apply for DCP, keep the money in my account till DCP is being approved. (Considering HSBC will pay on my behalf anyway if DCP is approved, otherwise I will just pay down my other credit card bills with higher interest with the transferred balance.) I have no idea how high are my chances of getting approval for the new credit card application given my debt situation with Credit Bureau rating of DD, but I have given this idea a shot by applying for a balance transfer credit card with Standard Chartered bank. Keeping my fingers crossed.

 

[RabbitH0le]

Hi @jojodespo , u are so right, this morning standard chartered bank rejected my application which is not a surprise. Well at least now I know there is only one way, which is DMP. Just concentrate on trying to get that approved will do. If all else fails, I will continue paying minimum monthly to all banks & avoid swiping my cc after payment in order to pare down my debts slowly. I have to admit that in a way I am relieved that standard chartered bank did not approve my application as it may potentially add on to my burden.

 

[liondomo]

Hi @jojodespo , u are so right, this morning standard chartered bank rejected my application which is not a surprise. Well at least now I know there is only one way, which is DMP. Just concentrate on trying to get that approved will do. If all else fails, I will continue paying minimum monthly to all banks & avoid swiping my cc after payment in order to pare down my debts slowly. I have to admit that in a way I am relieved that standard chartered bank did not approve my application as it may potentially add on to my burden.

Hi everyone,

I would like to know if while being on dcp is it possible to get a housing loan? say im not eligible for hdb loan and i would like to buy a resale flat as a single. Anyone had experience ob this?

 

[Bamster78]

I think you should just go through the dmp route. I was 17*5 and Kena up right center and managed to get approved by hsbc and that’s because I always pay there bill monthly on time. I am Heng man. But I feel you brother. Don’t give up. Just make appt with the ccs.

May I know what is CCs and DMP?
I have just submitted an application with DBS. Still pending. But I total is lower than my 12monthly. So.. crossing fingers on the application

 

[hclee01]

May I know what is CCs and DMP?

You can read this thread for more info:
https://forums.hardwarezone.com.sg/...credit-counselling-singapore-ccs-5821687.html

Good luck!

 

[Jojodespo]

Don’t think this is possible, they are pretty strict with the requirements as it’s mandated by MAS. But... they might be able to work around it if they use the right documents, that would put your BTI over 12x.0

May I know what is CCs and DMP?
I have just submitted an application with DBS. Still pending. But I total is lower than my 12monthly. So.. crossing fingers on the application

 

[lork44]

Hi everyone,

I would like to know if while being on dcp is it possible to get a housing loan? say im not eligible for hdb loan and i would like to buy a resale flat as a single. Anyone had experience ob this?

Yes and I have done that successfully.

 

[liondomo]

Yes and I have done that successfully.

seriously bro? i heard some banks outright reject. u got it from the bank u on dcp or? care to share more? thanks

 

[lork44]

seriously bro? i heard some banks outright reject. u got it from the bank u on dcp or? care to share more? thanks

I've shared my experience earlier in this thread.
https://forums.hardwarezone.com.sg/120208599-post9922.html

You can refer to my thread above.

Let me know if you required more information.

 

[liondomo]

I've shared my experience earlier in this thread.
https://forums.hardwarezone.com.sg/120208599-post9922.html

You can refer to my thread above.

Let me know if you required more information.

yes bro, could u pm me some contacts? i really need to know my options.

Thanks in advance!

 

[ReachingForTheStar]

Just curious.. with a debt that size (despite your income), baby on the way and your wife is going to quit job soon, why are you even considering condo? Are you not afraid of getting into another debt again?

sorry missed your post. well, many silly reasons:

1. im currently renting a condo and paying 2600/month. if the repayment is around this, i can still afford the monthly payment and the condo would be mind, but i did some brief check. apparently the month repayment is way above 2600 if i were to buy a condo

2. my wife is foreigner (from a more developed country) and she feel "miserable" (her word) to stay in HDB. i kinda understand the feeling. im not saying HDB is miserable (i stayed in hdb before) but i guess that's how we feel if we were to stay in a public housing estate in a less developed country

3. My parents and in-laws could help financially for housing. (they could have helped with my debt but i didnt let anyone know i have debt, not even my wife)

regardless, after some basic calculations. I definitely could not afford a condo. I have firmly told my wife so. We'll be looking for HDB.

 

[AST781]

Dear all, its my first time here at this forum / thread and Im here to seek some advice. I just discovered that my laobu is actually deep in credit card debts. Basically she's just paying the minimum sum monthly and the outstanding amount is snowballing. I read through this thread but there are many financial jargons which I don't quite get it. I have 2 questions to kindly seek help on:

1) In Singapore, would I inherit my mum's debts should she pass away?

2) Is it possible to stop the high cc interest from rolling and negotiate a repayment plan with the banks? From what I read here, it seems to do that, one tend to declare bankruptcy. Is it a must to be a bankrupt b4 a repayment discussion plan can be done? Im asking this becoz a bankrupt isn't allowed to travel overseas right? This is gonna sound ironic but my mum travels alot overseas to volunteer in social & charitable works (while ignoring her debts) actually sighzzz...

 

[Applewee]

FYI, those who want to try applying for DCP, heads up is SCB is being more lenient now with their approvals due to a change in their internal policy.

As Long as your documents are all in order:
- BTI above 12x, SCB are ok if you submit only 3 monthly payslips, no need NOA or CPF. But your payslip cannot reflect your bonus amounts or your total YEAR income
- credit rating above GG, sorry guys HH will not be entertained
- your payment history with SCB bank is good (other banks not necessarily need to be as good as SCB)
- no overlimit amount on any SCB credit facilities

Approval is pretty much there. Even if application rejection first round, CSO will appeal second round automatically.

Those who need my CSO who approved me, drop me a PM, or if you’re newbie to forum, just quote this message and I’ll pm you instead.

Fighting

Bro Jojo can you pm me ur SCB CSO number?

 

[hclee01]

1) In Singapore, would I inherit my mum's debts should she pass away?

Nope, you are not liable for your mum debt unless you are the supp card holder in which you will be liable for the spending on your supp card. However, having said this, banks will still call you to pressure you to pay up (especially if you are inheriting her CPF payout). But legally, you are not liable and will not need to pay. Do take note that if your mum has fixed deposit with the bank, the bank reserves the right to offset the outstanding from the amount in the fixed deposit or savings account.

2) Is it possible to stop the high cc interest from rolling and negotiate a repayment plan with the banks? From what I read here, it seems to do that, one tend to declare bankruptcy. Is it a must to be a bankrupt b4 a repayment discussion plan can be done? Im asking this becoz a bankrupt isn't allowed to travel overseas right? This is gonna sound ironic but my mum travels alot overseas to volunteer in social & charitable works (while ignoring her debts) actually sighzzz...

Your mum can negotiate with banks herself and hope that they will agree. You can refer to this self-help pack for details:
https://www.ccs.org.sg/upload/admin/files/Self Help Pack - 140703.pdf

Alternatively, your mum can apply for the Debt Consolidation Plan which consolidate all debts with one bank at a lower interest rate to pay off the outstanding. More details available at this website:
https://www.abs.org.sg/consumer-banking/consumers/debt-consolidation-plan

Otherwise she can apply for the Debt Management Program by the Credit Counselling Society. They will review her case and if she has the means to make payment using her existing salary (less expenses), they will put up a case to the banks for a repayment schedule at a lower interest rate. More details here:
https://www.ccs.org.sg/services/page/debt-management-programme

Hope this helps.

 

[Applewee]

Hi,

Anyone got HSBC CSO to intro?
Wanna apply my DCP...

 

[rik84]

Hi all,

Congrats to those with their DCP approved. For those got rejected , don’t give up , keep trying with different banks (provided you meet the min requirement like 12x your salary)

I already on my DCP for 14th month , so far so good for the last one year More easier to manage on my finance. But do keep in mind, try not to use or over depend on the credit card.

Can I check anyone here did re finance on your DCP? Can share your experience and is it worth doing ? Been receiving calls and message to do DCP refinance . Hope to shorten my DCP loan since I change job and wonder is it better deals.

Thanks

 

[lork44]

Hi all,

Congrats to those with their DCP approved. For those got rejected , don’t give up , keep trying with different banks (provided you meet the min requirement like 12x your salary)

I already on my DCP for 14th month , so far so good for the last one year More easier to manage on my finance. But do keep in mind, try not to use or over depend on the credit card.

Can I check anyone here did re finance on your DCP? Can share your experience and is it worth doing ? Been receiving calls and message to do DCP refinance . Hope to shorten my DCP loan since I change job and wonder is it better deals.

Thanks

I did refinance from UOB to DBS. DBS called me after I was 1 year into my DCP and offered lower interest rates and cash rebate. The cash rebates are good enough to cover the early settlement from UOB which I think make senses for me since I need to come up little cash and lower my monthly installment.

Make sure you take into consideration on the early settlement from your current bank because it usually come up to like $5K or more. Otherwise when you refinance and needed to pay the early settlement you need to cough up cash.

 

[rik84]

I did refinance from UOB to DBS. DBS called me after I was 1 year into my DCP and offered lower interest rates and cash rebate. The cash rebates are good enough to cover the early settlement from UOB which I think make senses for me since I need to come up little cash and lower my monthly installment.

Make sure you take into consideration on the early settlement from your current bank because it usually come up to like $5K or more. Otherwise when you refinance and needed to pay the early settlement you need to cough up cash.

Do you mind to share what is the refinance interest rate they offered?

 

[iris0928]

Hi everyone! I've been reading in the hardwarezone forums for a few weeks now. I found this place because I was trying to google about full settlement of my credit card debt. I've read through the forums and can't seem to find a related answer to my question so I hope it's ok if I post this here.

I have a credit card with DBS previously but when my husband lost his job last year, it was one of the things I stopped paying. The outstanding ballooned up to 18k!!! Now, the account is under default (reflected on my ** report) but I've arranged for a repayment with their collection agency of $1250 per month. The problem is that interest is still being incurred on the outstanding every month. That means the $1250 I pay every month, I think only $700 goes to the principal. The rest goes to interest.

As of last month, my outstanding is around $13000. But I got some bonus from work of $7500 (thank goodness!) And I was thinking of going to DBS or their collection agency to try and fully settle this bad debt. My question now is, does anyone know if DBS will give discount on my outstanding if I volunteer to clear the loan? Does anyone know if they can give discount up to maybe 8k? Hopefully someone has encountered a similar situation before.

Thank you! And good luck to all of us trying to clear our debts!!!

 

[Shalala-86]

Do you mind to share what is the refinance interest rate they offered?

I think it based on ** rating. If AA is 3.98%, DD onwards to HH is 6.99%.
I was advised by CS to take up and improve my Rating and restructure the loan with DBS to get 3.98% interest.
Any HH holder tried DBS before?