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

[seeklightsoon]

Hihi,

I'm new to this post.

Was looking though this post to see anyone got their cc approved after their DMP plan. Thank God I found your sharing.

I ended my DMP in 2017 and till date is about 2years. Wanted to apply for cc but was afraid of being rejected.

Are you able to share more on how you got it? Did they ask for alot other documents and how was your current credit rating like?

Hi, you may wish to try to apply AMEX card first? It seems that they generally have a higher approval rate. Once you have gotten the card, you can build your credit rating by making full and prompt payment monthly. After that, it will lay the foundation for you to explore getting cards from other banks.

You can apply for AMEX card online using your SingPass via MyInfo login. No other documents is required.

Good luck and hope that you will get your approval! By the way, nice to hear that you have completed the DMP. This is something encouraging for us who are still in the progress of completing the DMP.

 

[iamnotlame]

Hi all,

I’m on DMP since October 2018. Owing of total 30k debts to 5 banks with monthly repayment of 607 for 4 years+. It’s been 9 months down and still has about 28k+ including the 3% interest pa. Was wondering if I would to apply for BTO now, would HLE be approved? And how much would it roughly be if income was 4.3k? Would it be gage as the loan calculator in HDB website of 280k?

Please help.
Thanks

There was a previous post before about HLE and it was not an issue being in DMP. Having said that, perhaps it would be better if you wait a bit longer to apply so you have at least buffer in repayment? Unless of course, it is really necessary for you to apply for the BTO now then you will have to decide whether it will be good for you in the long run.

You would not want to add more cash payments into what you currently pays now, would you?

 

[knottedhead]

On DMP since March this year. Received a call this morning from OCBC telesales asking if i’m interested to sign up credit card.

Very strange.

 

[seeklightsoon]

On DMP since March this year. Received a call this morning from OCBC telesales asking if i’m interested to sign up credit card.

Very strange.

Do you have any DMP account with OCBC? If not, chances are they will call you based on whatever database they have. They do not have access to the CBS report until you applied for loan. As such, they will call and ask you if you are keen to apply for cards / loans even when you are on DMP.

 

[Heidilanny]

There was a previous post before about HLE and it was not an issue being in DMP. Having said that, perhaps it would be better if you wait a bit longer to apply so you have at least buffer in repayment? Unless of course, it is really necessary for you to apply for the BTO now then you will have to decide whether it will be good for you in the long run.

You would not want to add more cash payments into what you currently pays now, would you?

Hi iamnotlame,

Thank you for responding to me! There is too many post on this topic on forum. Could you please guide me through or if anyone else’s has experience this before that you could recall of?

For my situation right now is kinda complicated, I’m residing in an studio rented apartment with my mom at the moment and gonna get kick out real soon from hdb due to my cap income limit. Tried appealing but it’s not the ideal Long term residential method. So hopefully we are looking to apply BTO/resale flat with my partner via HDB loan. Am afraid that the HLE would either be rejected due to DMP or either lower loan amount..

Please advise..
Much appreciated!

 

[knottedhead]

Do you have any DMP account with OCBC? If not, chances are they will call you based on whatever database they have. They do not have access to the CBS report until you applied for loan. As such, they will call and ask you if you are keen to apply for cards / loans even when you are on DMP.

No DMP with OCBC. That explains.. thanks

 

[iamnotlame]

Hi iamnotlame,

Thank you for responding to me! There is too many post on this topic on forum. Could you please guide me through or if anyone else’s has experience this before that you could recall of?

For my situation right now is kinda complicated, I’m residing in an studio rented apartment with my mom at the moment and gonna get kick out real soon from hdb due to my cap income limit. Tried appealing but it’s not the ideal Long term residential method. So hopefully we are looking to apply BTO/resale flat with my partner via HDB loan. Am afraid that the HLE would either be rejected due to DMP or either lower loan amount..

Please advise..
Much appreciated!

You're welcome and I can understand your situation. Below is a previous post about having HLE and BTO approved even one is undergoing DMP.

All the best!

https://forums.hardwarezone.com.sg/...-ccs-5821687-post120811143.html#post120811143

 

[Simonlee1977]

Correct. Not affected.
I applied when on DMP

There was a previous post before about HLE and it was not an issue being in DMP. Having said that, perhaps it would be better if you wait a bit longer to apply so you have at least buffer in repayment? Unless of course, it is really necessary for you to apply for the BTO now then you will have to decide whether it will be good for you in the long run.

You would not want to add more cash payments into what you currently pays now, would you?

 

[HelplessFreak]

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..

 

[waunderwall]

Chalked up 37k to different banks due to partying and impulse shopping...now I’m selling my stuff just to make the minimum payment.

What’s worse is that I even borrowed from LCL to make these payments. But these nightmares never end cause my monthly pay cannot cover these liabilities.

Going to settle my LCL issue after taking my bonus at the end of this month before applying for a follow up with CCS to see if they can help me with their DMP.

Lesson learnt: do your math and never borrow from LCLs!

 

[waunderwall]

Keep fighting! Things will get better for us

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..

 

[iamnotlame]

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..

Congratulations on the approval of your DMP. As you have said, the real journey to debt-free life now begins. So take it a month at a time and stay the course.

All the best.

 

[iamnotlame]

Chalked up 37k to different banks due to partying and impulse shopping...now I’m selling my stuff just to make the minimum payment.

What’s worse is that I even borrowed from LCL to make these payments. But these nightmares never end cause my monthly pay cannot cover these liabilities.

Going to settle my LCL issue after taking my bonus at the end of this month before applying for a follow up with CCS to see if they can help me with their DMP.

Lesson learnt: do your math and never borrow from LCLs!

I can identify with you about the nightmares of payments as I have been there once. Now that you have gone through this stage and is up to the task of making amends, I recommend you to work out your DMP as early as realistically possible. This will help in really alleviating the situation you are currently in.

By the way, care to share what LCL is? All the best.

 

[waunderwall]

LCL is your licensed money lenders. 4% interest per month at best but if you take a payday/monthly loan, it can kill you.

I can identify with you about the nightmares of payments as I have been there once. Now that you have gone through this stage and is up to the task of making amends, I recommend you to work out your DMP as early as realistically possible. This will help in really alleviating the situation you are currently in.

By the way, care to share what LCL is? All the best.

 

[money88]

LCL is your licensed money lenders. 4% interest per month at best but if you take a payday/monthly loan, it can kill you.

how much do u own for LHL? it is a killer if u own muliple LHL at the same time

 

[waunderwall]

how much do u own for LHL? it is a killer if u own muliple LHL at the same time

3.3k. Still have remaining to make my minimum payments to other banks. Plus family might help me on reducing 1/3 of the debt.

This is the worst period of my life!

 

[money88]

3.3k. Still have remaining to make my minimum payments to other banks. Plus family might help me on reducing 1/3 of the debt.

This is the worst period of my life!

think when u go for the counselling session for dmp, CCS may want u to clear your LML loan first before they start to send the dmp proposal to the bank

 

[waunderwall]

Yup. Plan is to clear LML before following up again

think when u go for the counselling session for dmp, CCS may want u to clear your LML loan first before they start to send the dmp proposal to the bank

 

[HelplessFreak]

Yup. Plan is to clear LML before following up again

FYI, I do hv licensed money lender debt when I apply my DMP. I chose monthly payment and have 4 more months to clear my money lender debts. And I'm glad that my DMP approved

 

[waunderwall]

FYI, I do hv licensed money lender debt when I apply my DMP. I chose monthly payment and have 4 more months to clear my money lender debts. And I'm glad that my DMP approved

This means I can apply for DMP before clearing my LML? Did you go and see those groups for counselling too?