Debt consolidation Plan - Part 2

[tang eng chee]

Hi, I just got my credit report and it’s show HX. Then I remember I was involved in motor accident early this year. Will I be difficult to apply for DCP?

 

[greenblue]

under dcp able to loan from lml?

Yup, should be able to. Some of my friends who are under dcp able to get a loan from lml.

 

[nursha19]

Hi all,
Would like to seek options to which banks do DCP without the BTI x 12?

Thanks!

 

[innerdark]

None of the banks will offer DCP without hitting 12x.
Go for CCS

Hi all,
Would like to seek options to which banks do DCP without the BTI x 12?

Thanks!

 

[dian34]

Need DCP for $300k debt , but monthly income above $10K

Need some advice on this. As a result of overspending and gambling, I've racked up almost 300K worth of credit card and unsecured debts. My monthly salary is just above the $10k mark. I've asked several banks before for any kind of DCP I can do with them... all rejected.

My rating is (I think DD), I don't pay on time, and mostly minimum. It's just that I can't even pay minimum EVEN with the salary I take home. I guess it's my fault for letting the matter spiral out of hand.

I'm only now beginning to get legal letter of demands, and having my facilities frozen.... and am beginning to realize that I cannot go on with this....

I've begun talking to some of the banks I owe money to, but all of them were not willing to come to an arrangement.

Any advise or pointers is really appreciated.

Thanks.

 

[nursha19]

None of the banks will offer DCP without hitting 12x.
Go for CCS

May I know what is CCS?

 

[innerdark]

https://forums.hardwarezone.com.sg/...credit-counselling-singapore-ccs-5821687.html

May I know what is CCS?

 

[StormySkiesNRainbows]

Need some advice on this. As a result of overspending and gambling, I've racked up almost 300K worth of credit card and unsecured debts. My monthly salary is just above the $10k mark. I've asked several banks before for any kind of DCP I can do with them... all rejected.

My rating is (I think DD), I don't pay on time, and mostly minimum. It's just that I can't even pay minimum EVEN with the salary I take home. I guess it's my fault for letting the matter spiral out of hand.

I'm only now beginning to get legal letter of demands, and having my facilities frozen.... and am beginning to realize that I cannot go on with this....

I've begun talking to some of the banks I owe money to, but all of them were not willing to come to an arrangement.

Any advise or pointers is really appreciated.

Thanks.

Apply with CCS but before that go for gambling counselling. This would increase your chances when applying for DMP (CCS) or with MOL if letter of demand is closer to forced bankruptcy by your creditors. All the best.

https://www.mlaw.gov.sg/content/io/...ayment-scheme/debt-repayment-scheme.html.html

 

[iamnotlame]

Need some advice on this. As a result of overspending and gambling, I've racked up almost 300K worth of credit card and unsecured debts. My monthly salary is just above the $10k mark. I've asked several banks before for any kind of DCP I can do with them... all rejected.

........

Thanks.

Apply with CCS but before that go for gambling counselling. This would increase your chances when applying for DMP (CCS) or with MOL if letter of demand is closer to forced bankruptcy by your creditors. All the best.

https://www.mlaw.gov.sg/content/io/...ayment-scheme/debt-repayment-scheme.html.html

@StormySkiesNRainbows, thanks for summarizing what the OP can take in his current situation. In addition, the following actions can be taken:

- Sign up for free CCS talk asap. (https://www.ccs.org.sg)
- Call NAMS hotline to help you with your gambling problem (https://www.nams.sg/contact-us/Pages/default.aspx). This can be done while waiting for the CCS talk.
- Collate all your latest billing statements from all lenders like banks, legal money lenders, etc and get a copy of your credit bureau report. This will help you get an accurate total of your debts, probably higher/lower than the amount you have stated here.
- Fill up the blue form after you have attended the CCS talk. Once filled up and ready with the documents, I recommend personally submitting to CCS instead of mailing in. Upon submission, you may check with the accepting staff that you are already receiving legal letter, etc. so they may be able to consider your case higher in the pecking order. May or may not be accommodated.
- Waiting time for counseling session after submission of documents varies but in my case, it was about two weeks after I submitted. The counseling session will determine whether you will have the surplus to be able to undergo DMP. You also have to be honest about the nature of your indebtedness. If you are already undergoing the program from NAMS, you can tell the CCS officer about this.
- Meanwhile, make sure that you replies to the calls from your creditors but politely telling them that you are already seeking assistance from CCS.
- The next steps will be a guided effort for you once you are deemed eligible for DMP.

I pray for your well being. Make sure to take care of yourself first. All the best.

 

[Crisisbs]

Hi all,

Alike to most ppl here, got myself into piling debts due to bad spending habits as well as addiction to gambling. Sorted out myself when the trigger that I have spent over 12x of monthly salary hit me. Submitted an application for DCP but would like to ask if Any of you have experience applying for DCP with the Bank you are working with? Any possible hiccups or stain to your working record? Also is the approval letter a thick contractual letter or just a few pages? Thanks in advance.

 

[Crisisbs]

Hi all,

Alike to most ppl here, got myself into piling debts due to bad spending habits as well as addiction to gambling. Sorted out myself when the trigger that I have spent over 12x of monthly salary hit me. Submitted an application for DCP but would like to ask if Any of you have experience applying for DCP with the Bank you are working with? Any possible hiccups or stain to your working record? Also is the approval letter a thick contractual letter or just a few pages? Thanks in advance.

Also to add on to query, is there any debt burden ratio imposed for DCP? For example if I have a home loan in place, would it possibly cause the application to be rejected?

 

[dian34]

I pray for your well being. Make sure to take care of yourself first. All the best.

Thank you for the detailed explanation. And for your well-wishes. I actually did try CCS and tried to ask for DMP. But due to my income bracket(I actually went for 2 talks and filled in the blue form. But they came back to say that with my income bracket, CCS won’t be able to help. DMP and DCP are for those within certain income brackets. Unfortunately for me I’m one of those who the banks think can afford to pay back without any help. Sadly, my situation is
Not the case.

Anyway, I will keep my spirits up. Not going to give up. Will try negotiating with the banks myself. That’s all
I can do I guess for now.

 

[iamnotlame]

Thank you for the detailed explanation. And for your well-wishes. I actually did try CCS and tried to ask for DMP. But due to my income bracket(I actually went for 2 talks and filled in the blue form. But they came back to say that with my income bracket, CCS won’t be able to help. DMP and DCP are for those within certain income brackets. Unfortunately for me I’m one of those who the banks think can afford to pay back without any help. Sadly, my situation is
Not the case.

Anyway, I will keep my spirits up. Not going to give up. Will try negotiating with the banks myself. That’s all
I can do I guess for now.

You're welcome. It is interesting why CCS did not take up your case. As far as I know, DMP can be availed of those with at least 10k of debts. That being said, it is applicable to those who cannot avail of other mode of repayment like DCP or DRS.

When i read your post, it is as if me was the one who wrote it. I was in the same situation as yours early lasy year, took the courage to go through DMP and was blessed to be accommodated.

I earn similar to yours and my debt is more than what you owe so not sure why your case was not taken. Perhaps there are othet criteria now considered to be accepted for DMP.

All the best.

 

[Snowypie]

Anyone who's on DCP but still receive letters from banks saying that the total interests bearing has exceeded 12 times my salary? Ever since my DCP got approved, I did not spend a single cent on my revolving CC and all my outstanding debts with various banks has been paid out by DBS (I'm currently under DCP by DBS)

 

[shanz80]

Reno Loan

was on DCP with citibank one yr plus and decided to refinance to SCB

just wonder if can i still apply for renovation loan with other bank while on DCP?

TIA!

 

[Moon_star-]

With Citi bank DCP for 1 year plus and decided to refinance the plan with them and got a lower repayment every month. If you refinance with other bank you need to pay the early settlement fee which I think is not worth it.

For those who fail to apply their DCP , never give up keep on sending your application to different bank. After the tunnel you will see the light soon. Good luck

 

[Jack Teo]

Hi. Can I ask if I do not qualify for dcp due to not meeting the 12x BTI, what else can I do?

I have a debt of abt 20K for banks and 18K for Licensed moneylenders. My gross pay is $4500. My credit score is 1472, HH.

 

[investman93]

Hi. Can I ask if I do not qualify for dcp due to not meeting the 12x BTI, what else can I do?

I have a debt of abt 20K for banks and 18K for Licensed moneylenders. My gross pay is $4500. My credit score is 1472, HH.

Could you share how did you get yourself into debt?

Can you still borrow from banks?

If your reason of getting into debt is not gambling (because I am worry that you cannot resist the temptation of holding on too so much money) and can still borrow from banks.

I would suggest that you borrow from Banks on 2 Personal Loan to clear off your Licensed Moneylenders loan ASAP. (13,000 each)

Follow by borrowing an additional Personal Loan (13,000) till you meet 12 x BTI however the access cash should not be spend on anything other than service the loans till you finally got your DCP approved. If all is Personal Loan, you could bank in the access cash so that you never touch them or make it harder for you to do so.

And once your DCP is approved, bank in the access money as Monthly Installment.

 

[Jack Teo]

Could you share how did you get yourself into debt?

Can you still borrow from banks?

If your reason of getting into debt is not gambling (because I am worry that you cannot resist the temptation of holding on too so much money) and can still borrow from banks.

I would suggest that you borrow from Banks on 2 Personal Loan to clear off your Licensed Moneylenders loan ASAP. (13,000 each)

Follow by borrowing an additional Personal Loan (13,000) till you meet 12 x BTI however the access cash should not be spend on anything other than service the loans till you finally got your DCP approved. If all is Personal Loan, you could bank in the access cash so that you never touch them or make it harder for you to do so.

And once your DCP is approved, bank in the access money as Monthly Installment.

Yes..is because of gambling and I cant get any personal loan from banks(got rejected a few times). I think is because my credit score is very bad. I just tried applying balance transfer from UOB today. Not sure will it be approved? Also can i ask if balance transfer include from licensed money lenders?

 

[investman93]

Yes..is because of gambling and I cant get any personal loan from banks(got rejected a few times). I think is because my credit score is very bad. I just tried applying balance transfer from UOB today. Not sure will it be approved? Also can i ask if balance transfer include from licensed money lenders?

I don't recommend Balance Transfer for the guys in situation like this, because the amount of money required to be repaid off within 6 to 12 months could break one.

The desperation of finding money will lead to greater gambling and the discipline of keeping money aside to repay the balance transfer is sadly not there.

I will recommend Personal Loan for people who plan to get into a DCP, because one can just max tenure for the Personal Loan, and say take up 13000 Personal Loan, you return 3000 back into it, it can last the payment of maybe 1 year, 10000 can be used to pay back those Money Licensed Lender or Bank with Balance Transfer.

Such move to return money could also increase your rating.

In the process you slowly try to apply for DCP every month, as your credit rating will get better, because of the timely payment of PL.