Debt consolidation Plan - Part 2

Louis81 · Oct 14, 2019

Can we apply for renovation loan while on DCP?

shanz80 · Oct 14, 2019

I also wanna know this.

Louis81 said:
Can we apply for renovation loan while on DCP?

Louis81 · Oct 14, 2019

shanz80 said:
I also wanna know this.

Hopefully someone here got experience and can share

greenblue · Oct 15, 2019

Louis81 said:
Can we apply for renovation loan while on DCP?

Which bank did you apply for DCP? I think should be able to because I know some MLs who provide loans to those who are on DCP.

Peacekeeper12345 · Oct 15, 2019

Louis81 said:
Can we apply for renovation loan while on DCP?

Renovation is a form of secured loan, and dcp is unsecured so shouldn’t be an issue when applying for that but still depend on that bank itself too.

Crisisbs · Oct 16, 2019

I am receiving differing comments/instructions provided by diff bank CSO when it comes to closure of cards with the diff banks.

OCBC: closed within the next min after request.
DBS: will proceed to close after refund is completed
CITI: CSO Mention under DCP card cannot be closed. Refund automatically processed after 30days from date of approval.
HSBC: unknown yet
SCB: funds not credited yet.

Any advice whether it is true that the cards after zerorised cannot be closed and removed totally from CBS (after 3 yrs)?

shanz80 · Oct 16, 2019

I jus applied to refinance with SCB.

Preferred bank rather than ML bah

greenblue said:
Which bank did you apply for DCP? I think should be able to because I know some MLs who provide loans to those who are on DCP.

Jojodespo · Oct 17, 2019

You can pm me for more info. I got a reno loan while on DCP.

Louis81 said:
Can we apply for renovation loan while on DCP?

shanz80 · Oct 18, 2019

I oso wanna know. But can u pm me instead cos I very new here.

Thank uuuu

Jojodespo said:
You can pm me for more info. I got a reno loan while on DCP.

Jojodespo · Oct 19, 2019

Actually.. renovation loan still falls under under unsecured loan.. because the property belongs to you, only the renovation belongs to the bank. Now with the new limits.. abit more difficult to get approved

Peacekeeper12345 said:
Renovation is a form of secured loan, and dcp is unsecured so shouldn’t be an issue when applying for that but still depend on that bank itself too.

Jojodespo · Oct 19, 2019

ML will not know if you are on DCP. And ML track your loans separate from banks. There is a money lender credit record for that.

shanz80 said:
I jus applied to refinance with SCB.

Preferred bank rather than ML bah

shanz80 · Oct 21, 2019

I still can't reply ur pm. Aiya.

ML like those VM credit under money max? I tot their interest is quite high!?

Jojodespo said:
ML will not know if you are on DCP. And ML track your loans separate from banks. There is a money lender credit record for that.

Lifesotough · Oct 22, 2019

Need some advice from fellow folks on DCP about home loan. I was informed by a loan specialist from UOB that banks will not grant home loan to people on DCP. Anyone has such experiences to share or contacts for home loans specialist to share?

I am one of the earliest folks to be on DCP and had been paying the monthly installment for 2.5 years without fail. Another 2.5 years more to go, currently exploring selling my HDB for another bigger resale HDB and home loan is a problem I am facing with.

I have tried going for HLE but was rejected as my combined income ceiling is above 14k sgd.

Appreciate any advices.

Thanks.

chris_83 · Oct 22, 2019

If anyone on DCP and wish to know their current credit score after months of payment for DCP, you may get the report by simply apply one credit card with knowing it will failed anyway and then using the rejection letter to get the free report via counter or online after they did the review in your credit history.

Tiger9119 · Oct 22, 2019

chris_83 said:
If anyone on DCP and wish to know their current credit score after months of payment for DCP, you may get the report by simply apply one credit card with knowing it will failed anyway and then using the rejection letter to get the free report via counter or online after they did the review in your credit history.

Can get free credit report:

https://www.creditbureau.com.sg/promotions.html

sneggg · Oct 22, 2019

Lifesotough said:
Need some advice from fellow folks on DCP about home loan. I was informed by a loan specialist from UOB that banks will not grant home loan to people on DCP. Anyone has such experiences to share or contacts for home loans specialist to share?

I am one of the earliest folks to be on DCP and had been paying the monthly installment for 2.5 years without fail. Another 2.5 years more to go, currently exploring selling my HDB for another bigger resale HDB and home loan is a problem I am facing with.

I have tried going for HLE but was rejected as my combined income ceiling is above 14k sgd.

Appreciate any advices.

Thanks.

try different banks bro

Jojodespo · Oct 23, 2019

It depends on which ML you approach.

All ML will have a compulsory 10% transaction fee deducted from your loan.

Then the nominal interest rate per month is usually 3.92%, unless they have a special promotion.

Usually go for payday loan if possible.. ML usually don’t stretch for too Long as it’s high risk for them.

Oh, try to msg more on the forum until you can pm

shanz80 said:
I still can't reply ur pm. Aiya.

ML like those VM credit under money max? I tot their interest is quite high!?

shanz80 · Oct 25, 2019

Yeah. For once, need to be talkative.

Then which ML do u recommend?

Today I successfully refinanced with SCB, they offered cashback for the penalty.

Jojodespo said:
It depends on which ML you approach.

All ML will have a compulsory 10% transaction fee deducted from your loan.

Then the nominal interest rate per month is usually 3.92%, unless they have a special promotion.

Usually go for payday loan if possible.. ML usually don’t stretch for too Long as it’s high risk for them.

Oh, try to msg more on the forum until you can pm

ronnie.ong76 · Oct 25, 2019

Hi There,

Anybody can advise me what bank should i try or any helpful CSO to provide me?

I have tried DCP on 3 Banks (DBS, UOB and HSBC) all got rejected.

My rating is GG/HH with a score of 1721
Total unsecure debt around 60000
Annual income is 58800

Most of my unsecure facilities are suspended due to the MAS ruling of not more than 12x of my monthly income

Every month is like clearing all these debt and i am left with not much money. My 1st child is due on January and really need to save some money for the new born.

lork44 · Oct 25, 2019

Lifesotough said:
Need some advice from fellow folks on DCP about home loan. I was informed by a loan specialist from UOB that banks will not grant home loan to people on DCP. Anyone has such experiences to share or contacts for home loans specialist to share?

I am one of the earliest folks to be on DCP and had been paying the monthly installment for 2.5 years without fail. Another 2.5 years more to go, currently exploring selling my HDB for another bigger resale HDB and home loan is a problem I am facing with.

I have tried going for HLE but was rejected as my combined income ceiling is above 14k sgd.

Appreciate any advices.

Thanks.

I have successfully got my home loan in March.
You can refer to my post thread here: https://forums.hardwarezone.com.sg/120208599-post9922.html

Debt consolidation Plan - Part 2

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