Debt consolidation Plan - Part 2

[StressedLoner]

Oh.. I tot it is normal and part of their procedure for all money lenders to ensure the validity of the info we provide. To safe guard themselves..

Ther r many places dun even need to call...
Jus fill in form but they wont call at all

Those places tat need to call to verify, they will call on the spot b4 they hand over cash to u, u wont get any cash if u fill in fake number

 

[StressedLoner]

Anybody here been through with debtedu or is currently getting help from them?

I looking for help and considering to approach them

 

[BumBox]

I think if you have been with the current DCP for more than 3 mths, you can apply to refinance. Try SCB or DBS. Though DBS is 3% cashback, you can tell them about SCB 5% cash back and ask if there is anything that DBS can do for you.

Anyone knows if there is a refinancing DCP? I am under DCP with HSBC currently. Since Fen 2019. But there was some hiccup during my application process and end up I am paying for DCP plus two other credit cards outstandings. So DCP Supposedly shd help my situation. But because of those interests and late payment fees etc, my situation did not improved, but worsen... I have to take up Moneylender and now I cant even repay money lender.. I will apply for death soon also. ...... ...... ......

 

[StressedLoner]

Hi. Do you mind sharing abit more detailed regarding how you are doing to solve the debt issue? How do you manage to do all these without the knowledge of your spouse?

You can PM me if you ok to share?

Just sharing my ordeal. My debt issues started many years back. I was able to service the min until 2017. My CC bills ended up ard $80K. Plus a huge amount of ML (think $20K, as i was using ML to roll). I was so stressed until i become very depressed. I tried applying DCP in Feb 2017 when it first rolled up but i just could not get it approved. I tried borrowing from family but it didnt help much. Finally i went to blessed grace for help on ML and CCS on credit card. Bless grace help nego with all the ML for a monthly fixed amount to pay (pay off in 18 months, entirely) while CCS help me by putting up a staggered amount. Meaning while i was servicing ML, i pay a lower amount and after completing my ML, i pay a higher amount. It was a hard journey but i was glad i took this route (and wish i did it earlier). Now i have completed almost 3 years and looking to be debt free by Oct 2020.

So dun lose hope. Help is there, just that whether we want to take the step ahead.
FYI, i did all these without having my spouse know. Of course, its not easy and along the way i did some sidelines to help supplement.

 

[The Chocolate]

The first step is to list out all your cards and the respective outstanding amounts, in accordance to their interest rates.

The second step is to look at existing personal loans (EIR usually about 10% or less), and apply the loans to fully pay off some of your card balances. With this, you can probably pay off more in terms of principal sum every month.

The third step is to continue paying your minimum on schedule, including the newly acquired loans. Remember, you are clearing more on the principal sum as opposed to credit card outstanding.

Ignore all credit card promotions/ rewards. Just use a single credit card for your daily expenses and pay in FULL every month. There may be a need to reduce your monthly $1.2k repayment to ensure FULL payment of this ONE card.

Slowly, when situation arises, take up 0% balance transfer to slowly reduce your other remaining credit card debts.

Within a year, you should see improvement. Probably after 2-3 years, you may be close to debt-free.

If you need further help, PM me. I can help tailor a repayment plan for you based on your needs and outstanding. (no, I'm not a money lender. I'm just slightly better at calculations, thus helping some of my friends getting out of debt without DCP/DMP. But it involves a change in lifestyle and strict discipline.)

Hello MadwolfNemesis. Kind of need your help with the calculation! Couldn't PM for now..

My current credit rating: HH
Outstanding: 52k
Able to pay: 1.2k /mth
Gross monthly salary: $5,500

Currently almost wouldn't be able to pay for the minimum amount of the CC.
Need your advice as my BTI has not reach 12
My boss willing to lend me 25k with two years repayment with 2% interest (which is very low). Estimated repayment per month is 1050. But I can only afford to pay 1.2k per month.. Meaning if I would take up this loan from my boss, I will not have enough to pay for the minimum amount of the remaining credit card balance..
Appreciate you advice in advance

 

[The Chocolate]

Thank God! My DCP application with HSBC has been approved. 7 years of repayment is going to start now. For the rest, keep praying. I can intro the CSO that handled my case if anybody need.

Please share your CSO contact... Thank you!!

 

[richsg300]

Not just this once.. but I tot of giving up and end my life alot of times now.. x_x

Please do not loose hope. i know how it felt and I was like you 5 years ago. 7 banks was calling me daily for payments, interest roll like mad as i could not even make the min sum payments. At the same time my wife was pregnant with my 1st child. It was a very stress period for me. During my time there is no DCP, only DRP or DMP.

I engaged a agent to advise me how to go about to settle my outstanding with the banks. The agent was charging a certain percentage as a fee for the advise which i paid by installments to the agent. The applications forms for the loan repayments was done up by the agent and negotiation with banks was done by me. Not easy thou as some banks will not listen to you, but after seeing other banks approve they follow suit.

Moving forward to today, i will be clearing the loans end of this year.

Cheers.

 

[money88]

Please do not loose hope. i know how it felt and I was like you 5 years ago. 7 banks was calling me daily for payments, interest roll like mad as i could not even make the min sum payments. At the same time my wife was pregnant with my 1st child. It was a very stress period for me. During my time there is no DCP, only DRP or DMP.

I engaged a agent to advise me how to go about to settle my outstanding with the banks. The agent was charging a certain percentage as a fee for the advise which i paid by installments to the agent. The applications forms for the loan repayments was done up by the agent and negotiation with banks was done by me. Not easy thou as some banks will not listen to you, but after seeing other banks approve they follow suit.

Moving forward to today, i will be clearing the loans end of this year.

Cheers.

which agent you went to? and what is the scheme you nego with bank?

 

[money88]

Anybody here been through with debtedu or is currently getting help from them?

I looking for help and considering to approach them

think debtedu will be helping you to apply DRS

 

[richsg300]

which agent you went to? and what is the scheme you nego with bank?

Could not remember which agent, its under restructure loan scheme. To my surprise recently when i check my CBS, my rating was AA with a score of 1966 compare to 5 years ago which was a HH.

 

[terence12]

Can i not give somemone who is living with me?

Hi all, for those who applied for Money Lender before, can i not give my wife's contact number?
Which ML ia good?

 

[OKorNOT]

Hi all, for those who applied for Money Lender before, can i not give my wife's contact number?
Which ML ia good?

Alles auto at chinatown point is good
It office is at a ulu area of the mall wher nobody walk past so no need paiseh ppl see u go ml hah

Contact u can jus write your mum or whoever close to u....they wont call and check so dun worry

Just need to go down with your singpass and ic, coz they need to print out your cpf on the spot

But i never taken big loan b4, usually onli 500-1k so i dunno if they will lend u so much

For big amt u might want to call and ask 1st
Can jus google for their number and add

 

[five5five]

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[pacz87]

think debtedu will be helping you to apply DRS

I went to see them before. Your total loan amount must be max 94k sgd. And they will charge you a fee around 3-4k sgd for the admin fee. The process until all the reviews from the court is around 4-6 months. But they said once you have the case number from the court after 1-2 weeks of application, you can use it to protect yourself from being harassed by moneylenders or banks. They cannot use legal proceedings against you.

 

[terence12]

Alles auto at chinatown point is good
It office is at a ulu area of the mall wher nobody walk past so no need paiseh ppl see u go ml hah

Contact u can jus write your mum or whoever close to u....they wont call and check so dun worry

Just need to go down with your singpass and ic, coz they need to print out your cpf on the spot

But i never taken big loan b4, usually onli 500-1k so i dunno if they will lend u so much

For big amt u might want to call and ask 1st
Can jus google for their number and add

Thanks for ur intro

 

[StressedLoner]

Not only banks and LML. My Telco also called and msg to reminder for payment to avoid service interruption.

Please do not loose hope. i know how it felt and I was like you 5 years ago. 7 banks was calling me daily for payments, interest roll like mad as i could not even make the min sum payments. At the same time my wife was pregnant with my 1st child. It was a very stress period for me. During my time there is no DCP, only DRP or DMP.

I engaged a agent to advise me how to go about to settle my outstanding with the banks. The agent was charging a certain percentage as a fee for the advise which i paid by installments to the agent. The applications forms for the loan repayments was done up by the agent and negotiation with banks was done by me. Not easy thou as some banks will not listen to you, but after seeing other banks approve they follow suit.

Moving forward to today, i will be clearing the loans end of this year.

Cheers.

 

[StressedLoner]

So did you proceed with them? I am still considering to go for DRS or thru CCS for DMP

I went to see them before. Your total loan amount must be max 94k sgd. And they will charge you a fee around 3-4k sgd for the admin fee. The process until all the reviews from the court is around 4-6 months. But they said once you have the case number from the court after 1-2 weeks of application, you can use it to protect yourself from being harassed by moneylenders or banks. They cannot use legal proceedings against you.

 

[OKorNOT]

Not only banks and LML. My Telco also called and msg to reminder for payment to avoid service interruption.

How come so jialat?
U god of gambler?
赌神 aka 赌到神经?

 

[StressedLoner]

Not gamble. Is my financial management problem. I dont take money from my parents. They barely make months end meet. Not having enuf sometimes. So my side paying everything on my own. Wedding expenses is the timed bomb that dropped 2 hrs ago.

Initially I didnt let wife know as it was insignificant to start with. I did told her before but she blamed it on my parents not helping me. But fact is I know my parents unable to help so I didn't even told my parents as well. Like what's the point on adding to their burden when i know by telling will only add to their worry but cant help improve the situation. That started before decision to get married. Still as girlfriend then. And it started spiralling around CC and bal trf to roll my debts when my expenses began to increase. I reviewed my expenses all the time coming to a point where I am not able to cut anymore expenses. All are basic necessities. I even skipped meals having only 1 meal a day for months.. sometimes when I get really hungry then I will grab some biscuits from office during office hours. I don't drink, dont smoke, don't club, don't gamble, don't spend money on games, don't travel, etc. Basically I dont really spend much on myself. But i do spend With my wife (then girlfriend), especially movies and Kbox etc, some usual couple's entertainment. I guess the whole situation started when I decided to keep everything to myself because speaking out wouldn't get a solution.

Was still in control as I was able to maintain expenses within my means as I can cut my own spending like food and entertainment. But soon enough I need to buy proposal ring, bto, wedding ring, etc. Debt started piling up, loans and loans started rolling. Interest compounding. Expenses kept increasing. After wedding, there are more expenses while there are lesser ones that I can cut. On the other hand, income remained stagnant as there is a limit

How come so jialat?
U god of gambler?
赌神 aka 赌到神经?

 

[thejoyfulmoment]

Just go CCS already. Pay $30 and get it done.

Posted from PCWX using my sexy red phone.