Debt consolidation Plan - Part 2

[youngyv]

Is this thread still alive? I received approval SMS from HSBC yesterday. How long do I have to wait till they clear my outstanding with other banks?

 

[shanz80]

Hmmmm... I think within this month all shld b done. Just check ur online statement next week bah. Will show that the outstanding sum credit to the account.

Is this thread still alive? I received approval SMS from HSBC yesterday. How long do I have to wait till they clear my outstanding with other banks?

Be Nice cos I'm Nice HardwareZone Forums app

 

[Nrfnrfnrf]

Anyone had their hle approved or bank loan approved while under dcp?

For me was on dcp before applying my hdb 5 room resale . Grants and loan was all good wasnt affected

 

[Nrfnrfnrf]

Hi.
Have u gotten the info about how to get reno loan? Im also trying to get reno loan

Hi any info if able to take reno Lon while on dcp. I had tried the other time but not approve for maybank. Dcp under dbs though?

 

[Nrfnrfnrf]

For me was on dcp before applying my hdb 5 room resale . Grants and loan was all good wasnt affected

Even bought a car and was given the inhouse loan of below 3% . Normally other shops will give u high interest

 

[imonkey]

What happen after DCP finish

I still have 2 more installments to finish my DCP.
According the ABS website:

When can I start applying for new facilities?

You can start applying for new unsecured credit facilities:

with another financial institution (non-DCP financial institution) once your overall BTI reduces to or below 8 times your monthly income; or
with the DCP financial institution once your overall BTI reduces to below 4 times your monthly income
Note: BTI = Aggregate interest-bearing unsecured outstanding balance ÷ monthly income

How come i cannot apply new card now? all kanna rejected.
and my existing card also unable to use (bank said must finish served the DCP).

 

[reboot2018]

Guys am checking if anyone here has apply for dcp with HL bank?
They are always promoting at their website of interest from 3.8%.
I have tried and got the interest of almost 8% which is more than double!
My credit rating is AA. Loan amt is close to 100k and repayment above 7years.
Based on loan amt and tenure they are already earning good interest.
I suspect that the 3.8% to be just gimmicks.
Would like to know if anyone else in my situation with this bank?

 

[Bamster78]

Can I ask.
I am currently taking DCP with DBS.
And I would like to do re-pricing for my housing loan with UOB.
On their email from UOB. It states that :
Re-pricing is subject to credit approvals and the latest MAS guidelines on TDSR (Total Debt Servicing Ratio)

***** TDSR = total obligations, secured and unsecured, must not exceed 60% of declared and verifiable income

Does that mean I'm affected?

 

[messineymar]

Hi, my dcp has just being approved by Citibank, but my monthly installment from other banks are due in a couple of days, should I call them up to inform them that I’m on dcp and request for them to close the account ? Will there be any implications ?

I understand that there will be a 5% buffer when they settle my other banks creditlines. Will I be able to cash it out after it is closed ?

Lastly, for those who was approved by Citibank, usually how long will it takes for them to settle everything ?

 

[Shalala-86]

Hi, my dcp has just being approved by Citibank, but my monthly installment from other banks are due in a couple of days, should I call them up to inform them that I’m on dcp and request for them to close the account ? Will there be any implications ?

I understand that there will be a 5% buffer when they settle my other banks creditlines. Will I be able to cash it out after it is closed ?

Lastly, for those who was approved by Citibank, usually how long will it takes for them to settle everything ?

Yes, 5% will be paid to all ur cc.. the remaining, request for cashier order or transfer to your account if u have a saving acct with the bank. It will take 2 weeks for disbursement. U can pay for the minimum payment.. at least won’t incurred any late charge.
Congrats on your DCp approval!

 

[Shalala-86]

Guys am checking if anyone here has apply for dcp with HL bank?
They are always promoting at their website of interest from 3.8%.
I have tried and got the interest of almost 8% which is more than double!
My credit rating is AA. Loan amt is close to 100k and repayment above 7years.
Based on loan amt and tenure they are already earning good interest.
I suspect that the 3.8% to be just gimmicks.
Would like to know if anyone else in my situation with this bank?

Not sure but I think HSBC offer about the same rate. Might want to check it out.

 

[mykindacozy]

hello!!
anyone manage to refinance their existing dcp plan? i want to try scb and have a few qns to ask:
1) how long does the application process take? will they call me after applying online?
2) the cash back $ will be paid directly from SCB to current DCP bank if approved?
3) if my remaining debt for DCP <12 months can anot?

i am 2 years out of 5 years in the current dcp with MB and due to recent housing commitments, i cannot afford the monthly installment anymore!! tried to ask for refinance from them but kenna rejected. i don’t know what to do, i don’t want to default any payment, just wish for a lower monthly installment.

 

[shanz80]

They definitely will call u after u submit online as they also need some documents from u. And cashback is given to u directly and u have to pay the existing bank on ur own. They only will pay the lump sum automatically. Cashback will be given much later. So u better have to cash to pay the penalty in case they nvr give u in time.

It takes about 3 weeks? Can't quite rmbr already

No. 3 I'm not too sure. Maybe can ask the officer when they call u

hello!!
anyone manage to refinance their existing dcp plan? i want to try scb and have a few qns to ask:
1) how long does the application process take? will they call me after applying online?
2) the cash back $ will be paid directly from SCB to current DCP bank if approved?
3) if my remaining debt for DCP <12 months can anot?

i am 2 years out of 5 years in the current dcp with MB and due to recent housing commitments, i cannot afford the monthly installment anymore!! tried to ask for refinance from them but kenna rejected. i don’t know what to do, i don’t want to default any payment, just wish for a lower monthly installment.

Be Nice cos I'm Nice HardwareZone Forums app

 

[ahoksteady]

I want to ask, if i have a debt of 25k, and my annual income is 35k. Can i be eligible for DCP? If not, is there any advice for me on how to clear. Because monthly i really got sooo much to pay because im the sole breadwinner at home. Its quite stressful somedays.

 

[ussr_1991]

I want to ask, if i have a debt of 25k, and my annual income is 35k. Can i be eligible for DCP? If not, is there any advice for me on how to clear. Because monthly i really got sooo much to pay because im the sole breadwinner at home. Its quite stressful somedays.

Cannot. DCP you must owe at least 12 months of your pay, i.e 35k for your case.

For now, it typically happens to people who either owe Credit Card or certain Personal Loans for extended period of time (Via Minimum amount only) or people like me, right before resignation went to apply 6 Personal Loans ranging from $9500 to $16000 making the total debt of $77300 when my annual pay was used to be $51000.

Now I am a full time grab driver, gojek fare sux, about half of incentives is there to cover the commission (I can hit only $60 incentives with a fare of $120 to $180 except a recent Sunday where I hit $100 incentives with a fare of $200)

 

[Supermarioo]

I read somewhere about someone advising to call banks to waive interests when the DCP was approved....
How does that work?
1) Waiver of interest rates for the month/ whiole debt?
2) When should these calls be made? I presume before dcp disbursements?
3) Would normal cso be the right person to speak to? Or they will give you merry go round?
4. Why would these banks waive interest cos they would want full repayment especially when they know the payment is coming from dcp disbursements

 

[shanz80]

I doubtful they will waive interest la. Maybe waive late payment interest prolly possible.

They got specific cso dealing with DCP plan. So if u go over counter and query, they most likely unable to assist you.

I read somewhere about someone advising to call banks to waive interests when the DCP was approved....
How does that work?
1) Waiver of interest rates for the month/ whiole debt?
2) When should these calls be made? I presume before dcp disbursements?
3) Would normal cso be the right person to speak to? Or they will give you merry go round?
4. Why would these banks waive interest cos they would want full repayment especially when they know the payment is coming from dcp disbursements

Yay! BBFA! HardwareZone Forums app

 

[Wojialatliao]

Hello, need advice regarding the approval rate of DCP application.

if my credit score is HH, 15xx score, any chances any bank will accept
my dcp application? BTI is just nice 12x

 

[StormySkiesNRainbows]

Hello, need advice regarding the approval rate of DCP application.

if my credit score is HH, 15xx score, any chances any bank will accept
my dcp application? BTI is just nice 12x

There have been successful application with those ratings. Some banks are more lenient, your payment history would play a big part too, if you have too many defaults in the past, chances can be quite slim. All the best with your application.

 

[Supermarioo]

Thanks. Dealing w some of the cso sometimes vomit blood

I doubtful they will waive interest la. Maybe waive late payment interest prolly possible.

They got specific cso dealing with DCP plan. So if u go over counter and query, they most likely unable to assist you.