Debt consolidation Plan - Part 2

[shanz80]

Agreed. If they called u before, use the same number to call back. They diff from the front line cso

Thanks. Dealing w some of the cso sometimes vomit blood

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[forest330]

Hi all,

Been a silent reader and have benefited from the info from this thread.

I recently got my DCP approved.

Debts amounting close to 34k due to not being able to manage my finances properly and blindly swiping the cards like it’s extra money.

My gross pay didn’t meet the 12X ratio when I was asking about DCP from DBS and when I asked for a second option the CSO mentioned that I can try to apply with my net pay since my salary crediting account is with them.

Managed to get it approved within one week of application and although the interest rate offered is at the higher range at 6.99% due to my GG rating. I’m just happy I got on the plan as I can save about $500 every month in terms of monthly repayment across 7CCs from 5 banks.

Although the lump sum interest is pretty high but definitely better than the overall interest I have to pay just by paying the minimal sum every month.

Have a loan tenure of 5 years and first installment starting this month.

 

[shanz80]

Congrats!!

Do rmbr don't default payments. Once ur pay comes, faster settle that one immediately.

Hi all,

Been a silent reader and have benefited from the info from this thread.

I recently got my DCP approved.

Debts amounting close to 34k due to not being able to manage my finances properly and blindly swiping the cards like it’s extra money.

My gross pay didn’t meet the 12X ratio when I was asking about DCP from DBS and when I asked for a second option the CSO mentioned that I can try to apply with my net pay since my salary crediting account is with them.

Managed to get it approved within one week of application and although the interest rate offered is at the higher range at 6.99% due to my GG rating. I’m just happy I got on the plan as I can save about $500 every month in terms of monthly repayment across 7CCs from 5 banks.

Although the lump sum interest is pretty high but definitely better than the overall interest I have to pay just by paying the minimal sum every month.

Have a loan tenure of 5 years and first installment starting this month.

Yay! BBFA! HardwareZone Forums app

 

[shanz80]

I play cheat on something.

That time I requested for refinancing, and I need to pay back the penalty. Supposedly shld pay in lump sum. But instead, I pay it off monthly, like the minimum sum. The bank oso nvr call me. So I just pay monthly. So the cashback I got from bank, I can use on other things. Is just how u wanna do it. If u wan straight away settle then ok la.

Just sharing.

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[jacky5297]

Don’t you think that this is why you are in this thread? It is commendable if you save the cash back, but use on other thing?

Good luck dude

I play cheat on something.

That time I requested for refinancing, and I need to pay back the penalty. Supposedly shld pay in lump sum. But instead, I pay it off monthly, like the minimum sum. The bank oso nvr call me. So I just pay monthly. So the cashback I got from bank, I can use on other things. Is just how u wanna do it. If u wan straight away settle then ok la.

Just sharing.

 

[meikitenga]

Refinancing DCP

Hi guys

My DCP is currently at about 59k principle, 84k as "outstanding balance" (after including the interest)

If i were to do a refinancing, I understand I have to pay 5% of 84k as a penalty to my current bank right?

What about the refinancing bank? Will the approved amount be 59k or 84k? Accordingly, suppose SCB offers a 5% cashback, is it based on 59k or 84k? Thanks!

 

[Wojialatliao]

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.

Just submitted my application to SCB on friday,
On Monday, they ask me for 1 of my facility payment proof with is due on today,
immediately paid and send the payment proof..

Is there still chance of approval? One of the manager which is in contact with me told me
that is good that they did not reject my application straight away...

Cant even sleep well these few days as very nervous...

 

[Wojialatliao]

Just submitted my application to SCB on friday,
On Monday, they ask me for 1 of my facility payment proof with is due on today,
immediately paid and send the payment proof..

Is there still chance of approval? One of the manager which is in contact with me told me
that is good that they did not reject my application straight away...

Cant even sleep well these few days as very nervous...

just received a call from SCB,

my application is approved, thank god,

higher interest at 6.88% but least better than paying just the min amount.

now aiming to to clear the loan asap, if possible early repayment to save on interest

 

[shanz80]

Gongxi gongxi!

just received a call from SCB,

my application is approved, thank god,

higher interest at 6.88% but least better than paying just the min amount.

now aiming to to clear the loan asap, if possible early repayment to save on interest

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[sein1592]

Hi, new here. Just want to ask. If your DCP is approved, do they transfer lump sum to you or will they auto clear your loans?

 

[shanz80]

Auto clear.

But make sure u been paying ur monthly installment.

Just check the respective bank account again in case of overpayment and u can request the bank to refund the diff via cashier's order.

Hi, new here. Just want to ask. If your DCP is approved, do they transfer lump sum to you or will they auto clear your loans?

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[Louis81]

Hi Guys,

Anyone got renovation loan while on DCP? Can share your experience?

 

[sein1592]

Auto clear.

But make sure u been paying ur monthly installment.

Just check the respective bank account again in case of overpayment and u can request the bank to refund the diff via cashier's order.

Yay! BBFA! HardwareZone Forums app

what if I have defaulted on payments for a few times. Will it be less likely to be approved. Or should i go to CCS instead.
Another thing, will any of these affect my HDB loan for my BTO?

 

[shanz80]

Can't cfm on both. Maybe can check with the officer in charge.

When I applied for my bto, they did ask me to apply the hdb loan as well in case my CPF not sufficient on key collection. But of cos they will do an assessment on my financial status then see if hdb loan is needed so not quite sure if DCP really affect hdb loan.

what if I have defaulted on payments for a few times. Will it be less likely to be approved. Or should i go to CCS instead.
Another thing, will any of these affect my HDB loan for my BTO?

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[coolboy88]

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).

Hi imonkey,

I have been experiencing the same issue too.

I fully settled my DCP account with UOB in Nov 18.

Since then, whichever loan facilities that I applied for (credit cards, overdraft) gets rejected immediately which have left me confused.

Have tried all the banks and the outcomes are all the same.
I thought it might be my CC rating that is bad but I did a check and it's still at AA with 2000 score.

I emailed to UOB to seek clarifications on this but they did not reply me at all.

Hope that someone can enlighten me on this too.

 

[Wojialatliao]

Hi Guys,

Do i call to every bank and request to waive off whatever charges, etc Late fee/ interest fee ?

 

[shanz80]

If every bank u also kenna lor

Hi Guys,

Do i call to every bank and request to waive off whatever charges, etc Late fee/ interest fee ?

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[Supermarioo]

I have read that another option is to apply for Personal Loans... Would anyone know if the chances for successful application is higher if it is through CSO or online application / ibanking? Or no difference.

I once used my OCBC online portal to make the application and it was rejected despite me having a pre approved credit amount...

 

[Wojialatliao]

Ok kyky, thank you very much,

Do i need to inform them that im currently on DCP?

 

[Wojialatliao]

If i'm not wrong, once your BTI hit 12x your income, i dont think any loan will be approved.. i may be wrong..