Debt consolidation Plan - Part 2

[Wawa-wawa]

Congrats! Soon your debts will be cleared. I am serving my last payment, looking forward to a debt free life again. All the best Bro/Sis.

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

 

[Wawa-wawa]

Congrats! 5years will soon be over and you will be debt free..

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!

Congrats! Soon your debts will be cleared. I am serving my last payment, looking forward to a debt free life again. All the best Bro/Sis.

Hello!你好！ HardwareZone Forums app

 

[pacz87]

Hi, i have a question from a friend who want to apply for DCP. If already on DCP, will we have difficulties in taking bank loan to buy condo? He is a non-citizen and single, so cannot buy HDB. Appreciate for the help. Thanks!

 

[David Listen]

Lookup TNT Finsol (financial solutions) on FB...they can help you. Cheers.

 

[TiedInsurer]

Hi, i have a question from a friend who want to apply for DCP. If already on DCP, will we have difficulties in taking bank loan to buy condo? He is a non-citizen and single, so cannot buy HDB. Appreciate for the help. Thanks!

Already can't pay his debts, which bank would be so stupid to lend him more money, that he can't pay back? On topic: Banks aren't going to lend to him, with or without the DCP, because banks can see that his outstanding unsecured debts is more than his annual salary.

Your friend should rent.

 

[mykindacozy]

refinance my current mb dcp with scb finally got reapproved after struggling for 1 month!
it was initially approved already last week but kenna bombed by dbs outstanding balance cos i paid the min sum after the overdue date and that made my rating EE dropped to HH this week. scb pulled out my report and stop the lump sum payment to mb cos of this drop in rating.
all is good now after submitting the proof of receipts and appeal.

just want to share: the associate director from SCB handling my application really damn helpful. thank him so much for helping me with the painful process and appeal.

 

[mykindacozy]

ya you need to pay by the due date given in the early settlement letter. both penalty and refinance, it will be based on the balance principal amount of your current 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!

 

[meikitenga]

Hi all who are on DCP with either MB or SCB.

Can check with you if under your CBS report's "Account Status History" section showing the list of your current and recent credit facilities, shows your DCP as "DC" or "Unsecured Credit Card"?

I understand there should be two entries; one being the the revolving credit card. But what about the DCP loan. Does it show "DC", or "Unsecured Credit Card"? Thanks.

 

[CK12345]

Hi all,

Just wanna share my experience. I have been paying my dcp for 2 years now. Managed to reduce my balance from 79k to about 61k. However with the current economic climate with the virus, I had to hunker down and borrow money from my family to clear off as early repayment. Yes I got a very big scolding from them and it lasted for about a month. I am fortunate that they are in a position to clean up my **** for me and if I appear to be showing off here, I can assure I'm not. Believe me, I felt really really bad.

Why am I sharing this? My point is with the situation now, nobody's job is safe but repayment still has to go on. It is better to not owe the bank any money in case things go bad. If you're holding off asking for help due to pride. Please don't. I have learnt that if u sincerely ask for help, people will try to help if they can.

I apologise if this might sound condescending as I know some people really are struggling. Believe me, I was as well 2 years ago. However I just want to share that if u feel anybody in your family has the ability to help, even a little. Just lay down your pride and ask for help.

For those who are applying for dcp, good luck with your application!

 

[Gallubz]

Anyone heard of Revive by Edudebt? Is it reliable?

 

[fate041889]

Hi all, I have been reading this thread for quite some time. Personally i have experienced what happened when you are overloaded with debt.

I have just gotten approval from HSBC for DCP for 8 years plan.
Cbs rating: DD with BTI over 25x.

If you are interested in hsbc for dcp, kindly contact me for the CSO.

Wishes everyone good luck.

 

[fate041889]

Hi guys. Posb was telling me that they may consider DCP up to 18 times...

Any idea what’s the highest any banks has gone up to?

My debt more than 18X sigh.

DBS quite strict on BTI over 18x and with cbs rating more than DD. You may try hsbc instead.

Wish you good luck

 

[ReachingForTheStar]

Hi all,

Just wanna share my experience. I have been paying my dcp for 2 years now. Managed to reduce my balance from 79k to about 61k. However with the current economic climate with the virus, I had to hunker down and borrow money from my family to clear off as early repayment. Yes I got a very big scolding from them and it lasted for about a month. I am fortunate that they are in a position to clean up my **** for me and if I appear to be showing off here, I can assure I'm not. Believe me, I felt really really bad.

Why am I sharing this? My point is with the situation now, nobody's job is safe but repayment still has to go on. It is better to not owe the bank any money in case things go bad. If you're holding off asking for help due to pride. Please don't. I have learnt that if u sincerely ask for help, people will try to help if they can.

I apologise if this might sound condescending as I know some people really are struggling. Believe me, I was as well 2 years ago. However I just want to share that if u feel anybody in your family has the ability to help, even a little. Just lay down your pride and ask for help.

For those who are applying for dcp, good luck with your application!

im on HSBC DCP 3rd year. i also got hit by the covid situation. im worried about repayment for the next few months. help from family is not an option, they dont have that much money. it's no longer about pride.

i'm checking covid relief and saw HSBC has Debt Relief Plan. i google around and dont see the details about interest rate. but it looks like one step closer to bankruptcy. there'll be an OA or something.

anyone familiar with DRP can shed some light?

 

[shanz80]

im on HSBC DCP 3rd year. i also got hit by the covid situation. im worried about repayment for the next few months. help from family is not an option, they dont have that much money. it's no longer about pride.

i'm checking covid relief and saw HSBC has Debt Relief Plan. i google around and dont see the details about interest rate. but it looks like one step closer to bankruptcy. there'll be an OA or something.

anyone familiar with DRP can shed some light?

i think its always better to check with HSBC officer.

 

[seeklightsoon]

im on HSBC DCP 3rd year. i also got hit by the covid situation. im worried about repayment for the next few months. help from family is not an option, they dont have that much money. it's no longer about pride.

i'm checking covid relief and saw HSBC has Debt Relief Plan. i google around and dont see the details about interest rate. but it looks like one step closer to bankruptcy. there'll be an OA or something.

anyone familiar with DRP can shed some light?

You may wish to refer to this MAS Support Measures to see if you qualify:

https://forums.hardwarezone.com.sg/...l-unsecured-credit-6243441.html#post126043355

 

[Wawa-wawa]

Yes, this will be of some means to help those who are affected.

You may wish to refer to this MAS Support Measures to see if you qualify:

https://forums.hardwarezone.com.sg/...l-unsecured-credit-6243441.html#post126043355

 

[YmanHarris]

Hi All..i am planning to refinance my current dcp with SCB. Already paid steadily with them for 27 months and left with another 57 months. Just would like to ask for those who had refinanced their dcp, if you still have outstanding on your credit card that they have given you, are you required to pay off the whole amount first before you can refinance ?

 

[seeklightsoon]

Hi All..i am planning to refinance my current dcp with SCB. Already paid steadily with them for 27 months and left with another 57 months. Just would like to ask for those who had refinanced their dcp, if you still have outstanding on your credit card that they have given you, are you required to pay off the whole amount first before you can refinance ?

If you refer to the CitiBank DCP program, the outstanding on the credit card will be carried forward to the CitiBank 1-month salary credit limit credit card account:

https://www.citibank.com.sg/gcb/loans/debt-consolidation/debt-consolidation.htm#Refinance

 

[goenitz33]

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.

So any luck from your end on this ? If not it’s really a load of bs from ABS to say this as normally banks will not reveal reason on rejection