Debt consolidation Plan - Part 2

[Ginola81]

i don't have much cash on hand

how many months should I borrow against my monthly take-home pay vs the interest rate so I won't get into much trouble?

currently I have 2 lines of credit with 2 banks
If I lose everything, I can probably do balance transfer or personal loan or debt consolidation with the other banks?

Nv borrow to gamble.. dun read too much books telling u to do so

 

[single_dog]

Anyone has experience for late repayment to LML? They start behaving like animal when I ask for one hour grace time, they insist me to do it in 30 mins. And is the 60 late fee is counted on daily basis?

never dare to be late pay. used to pay them 14% of few thousands every month until all my loans burst.

 

[Stressfulpie18]

Can I check... on DCP going to end this Yr June. They call off my dcp credit card and put whatever over outstanding amt in cc to my dcp... is there such a thing?

 

[Thedarkalley]

Can I check... on DCP going to end this Yr June. They call off my dcp credit card and put whatever over outstanding amt in cc to my dcp... is there such a thing?

Not as i know of. My friend ended her dcp, her revolving credit card remain useable like a normal cc.

 

[StormySkiesNRainbows]

I'm going to take out cash and gamble. Moi feel like all in and borrow from bank because u need money to make money.

The thing I'm going to gamble on is a bit skill based but I need backup plan in case things fail.

I have no other way out as I feel like I need go this route else very Sian having to wait for paycheck to gamble each month

How many x of my salary should I take out, given that things like cpf take 20% of moi salary but u allowed 4x leverage from bank at loanshark interest?

I plan to turn to balance transfer in case I lose everything and it would probably wiped me out for 2 years if it does happen.

Keep telling myself don't borrow so much but no risk no reward

That's why here to ask how u all get into such debt... Don't know if it will change my mind on not to borrow so much, given that I see an upcoming opportunity to gamble where I have edge

The House always wins. You are so close to clearing your DCP, you have endured so many years, why give up now? Don't use your monthly tight cash situation to justify your urges to gamble again.

There are many reasons why many of us were or are on DCP. Knowing why would not solve your need to gamble, you might want to seek professional medical help for your gambling compulsions.

 

[Capitalist]

Keep telling myself don't borrow so much but no risk no reward

That's why here to ask how u all get into such debt... Don't know if it will change my mind on not to borrow so much, given that I see an upcoming opportunity to gamble where I have edge

Go big or go home!!!

Have the edge, ... obviously is go all-in!

Mai-tu-liaoz!!!

It's like if you have reliable insider information, ... which gives you an edge over the rest/market, ... why not capitalize on it?

I know I would.

 

[Thedarkalley]

i'm currently on DCP. will applying for housing loans affect the amount? or i can't take any loans from HDB at all?

I did took up hdb loan while on dcp. Hle given is 400k. Single owner.

 

[rznktoae]

I did took up hdb loan while on dcp. Hle given is 400k. Single owner.

PM you bro

 

[screenkit]

hi all..
i saw a few sucessful stories of obtaining IPA approval after clearing DCP.

I just cleared all my debts for a couple of months and now looking to purchase pte pty.
Any success rate of obtaining IPA within 1 year of clearing?

I will need to do this loan together with my wife but she does not know im on debt plan for the past 6 yrs. when we apply the loan, will the officer make this known to her?

Thank you.

 

[Jacelyn21]

hi all,

i am on bank housing loan currently. will applying DCP affect my bank housing loan review? is dcp equivalent to near bankruptcy?

 

[hclee01]

hi all,

i am on bank housing loan currently. will applying DCP affect my bank housing loan review? is dcp equivalent to near bankruptcy?

So long as you have been making prompt payment for your housing loan, the DCP will not in anyway affect it.

DCP is not near bankruptcy. It is just a program which allows the consolidation of unsecured loans with one bank at a lower interest rate to aid in paying off the unsecured loan.

 

[gongguan]

anyone on dcp successfully able to get renovation loan from bank?

 

[Jacelyn21]

hi all,
I have personal loans plus installments. i can pay the credit card balance outstanding monthly but the aggregate interest bearing balances exceed 12X monthly income.
should i apply for DCP or just let the bank suspend the cards?
what are the consequences of card suspension? continue paying monthly based on statement?
what is the common loan amount for first time DCP?

 

[StormySkiesNRainbows]

hi all,
I have personal loans plus installments. i can pay the credit card balance outstanding monthly but the aggregate interest bearing balances exceed 12X monthly income.
should i apply for DCP or just let the bank suspend the cards?
what are the consequences of card suspension? continue paying monthly based on statement?
what is the common loan amount for first time DCP?

I think DCP max amount is not exceeding $120K. Apply for DCP asap and with multiple banks. If banks suspend your card, your chances for DCP is very much slimmer.

 

[Jacelyn21]

I think DCP max amount is not exceeding $120K. Apply for DCP asap and with multiple banks. If banks suspend your card, your chances for DCP is very much slimmer.

usually how long it take for DCP to get approve? i tot we can only apply to one bank at one time?

 

[Acyyyy]

usually how long it take for DCP to get approve? i tot we can only apply to one bank at one time?

It can be as fast as 3 working days to 2 weeks. Can apply to multiple banks and see which one replies/approves you first.

One by one is too time consuming unless you get approved by the first bank you applied.

 

[Jacelyn21]

It can be as fast as 3 working days to 2 weeks. Can apply to multiple banks and see which one replies/approves you first.

One by one is too time consuming unless you get approved by the first bank you applied.

The bank says if get rejected, can only apply after 3 months. is it too risky to apply too many at one time?

 

[f1rnando89]

i am on DCP and i got a reno loan from POSB 30k..... my DCP is with UOB though....

hope this helps anyone look for reno loan while on DCP..... can PM me for the loan agent contact (no fees involved)

Hi there, able to share the loan agent contact? Thank u.

 

[Acyyyy]

The bank says if get rejected, can only apply after 3 months. is it too risky to apply too many at one time?

Nope, cos if one bank reject ,another bank still can approve you, if you meet all their criteria.
Before they submit your application the cso will help you access and advise accordingly.

 

[hugobaby]

Just an update since my last post for information sharing..

My DCP bank is HSBC. I am still on DCP which will end in August 2023. I was advised by my RM back then not to close my DCP account and just pay partially [paid 50k (52.5k with interest) which brought my balance to 19k back in august or so...], so that I can get my IPA (which I did receive then). Eventually I took up home loan from DBS as they offer better rates. After I got my OTP, I sought out a broker to find the best deal. DBS was the best.

Total loan for my house 1.3mil (I ended up buying a 1.7mil condo) while I am still on DCP. For DBS, from application to letter of offer, it was quick, within 1 working day and I exercise the OTP the day after.

Currently my DCP amount is less than 1x of my current basic salary, and while I was still on DCP, I made the following application with approval.

Late last year
1) Amex Charge card (quick approval, within 2 days, and card arrived on the 4th day?) - No preset limit. I tried charging 25k on one transaction with no issues.
2) Maybank Renovation Loan 30k (Took some time, but eventually approved)

This year
3) UOB One (personal loan of 50k, just for testing, which was a quick approval as well, within 2 working days. Eventually I repurposed this loan).

Tried to applied but didn't proceed further:
Standard Chartered (Personal loan of 50k, the quoted interest rate was 8.99%, EIR was around 15+% ? Crazy!)

CBS AA rating
For the revolving credit, I was only given 5.5k back then when I applied for DCP. For 2 years I didn't use, and I didn't see a change in my CBS rating at all. It was DD all the way since I applied for DCP and I did not miss any DCP payment. I didn't use because I was scared. My total Debt ratio when I applied was 18x.

Only after I had a salary increment, change job, I applied for a limit increase and HSBC increased my revolving credit to 19k. That's when I started to use the CC and I charge around 8k - 10k every month with full payment. Finally my rating became AA. So, IMO, to work on your credit rating, you need to use your CC BUT only if you're confident if you can pay off when the bill comes. If not, be like me when I first started out where I chucked the CC aside. Hands burnt too badly, was young and a fool back then.

I don't know how the banks make their assessment, but it IS POSSIBLE while on DCP to get charge card, home loan, renovation loan, and even personal loan (This was made when my debt is below 1x). I didn't wait until I cleared my DCP.