Debt consolidation Plan - Part 2

[shanz80]

If i dint rmbr wrongly. The amount approves should be able to cover ur the total outstanding amount owing. should there be excess u should claim from the respective banks and yes continue to pay until DBS have disbursed the amount to respective banks. otherwise it's consider default payment.

I maybe wrong cos mine was sometime back and can't quite remember already.

 

[Thl1381]

Hi, I try to apply HSBC DCP but the CS say I still short of ard 1k to hit 12 times of my salary. The problem is all my credit limit is all use up. So, what shld I do in order to hit the 12 times? If I pay min, I will short more amt to hit but if I don’t pay min, it will affect my application (Score-HH already) by the time I apply DCP.

 

[Unholyreaver]

Hi guys..

Update: My DCP application with DBS just got approved yesterday.

I got rejected by HSBC and SCB. Citibank and UOB were processing my applications for me and DBS was the last which I applied but it was approved the fastest.. I also applied DMP with CCS at the same time but this DCP got approved so I went with it.

My 8 years of DCP starts now.. I hope I can hang in there and be disciplined to achieve financial freedom in the future.

Few questions from me though:
1) May I check do I need to pay my min payment for other banks during this period before DBS pays to the rest of the bank?

2) Also, if the amount disbursed is not sufficient to cover the outstanding, do I have to top up the balance straightaway with the respective banks? Or can I negotiate with them for instalment payments?

Thank you.

Guys… anyone experienced this before? DBS processed my DCP and there was no call to confirm my amount before approval.. then I received the letter from them with the total amount and other details etc.. i then tallied with the document which I submitted to them previously.. they missed out including 1 loan of about 5k which I did submit the docs to them. I then emailed them to highlight if this loan can be included into the approved DCP..

They said they acknowledged that it’s mistake on their part and they will reprocess, BUT my DCP will be subjected to approval again… I asked can I then not include this missed out loan inside since I may be rejected eventually? They said no..

This thing is now causing me more distress.. they missed it out but now it seems like I have to bear the brunt of it..

Anyone experienced this before? I need support..

 

[xteruyo]

Hi guys..

Update: My DCP application with DBS just got approved yesterday.

I got rejected by HSBC and SCB. Citibank and UOB were processing my applications for me and DBS was the last which I applied but it was approved the fastest.. I also applied DMP with CCS at the same time but this DCP got approved so I went with it.

My 8 years of DCP starts now.. I hope I can hang in there and be disciplined to achieve financial freedom in the future.

Few questions from me though:
1) May I check do I need to pay my min payment for other banks during this period before DBS pays to the rest of the bank?

2) Also, if the amount disbursed is not sufficient to cover the outstanding, do I have to top up the balance straightaway with the respective banks? Or can I negotiate with them for instalment payments?

Thank you.

1. U may check with your DCP bank, if payment is required before disbursement. For my case 6yrs ago, i was advised to made the minimum sum payment before disbursement by CITI.
2. There is always a buffer of 5% calculation for each bank you declare for their disbursement hence if you noted your declared debt obligation +5% = ur DCP loan amount. Should the 5% be insufficient, please check with your respective bank, i believe you are required to pay for any shortfall but such circumstance should be v minimal? Never heard of much cases like that..

And congrats on the Dcp good news. Jiayou!

 

[xteruyo]

can i ask if it's possible to lower the credit limit for dcp credit card?

Why do you need a lower credit limit. Iirc, dcp cc credit = 1 month salary. Use it within ur means, should be fine?

 

[xteruyo]

Guys… anyone experienced this before? DBS processed my DCP and there was no call to confirm my amount before approval.. then I received the letter from them with the total amount and other details etc.. i then tallied with the document which I submitted to them previously.. they missed out including 1 loan of about 5k which I did submit the docs to them. I then emailed them to highlight if this loan can be included into the approved DCP..

They said they acknowledged that it’s mistake on their part and they will reprocess, BUT my DCP will be subjected to approval again… I asked can I then not include this missed out loan inside since I may be rejected eventually? They said no..

This thing is now causing me more distress.. they missed it out but now it seems like I have to bear the brunt of it..

Anyone experienced this before? I need support..

I didnt.. my refinance was dbs. Am surprised this happen tho they were super efficient in all, case handling, response, check in on them tomorrow…

 

[xteruyo]

Woah 2 CC within 1 year. I was tempted to get HSBC card. but i scare.

I scare scare… dont dare think 11th months since i complete dcp

 

[xteruyo]

Eh guys/gals, how many of u managed to get a CC after your DCP ended?

i finished mine in May. But till now, whenever i apply for CC got rejected almost immediately via their online application. Damn sian man.

Anyone got any info?

I ever ask my dcp bank if cc application R possible for dcp “graduate” case haha. They didnt give me any concrete answer but claiming that subjects to approval…………

 

[xteruyo]

Hi all, I have been a silent reader since 2017 and this is my first post here. I just want to share my DCP journey and hope this will encourage all of us and please never ever give up. I have completed my last payment which due end of July 2024. The CC outstanding amount was cleared at the same time as well. I have never missed a single payment for the DCP and always pay more than the minimum payment for the CC. CC mainly used for petrol top up and emergency only.

Started DCP in July 2017 during first launch, HSBC approved my loan, and this is the only bank I applied. Approved amount was around $90k, my basic salary was $3600 with some allowance and overtime is about $4500-$5000. The CC given with the limit of $4500, so I assume they took my monthly basic as $4500. I am not sure on the BTI x12 for my case as I cannot figure out till now. I stick to HSBC and never think of refinance with other banks even Citi and SC offer me.

Sold my first car in 2018 and applied for HDB loan and got approved by 2019. Manage to get renovation loan (DBS) approved as well through one of the gentlemen who is good in handling people with some debt record. Get my second car in 2020 and sold in 2023 and get the third car, all car loan by Tokyo Century with normal interest rate.

Along the way my pay was increase 2x (changed jobs), but I have never asked to increase my CC limit. Lately in June I tried to apply CC from Citibank but they reject me instantly, I guess system auto reject due to DCP record, not sure on this. However, HSBC approved my CC in early July (process took about a week) and grant me with limit above $20k, I let them to assign the credit limit to me during application. My last payment for DCP and outstanding CC was not cleared yet during application.

Lesson learns during this 7 years journey, discipline and discipline! Do not miss any payment and even after DCP, we need to remind us on the painful journey and never get back to the same **** hole again.

I wish all the brothers and sisters will go through this journey soon, God bless us.

Gongxi!

 

[xteruyo]

Hey guys. Wondering if the bank will give u a “discharge” letter once u finish ur DCP. Anyone knows?

Dbs sent a “dcp” conclusion letter in the same month of final payment.

 

[ADG0692]

Guys, need your advise about my case.
Calculated all the credit card outstanding amount including the instalment but the total amount were not exceeded my 12x monthly income.
May I know the monthly income is calculated before or after CPF reduction?
i received two continuous sms from DBS that my in-secured credit has exceeded my 12x month income. I applied the DCP in DBS but rejected. Asked for the reason but unable to provide the reason.

 

[single_dog]

Guys, need your advise about my case.
Calculated all the credit card outstanding amount including the instalment but the total amount were not exceeded my 12x monthly income.
May I know the monthly income is calculated before or after CPF reduction?
i received two continuous sms from DBS that my in-secured credit has exceeded my 12x month income. I applied the DCP in DBS but rejected. Asked for the reason but unable to provide the reason.

try other bank

 

[anonymous19]

Hi, i used to earn an income of 65k few years back. So my cc limit was a total of about 68k in total. But based on my latest noa, my income was only 41k. And i have total of cc and personal loan debts now at about 58k including But ocbc sent me a letter stating that my income has over by 12x my monthly income for 2 months and they might suspend my account. Monthly, i have been paying for my monthly personal loan or cc balance transfer amount. I finally told myself that i should go for dcp and i have already submitted my dcp application through scb. But, no news from any scb officer or no calls or email, after i sent the application form on the 8th aug. Today, i received a msg from scb, saying my cc limit will be reduced to 13.7k. It was 23.4k previously. So, for the shortfall of 9.7k over limit, do i have to clear at 1 shot? If i can clear at 1 shot, i wouldnt have go apply for dcp. Hais.
Does this means my application is rejected from scb? Should i apply for dcp with other banks asap? Now i still have with dbs 7k cc debt and 5k personal loan. I am afraid if i apply for dcb with dbs, the same thing might happen and my cc limit with dbs might be reduced again and become over limit again. Or should i try a new bank which i have no cc for dcp?

 

[xteruyo]

stop fraudulent transactions

others may have reasons such as lack of self control

When i was “freshly enrolled” in my dcp earlier on, i actually call the bank to st

Hi, i used to earn an income of 65k few years back. So my cc limit was a total of about 68k in total. But based on my latest noa, my income was only 41k. And i have total of cc and personal loan debts now at about 58k including But ocbc sent me a letter stating that my income has over by 12x my monthly income for 2 months and they might suspend my account. Monthly, i have been paying for my monthly personal loan or cc balance transfer amount. I finally told myself that i should go for dcp and i have already submitted my dcp application through scb. But, no news from any scb officer or no calls or email, after i sent the application form on the 8th aug. Today, i received a msg from scb, saying my cc limit will be reduced to 13.7k. It was 23.4k previously. So, for the shortfall of 9.7k over limit, do i have to clear at 1 shot? If i can clear at 1 shot, i wouldnt have go apply for dcp. Hais.
Does this means my application is rejected from scb? Should i apply for dcp with other banks asap? Now i still have with dbs 7k cc debt and 5k personal loan. I am afraid if i apply for dcb with dbs, the same thing might happen and my cc limit with dbs might be reduced again and become over limit again. Or should i try a new bank which i have no cc for dcp?

dcp is not bounded by your cc debt banks? You can try other banks but be mindful massive application could affect ur credit rating too…

 

[Unholyreaver]

Hi, i used to earn an income of 65k few years back. So my cc limit was a total of about 68k in total. But based on my latest noa, my income was only 41k. And i have total of cc and personal loan debts now at about 58k including But ocbc sent me a letter stating that my income has over by 12x my monthly income for 2 months and they might suspend my account. Monthly, i have been paying for my monthly personal loan or cc balance transfer amount. I finally told myself that i should go for dcp and i have already submitted my dcp application through scb. But, no news from any scb officer or no calls or email, after i sent the application form on the 8th aug. Today, i received a msg from scb, saying my cc limit will be reduced to 13.7k. It was 23.4k previously. So, for the shortfall of 9.7k over limit, do i have to clear at 1 shot? If i can clear at 1 shot, i wouldnt have go apply for dcp. Hais.
Does this means my application is rejected from scb? Should i apply for dcp with other banks asap? Now i still have with dbs 7k cc debt and 5k personal loan. I am afraid if i apply for dcb with dbs, the same thing might happen and my cc limit with dbs might be reduced again and become over limit again. Or should i try a new bank which i have no cc for dcp?

Hi there,

In my opinion, the chances of a dcp approval may be higher if you go with the bank that you have credit cards with and also where you credit your monthly salary into their savings account.
(At least it worked for me).

As long as you did not miss any payments before with that bank, they should be more inclined to help you. Mine was DBS and I’m thankful that they offered their dcp to me. I tried applying dcp with banks which I do not have a facility with - all got rejected. I also got rejected by all banks that I did not have a savings account with (probably like what I mentioned regarding the salary crediting, it gives them an added reason to help you since you use their banking services).

I’m currently into my first month of dcp and I must say what was done has been done, i.e. I do not want to look back anymore. I’m really inclined to be more financially prudent. It will be a long 8 years.. but I will hang in there.

p.s. in fact DBS processed dcp much faster than any other banks which I have applied with. The other banks could process my application for 2 weeks only to tell me that my application is rejected.

Cheers

 

[Unholyreaver]

Guys, need your advise about my case.
Calculated all the credit card outstanding amount including the instalment but the total amount were not exceeded my 12x monthly income.
May I know the monthly income is calculated before or after CPF reduction?
i received two continuous sms from DBS that my in-secured credit has exceeded my 12x month income. I applied the DCP in DBS but rejected. Asked for the reason but unable to provide the reason.

After going through 3 months of dcp application allowed me to gain some knowledge of this.

When one receives sms about the 12x monthly income thingy, it doesn’t mean that you are eliigible for dcp. This is because dcp application looks at your whole annual package (they will look at your cpf contribution for the past 15 months), which includes any bonuses that you get. This is what some of the bank officers shared with me.

A suggestion from me is if you have not yet hit an outstanding = your annual salary package, do not chalk up on further debts. Can try approaching CCS to apply for their debt management programme. It can help you greatly as well. However, the application processing can take up to 2months due to overwhelming requests recently. Meanwhile, do try your best to still make all the minimum payments and not miss any.

Cheers

 

[anonymous19]

Hi there,

In my opinion, the chances of a dcp approval may be higher if you go with the bank that you have credit cards with and also where you credit your monthly salary into their savings account.
(At least it worked for me).

As long as you did not miss any payments before with that bank, they should be more inclined to help you. Mine was DBS and I’m thankful that they offered their dcp to me. I tried applying dcp with banks which I do not have a facility with - all got rejected. I also got rejected by all banks that I did not have a savings account with (probably like what I mentioned regarding the salary crediting, it gives them an added reason to help you since you use their banking services).

I’m currently into my first month of dcp and I must say what was done has been done, i.e. I do not want to look back anymore. I’m really inclined to be more financially prudent. It will be a long 8 years.. but I will hang in there.

p.s. in fact DBS processed dcp much faster than any other banks which I have applied with. The other banks could process my application for 2 weeks only to tell me that my application is rejected.

Cheers

Hi, i want to try dbs bank. But am fearful that they will do the same thing and lower my credit limit again and also reject me.
My salary crediting is with dbs as well.

 

[anonymous19]

Hi, i want to try dbs bank. But am fearful that they will do the same thing and lower my credit limit again and also reject me.
My salary crediting is with dbs as well.

By the way can share how much is ur debt and ur annual income?

Hi there,

In my opinion, the chances of a dcp approval may be higher if you go with the bank that you have credit cards with and also where you credit your monthly salary into their savings account.
(At least it worked for me).

As long as you did not miss any payments before with that bank, they should be more inclined to help you. Mine was DBS and I’m thankful that they offered their dcp to me. I tried applying dcp with banks which I do not have a facility with - all got rejected. I also got rejected by all banks that I did not have a savings account with (probably like what I mentioned regarding the salary crediting, it gives them an added reason to help you since you use their banking services).

I’m currently into my first month of dcp and I must say what was done has been done, i.e. I do not want to look back anymore. I’m really inclined to be more financially prudent. It will be a long 8 years.. but I will hang in there.

p.s. in fact DBS processed dcp much faster than any other banks which I have applied with. The other banks could process my application for 2 weeks only to tell me that my application is rejected.

Cheers

 

[Keyite2021]

Hi, i want to try dbs bank. But am fearful that they will do the same thing and lower my credit limit again and also reject me.
My salary crediting is with dbs as well.

Not sure why u worried about ur credit limit.

once DCP is approved, all credit is cancelled except for the DCP institution’s CC where it is limited to one month’s salary.

 

[anonymous19]

When i was “freshly enrolled” in my dcp earlier on, i actually call the bank to st

dcp is not bounded by your cc debt banks? You can try other banks but be mindful massive application could affect ur credit rating too…

Thank you. But i am still thinking which bank i should try. I already sent a msg to enquire for hsbc and maybank which i have no accounts or credit cards with. Hopefully they will call me on monday. I am thinking i should try those banks which i do not have accounts with first. But from @Unholyreaver, seems like chances as not high because i do not have any banking services with.