Debt consolidation Plan - Part 2

[anonymous19]

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.

Because in the case of rejected, then they adjust my credit limit, then later they suspend my account and ask me to pay the whole lump sum of the exisiting instalment loans how ah? This is my worry.

 

[Unholyreaver]

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

Hi,

My outstanding was about $85k and annual income is about $76k.

Hope your application will be approved, all the best.

 

[anonymous19]

Hi,

My outstanding was about $85k and annual income is about $76k.

Hope your application will be approved, all the best.

Thank you so much!

 

[Keyite2021]

Because in the case of rejected, then they adjust my credit limit, then later they suspend my account and ask me to pay the whole lump sum of the exisiting instalment loans how ah? This is my worry.

I see. However i dont think it works this way. I may be wrong as i am not in the finance line but i dont think they can just adjust based on your debt. Cards are usually based on SALARY.

wish u the best. Just curious if DCP is a govt scheme still? If yes, then u stand a good chance from any of the banks i hope

 

[anonymous19]

I see. However i dont think it works this way. I may be wrong as i am not in the finance line but i dont think they can just adjust based on your debt. Cards are usually based on SALARY.

wish u the best. Just curious if DCP is a govt scheme still? If yes, then u stand a good chance from any of the banks i hope

I dont think dcp is a govt scheme. It should be with the bank. Thanks for the good wishes. I also hope to get dcp so i can concentrate on paying a bank and get over with this tough period. Just a lot of uncertainties now.

 

[ADG0692]

Guys, suddenly DBS approved the DCP when my total outstanding is less than my 12 month incomes.
for example: Credit card outstanding was 46k, and 12 month incomes will be 74k.
I paid off few thousand for the credit card outstanding before the DCP approved.
May I know the DCP total loan will based on the latest outstanding balance or the amount during application?

 

[Toiletazwc]

The documents you submitted plus 5% buffer.

 

[ADG0692]

The documents you submitted plus 5% buffer.

This one can discuss with the bank again? As the DCP loan is more than the outstanding credit

 

[Toiletazwc]

This one can discuss with the bank again? As the DCP loan is more than the outstanding credit

They will pay the extre amount to the bank, then for the surplus amount, you have to go to the respective bank and collect in either cheque or cash.

 

[ADG0692]

They will pay the extre amount to the bank, then for the surplus amount, you have to go to the respective bank and collect in either cheque or cash.

Okay, let me wait for the approval letter with the disbursement details first then only can decide what should I do next.

 

[ADG0692]

They will pay the extre amount to the bank, then for the surplus amount, you have to go to the respective bank and collect in either cheque or cash.

Today I try to login my citibank account but seem like the account no longer active and unable to login anymore but still receive credit card statement which is not updated on the DBS paid on the outstanding balance in Citibank.
May I know whether it is normal as my DBS DCP only approved yesterday?

 

[Toiletazwc]

Yes, you will need some times for the bank to work on it. Normally within 1 to 2 weeks. If not, called in the cso and ask them about it.

 

[jinsatkilife]

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

I don't understand why cannot. If u lose card and get hit by card present transactions, then u end up like that other poor guy and have to suck it up

Guys, suddenly DBS approved the DCP when my total outstanding is less than my 12 month incomes.
for example: Credit card outstanding was 46k, and 12 month incomes will be 74k.
I paid off few thousand for the credit card outstanding before the DCP approved.

This is against the rules. Can only qualify if dcp is more than 12 months salary. I don't think this is real? Wtf

This one can discuss with the bank again? As the DCP loan is more than the outstanding credit

Can call bank to return

Today I try to login my citibank account but seem like the account no longer active and unable to login anymore but still receive credit card statement which is not updated on the DBS paid on the outstanding balance in Citibank.
May I know whether it is normal as my DBS DCP only approved yesterday?

Relax, seems normal

 

[nktsxxx23]

Hi guys, just wanted to ask for advice on whether I should try for DCP or pay min payments to try to increase my score before trying.

debt : 40k
Income : 38k
Credit score : HH (1681)

I applied for CIti’s DCP but the case officer told me to try for at least a GG before applying as he thinks the approval rate is slim for HH. Is that true?

I brought the score up from 1646 since May but every month is $1.3k in payments, so I’m still thinking if I should just try for DCP or keep paying Min and get a GG first.

If I were to try I would try for HSBC and Maybank’s DCP as I heard their approval rates are higher?

just need some advice, thank you in advance!!

 

[jinsatkilife]

Hi guys, just wanted to ask for advice on whether I should try for DCP or pay min payments to try to increase my score before trying.

debt : 40k
Income : 38k
Credit score : HH (1681)

I applied for CIti’s DCP but the case officer told me to try for at least a GG before applying as he thinks the approval rate is slim for HH. Is that true?

I brought the score up from 1646 since May but every month is $1.3k in payments, so I’m still thinking if I should just try for DCP or keep paying Min and get a GG first.

If I were to try I would try for HSBC and Maybank’s DCP as I heard their approval rates are higher?

just need some advice, thank you in advance!!

what do u have to lose by applying?

 

[shanz80]

My dcp is finally ending in 2 months time. Am wondering if can apply new CC meanwhile. Of cos this time is use with cautious. or i should just wait? Anyone tried b4?

 

[nervousanxiouskek]

Hi all can I ask, if I take up DCP, can I get fired from my job? I’m not working in finance or banks. But there’s this clause in my employment contract that I can be terminated if “you become bankrupt or make any arrangement or composition with your creditors.” Technically if I take up DCP I am making an arrangement with my creditors right? Is there any people on this forum that got fired from taking up dcp?

 

[shy3r]

Hi all can I ask, if I take up DCP, can I get fired from my job? I’m not working in finance or banks. But there’s this clause in my employment contract that I can be terminated if “you become bankrupt or make any arrangement or composition with your creditors.” Technically if I take up DCP I am making an arrangement with my creditors right? Is there any people on this forum that got fired from taking up dcp?

If there is such clause, it seem that u will be terminated.

 

[nervousanxiouskek]

Oh wow okay, if that’s the case, right now all my credit cards are suspended but can I just let it be suspended without taking up DCP? I keep getting notifications to get DCP but currently I am able to stay afloat with my pay and at least paying off the minimum

 

[shy3r]

Oh wow okay, if that’s the case, right now all my credit cards are suspended but can I just let it be suspended without taking up DCP? I keep getting notifications to get DCP but currently I am able to stay afloat with my pay and at least paying off the minimum

Suspended? If u are paying every mth, why would they suspend u?

just becareful if over $15k debt, they will file for bankruptcy…