Debt consolidation Plan - Part 2

[nrkama]

hi hi! ive been a silent reader and have finally applied for dcp via HSBC. i used one of the cso's number that was previously mentioned here as it seems that the people who used her got their dcp approved. im just worried as my income meets the requirement by just about $100. for reference, my annual income is 45000 and my total debt is about 45105. previously it was less, but the hsbc cso told me to spend a little more to qualify and once i did she calculated on her side that i was eligible already. my rating is FF and i never miss payments. i stopped using all credit cards last november and just focused on monthly payments so it helped bring my score from HH to now FF.
Im just super worried as i applied using last 3 months payslip (she said hsbc dont take bonus into calculation so my dec bonus wont affect) but my NOA for 2024 was 46000. when i asked her about this, she said not to worry as they will look at payslips.
any bros or sis have similar issues as im facing? super stressed as i know dcp will REALLY help me clear debt and start saving properly as well, even more stressed as my bills are due in 2 weeks and once i make payment it will drop again to below bti. sigh
wishing all who applied to be successful and hopefully all of us clear our debt and learn this lesson

 

[nrkama]

My 72months journey will be starting soon. All my CC was suspended althought still have limits. Called the hotline and was told my DCP application was approved and next week will receive letters regarding on this :')

wow congrats! waiting for hsbc to give me similar good news too

 

[nrkama]

Just got my DCP approved earlier this week! Thought to share my experience here for anyone that's going through the application phase.

Tried around with a few banks, sharing my experiences with them : SCB, Citi, DBS, SCB and MB. Approved by HSBC.

My CBS score is HH (1681), total debt around $40k, monthly income abit above $3k.

SCB:
- Most helpful out of all the banks, CSO really communicated and helped a lot
- Rejected though. Most likely due to my payslip having my bonus inside
- Was told HH rating is not a death sentence, they look at many other factors too.

Citi:
- Was told to not try to apply as my score was HH, try to bring up the score first.
- I think Citi cares a lot about the CBS rating, heard most of the HHs got rejected

DBS:
- Literally couldn't apply with a HH rating, my advice is to not bother unless you have a solid CBS rating

MB:
- They said HHs are approved quite often, can try if your score is lower
- Didn't really get too far as HSBC already approved my application by then

HSBC:
- Approved my application despite HH rating
- They asked for 3 months payslip and CPF contribution statements. BUT they only take your BASE SALARY from your payslip. My CPF statement shows my NOA is ABOVE my debt amount as it includes my bonuses, but CSO assured they only look at payslip, and doesn't matter if your payslip has your bonus in it.
- Interest is definitely one of the higher ones, but I will most likely refinance after 6months - a year

Some advice for those still trying :
- NEVER miss minimum payments, heard this is one of the big no-nos for banks, esp if you miss a payment with the bank you're applying for the DCP with
- If your CBS score is HH (or the lower end of HH), either try applying w Maybank and HSBC. If not, keep paying a bit more than your minimum. Eventually your score will go up.
- Buy your CBS report once every couple of months, on the 17th of the month. If the score is good, use it to apply.
- Other than HSBC, I would recommend passing payslips that don't show your bonus. Basically keep your yearly income as low as possible. As long as your debt is still 12x of your month income.

Glad to finally have my DCP approved!! Good luck to anyone that's looking to apply or is in the application process!

omg im so glad i read this, i applied with hsbc on feb 14 (friday) but cso told me they will probably only process on monday, super sweet lady and a few people have recommended her here so i tried. my NOA is 1k more than my debt and i have been stressing even though she told me that hsbc will look at BASE SALARY. i guess all thsi reading here about needing to be more than NOA was worrying me.
my debt is $105 more than my annual income (the cso said i was $70 short so she advised me to spend on groceries on the day i applied and she will include it for me in my application, i spent close to 200 but have the cash to pay back in case i get rejected). really hoping i get approved as i make all minimum payments on time and increased my credit rating from HH last oct to FF now.
congrats to you btw on the approval!

 

[atthemiko]

hi hi! ive been a silent reader and have finally applied for dcp via HSBC. i used one of the cso's number that was previously mentioned here as it seems that the people who used her got their dcp approved. im just worried as my income meets the requirement by just about $100. for reference, my annual income is 45000 and my total debt is about 45105. previously it was less, but the hsbc cso told me to spend a little more to qualify and once i did she calculated on her side that i was eligible already. my rating is FF and i never miss payments. i stopped using all credit cards last november and just focused on monthly payments so it helped bring my score from HH to now FF.
Im just super worried as i applied using last 3 months payslip (she said hsbc dont take bonus into calculation so my dec bonus wont affect) but my NOA for 2024 was 46000. when i asked her about this, she said not to worry as they will look at payslips.
any bros or sis have similar issues as im facing? super stressed as i know dcp will REALLY help me clear debt and start saving properly as well, even more stressed as my bills are due in 2 weeks and once i make payment it will drop again to below bti. sigh
wishing all who applied to be successful and hopefully all of us clear our debt and learn this lesson

hi hi! ive been a silent reader and have finally applied for dcp via HSBC. i used one of the cso's number that was previously mentioned here as it seems that the people who used her got their dcp approved. im just worried as my income meets the requirement by just about $100. for reference, my annual income is 45000 and my total debt is about 45105. previously it was less, but the hsbc cso told me to spend a little more to qualify and once i did she calculated on her side that i was eligible already. my rating is FF and i never miss payments. i stopped using all credit cards last november and just focused on monthly payments so it helped bring my score from HH to now FF.
Im just super worried as i applied using last 3 months payslip (she said hsbc dont take bonus into calculation so my dec bonus wont affect) but my NOA for 2024 was 46000. when i asked her about this, she said not to worry as they will look at payslips.
any bros or sis have similar issues as im facing? super stressed as i know dcp will REALLY help me clear debt and start saving properly as well, even more stressed as my bills are due in 2 weeks and once i make payment it will drop again to below bti. sigh
wishing all who applied to be successful and hopefully all of us clear our debt and learn this lesson

Hi, mind sharing the CSO number!

 

[xteruyo]

Guys, anyone here cleared the DCP? I wanna ask how long will DCP registry stay in your CBS report? Will it get cleared if ur income hits more than 120K?

Dcp record will stays in ur cbs for 3years.

 

[loveholic]

just an update on my housing loan application with the banks - most banks like OCBC, UOB, Maybank, SCB didn't want to entertain me the moment they knew im on DCP. Bankers outright tell me kthxbye lol.

DBS will consider if i could clear off the whole outstanding DCP thus the mortgage broker who was helping me suggested to go to smaller FIs like Singapura FInance - which we did and got approved! But the requirement is still that i need to clear my whole outstanding DCP before they will reimburse me the housing loan at LTV 70% only with crazy interest rate. If i got the means to clear, might as well i just go back to DBS and try.... lol

so yeah. unsuccessful journey on getting a housing loan while on DCP.

 

[nrkama]

Hi, mind sharing the CSO number!

Hazel, 66580945 from HSBC

 

[nrkama]

hi hi! ive been a silent reader and have finally applied for dcp via HSBC. i used one of the cso's number that was previously mentioned here as it seems that the people who used her got their dcp approved. im just worried as my income meets the requirement by just about $100. for reference, my annual income is 45000 and my total debt is about 45105. previously it was less, but the hsbc cso told me to spend a little more to qualify and once i did she calculated on her side that i was eligible already. my rating is FF and i never miss payments. i stopped using all credit cards last november and just focused on monthly payments so it helped bring my score from HH to now FF.
Im just super worried as i applied using last 3 months payslip (she said hsbc dont take bonus into calculation so my dec bonus wont affect) but my NOA for 2024 was 46000. when i asked her about this, she said not to worry as they will look at payslips.
any bros or sis have similar issues as im facing? super stressed as i know dcp will REALLY help me clear debt and start saving properly as well, even more stressed as my bills are due in 2 weeks and once i make payment it will drop again to below bti. sigh
wishing all who applied to be successful and hopefully all of us clear our debt and learn this lesson

Just wanted to let whoever who’s reading this know that I officially submitted my DCP application yesterday morning and got the approval text today. My CSO is Hazel from HSBC, 66580945.
My best advice is make minimum payments and try to bring your credit score up, it was HH in October last year and I stopped using my cards, ALL of them. I made minimum payments and used my December bonus to save as a buffer instead of spending. I checked my credit score last week and it was FF. Not the best but definitely a step better than HH. I can’t believe I got approved so fast! Jiayou to everyone!! You can do it!!

 

[xteruyo]

just an update on my housing loan application with the banks - most banks like OCBC, UOB, Maybank, SCB didn't want to entertain me the moment they knew im on DCP. Bankers outright tell me kthxbye lol.

DBS will consider if i could clear off the whole outstanding DCP thus the mortgage broker who was helping me suggested to go to smaller FIs like Singapura FInance - which we did and got approved! But the requirement is still that i need to clear my whole outstanding DCP before they will reimburse me the housing loan at LTV 70% only with crazy interest rate. If i got the means to clear, might as well i just go back to DBS and try.... lol

so yeah. unsuccessful journey on getting a housing loan while on DCP.

It seems like aft covid period, the banks are more wary of dcp users. When i applied my mortgage loan - fresh out of dcp (iirc 1month post completion), i got rejected from all the local banks (incl my dcp bank - DBS) and mortgage brokers.

I attempted again 1year after my dcp completion, my mortgage application got accepted by 3 local banks (with aid of my partner good cbs record) but nevertheless, still got rejected by Maybank - banker rejected me upfront knowing that i have Dcp on my cbs. The local bank are more lenient but it was a painful journey for me. Hope it works out for you eventually.

Note: i almost retort to FI but their interest rates are non attractive….

 

[loveholic]

It seems like aft covid period, the banks are more wary of dcp users. When i applied my mortgage loan - fresh out of dcp (iirc 1month post completion), i got rejected from all the local banks (incl my dcp bank - DBS) and mortgage brokers.

I attempted again 1year after my dcp completion, my mortgage application got accepted by 3 local banks (with aid of my partner good cbs record) but nevertheless, still got rejected by Maybank - banker rejected me upfront knowing that i have Dcp on my cbs. The local bank are more lenient but it was a painful journey for me. Hope it works out for you eventually.

Note: i almost retort to FI but their interest rates are non attractive….

my DCP still got 2 more years to go so not surprising that all banks reject me. DBS only willing to consider IF i clear off my DCP - but also not guarantee will get. imagine clearing off 20k++ only to get rejected again. hahahha.

but glad it worked out for u!!

 

[atthemiko]

Hazel, 66580945 from HSBC

sadly my credit report need to reach at least 3 years of maturity to apply with HSBC

 

[xteruyo]

my DCP still got 2 more years to go so not surprising that all banks reject me. DBS only willing to consider IF i clear off my DCP - but also not guarantee will get. imagine clearing off 20k++ only to get rejected again. hahahha.

but glad it worked out for u!!

Nahs… it was all just a matter of time. You will be fine eventually! Jiayou oki!

 

[anonymity1288]

Hazel, 66580945 from HSBC

May I ask if Hazel has an email to reach her? Thank you.

 

[anonymity1288]

Would like to check with everyone, have you tried to apply for DMP? I understand DCP is from banks.

 

[xteruyo]

Would like to check with everyone, have you tried to apply for DMP? I understand DCP is from banks.

There is a DMP topic…….

 

[anonymity1288]

There is a DMP topic…….

Thanks! Just want to understand the option of DMP and DCP. Which will you consider first?

 

[xteruyo]

Thanks! Just want to understand the option of DMP and DCP. Which will you consider first?

Nonetheless DCP for me but it really depends on your situation and criteria……

 

[killowat]

Have submitted for UOB, anyone knows how long they will get back? As I have tried calling multiple times through 67155690 but always no answer.

 

[katncookies]

Hi i would need some help here.

Just wondering, if you are on ccs dcp - would you be able to get a car?
like a second hand car?


do you guys know of any lobang?
do share. thank you in advance

Hi did u manage to get into the financial industry?

 

[jianming95]

I need some help here. I got my DCP approved, and just two months in, when I was about to make my first installment payment on 20 Feb 2025, I received a letter from DBS (which I applied for the DCP with) stating that they had decided to withdraw my DCP, dated 17 Feb 2025. I don’t know what went wrong since it was already approved. The first installment payment was scheduled after the date they sent me the withdrawal letter, and there was no default payment.

I’m not sure what to expect, will they ask me to make the full lump sum payment since their decision to withdraw the DCP seems final? If that’s the case, I won’t be able to pay in full. Will they send me a lawyer’s letter demanding full payment? I’m not sure what to do now. Should I contact Credit Counselling Singapore for advice?

I feel damn cheated by DBS—they approved my DCP, added interest for the five-year tenure, and then, just 1-2 months after approval, they withdrew my DCP plan without any reason or explanation.