Debt consolidation Plan - Part 2

[StormySkiesNRainbows]

Hi All,

I’m new here. Feeling so devastated that my application is rejected by HSBC. Applied through Hsbc CSO, application sent yesterday afternoon before 1.30pm and on the same day evening before 6pm, I received the sms via message it is not approved… sigh… feel so lost now…..

Credit report from DD generated on 18/6 and I check yesterday night becoming EE… sighx10

Don't be discouraged, we all went through this. My application was approved the second time round. Apply with another bank and just wait. Good luck.

 

[KC_CK_17]

Don't be discouraged, we all went through this. My application was approved the second time round. Apply with another bank and just wait. Good luck.

Hi, thanks for the encouragement.
Your application for the second time round, is an appeal with the same bank? Or concurrently you applied with other bank?

 

[passiveincome19]

Don't do multiple banks at one go, as when the banks check your credit scores, every check make the rating worse. One bank at a time and you can try UOB.

i only applied one each time

 

[passiveincome19]

Don't be discouraged, we all went through this. My application was approved the second time round. Apply with another bank and just wait. Good luck.

can apply same bank twice? how long u wait until u apply 2nd time? i feeling very lost right now

 

[KC_CK_17]

can apply same bank twice? how long u wait until u apply 2nd time? i feeling very lost right now

How long have you been applying? I just started to apply last week. First with hsbc, rejected on the same evening when i apply. Now i trying with UOB… the CSO called me today and ask me to send in my 3 months payslip with my signature on it to their generic email. So still pending appeal from HSBC and UOB reply. Fingers crossed it will be successful.

My credit report from DD became EE - just like overnight, the rating change after the banks check it.

 

[StormySkiesNRainbows]

Hi, thanks for the encouragement.
Your application for the second time round, is an appeal with the same bank? Or concurrently you applied with other bank?

Same bank, had to lower my outstanding by $12K before I applied again. Amount too high for DCP. Applied three weeks later after lowering my outstanding.

 

[KC_CK_17]

Same bank, had to lower my outstanding by $12K before I applied again. Amount too high for DCP. Applied three weeks later after lowering my outstanding.

Dont mind if you could share which bank you took up with?

 

[liondomo]

Hello everyone, I had been here maybe 10 years back and one the the first to be started on DCP back then.

Story short... had a debt total of about near 90k and was put on RAS at first. Then I applied for DCP when it started with Maybank got approved and paid for 1 year+.

Then I saw we could do refinancing and I applied and got approved with HSBC for a slightly longer term and less payment monthly.

Another year passed with me paying but then I lost my job and could not pay. With 3 months of non payments, HSBC terminated my DCP. Of course, I was informing them of my situation and somehow managed to work out a payment scheme with them. I am now towards the last payment balance around 4k left.

Take note that my CBS is HH during this whole time and no banks will approve any credit facilities.

All the best to all brothers and sisters on the DCP path! remember discipline is very important.

 

[StormySkiesNRainbows]

UOB, you could try them.

 

[KC_CK_17]

Dear All

When almost all the banks fails my application, today I received a good news from HSBC that my appeal for DCP is approved! Finally, I can let go this heavily burden and indeed a great and heavy lesson learnt!

Good luck to all bros, sis who is trying for the dcp application. Never give up!

 

[pinkpurple]

Hi guys it said that we need to have a total unsecured balance of more than 12 times of monthly income. But if my monthly is 3.5k but my annual is 60k, will my dcp get approved if i only have 50k unsecured balance?

getting abit stressed up payment to so many banks my minimum.

 

[shy3r]

Hi guys it said that we need to have a total unsecured balance of more than 12 times of monthly income. But if my monthly is 3.5k but my annual is 60k, will my dcp get approved if i only have 50k unsecured balance?

getting abit stressed up payment to so many banks my minimum.

Try DMP?

 

[StormySkiesNRainbows]

Hi guys it said that we need to have a total unsecured balance of more than 12 times of monthly income. But if my monthly is 3.5k but my annual is 60k, will my dcp get approved if i only have 50k unsecured balance?

getting abit stressed up payment to so many banks my minimum.

Apply for DMP before the banks decide to ask for full settlements. Good luck

 

[terada86]

i am trying out for DCP also,

my total debt is around 25k

annual income is around 45k

and the debt is spread across like 2 credit card and 3 personal loan

feeling super messy to pay up every month, and i just wan to quit the credit card and getting lure into their split purchase

thinking of just keeping one credit card and pay off the debt in 1 account. monthly 400 or 500 no problem

just apply from SCB, hopefully they can get me approve

 

[potatokandangz]

Hi all, nothing to do with DMP. but I have received this sms from bank

- Avoid the suspension of your credit card(s) and unsecured credit facilities on (date) by reducing the total outstanding balance on your account(s). Visit website > Help & Support > Credit Card > Account Suspension > Customer overlimit for more information.

So what do I need to do now... Do I need to just update income records with my bank? So my total limit will not exceed the 4x monthly income with this bank?

 

[StormySkiesNRainbows]

Hi all, nothing to do with DMP. but I have received this sms from bank

- Avoid the suspension of your credit card(s) and unsecured credit facilities on (date) by reducing the total outstanding balance on your account(s). Visit website > Help & Support > Credit Card > Account Suspension > Customer overlimit for more information.

So what do I need to do now... Do I need to just update income records with my bank? So my total limit will not exceed the 4x monthly income with this bank?

If your new annual income exceeds the bank's limit by a lot, do so and quickly pay off the outstanding. If not, apply for DCP or etc before banks suspend your cards and demand payment.

 

[xiaonajia]

Does anyone know how to refinance DCP with another bank for shorter tenure and lower overall interest?

The current balance I have is the principal+total interest over 6 years initially.

I want to restructure it to pay off in ~3 years as my salary has improved but I am afraid that if I restructure with another bank to shorter tenure, my current bank will charge the full principal+interest over 6 years to the new bank, resulting in no interest savings but with higher payment each month

 

[Lui1206]

Dear All

When almost all the banks fails my application, today I received a good news from HSBC that my appeal for DCP is approved! Finally, I can let go this heavily burden and indeed a great and heavy lesson learnt!

Good luck to all bros, sis who is trying for the dcp application. Never give up!

I was rejected by DBS, today applying with HSBC , hopefully it can be approved. But how to you being approved? HSBC help you appeal? Or you requested?

 

[loveholic]

interesting that i received a letter from DBS to invite me to apply for reinstatement of my accounts (but ultimately subject to approval from the bank). this is for people who have their accounts suspended due to the following :

1. Your total interest-bearing outstanding balances1 on all unsecured credit facilities with all financial institutions in Singapore exceed the industry-wide borrowing limit2 for 3 consecutive months; or
2. At least one of your credit cards or unsecured credit facility is 60 days or more past due.
3. Have existing Debt Consolidation Plan or Repayment Assistance Scheme (RAS)

lets see how this goes!

 

[ultramanman]

Hi all

I have finished my dcp at the start of the year. However now...due to not being disciplined enough...plus scammed...I need to apply for dcp again

Anyone can advise?
Debt is 12x the income...

Thank u for yr kind advice