Debt consolidation Plan - Part 2

[Jamesee0001]

Gambling at anything, just all bad habit. Have a good day.

Same sia, me finally today pay finish DCP. But still... Gambles alot. My saving never more than 60k... Sian. I banned myself from casino 3 times le. Last month just banned third time. Jia you bro!

 

[Faith2Happy]

Congratulations for completing the burden from DCP ! Bravo !

 

[bendi85]

Hi guys I have a credit card debt of 60+k which is slightly short of 12 times my salary to get a DCP. Should I get a personal loan to off set loan? But I don’t think i can get a loan of 60k with my current debt situation. Any advice?

 

[bendi85]

Can call in bank and waive?

U mean to waive the requirement of 12 times?

 

[Faith2Happy]

Hi Surprised that you are member since 2008. You might see people fall and see them raise throughout this period of time until today!

 

[Faith2Happy]

Hi Completed your DCP smoothly ?

 

[Faith2Happy]

Hi, for DCP bearer like me, I sure need to pay income tax as usual .

 

[xteruyo]

Can I check if ur under DMP or DCP, do u need to pay income tax?

Are there any law or regulation on such issues?

Need to pay income tax..

 

[xteruyo]

Hi Surprised that you are member since 2008. You might see people fall and see them raise throughout this period of time until today!

Tough times never last, tough man do. Jiayou!

 

[xteruyo]

Hi, i am a silent reader

left with last 4 months/60months DBS DCP.
But i was previously with Citi for 8 months.

it was definitely not easy but it is definitely do-able.
Jiayou Bros n Sis.

 

[xteruyo]

Hi,
Can I check how did you manage to pay ur DCP partially? I am with DBS and they say I can’t make partial payment. Care to share how you manage to do it? Really appreciate your advise on this

I give up on partial repayment… tried calling them for 1 whole month cos i wanted to shorten by 12months (used Y22 Bonus to pay off) but they arent responsive. Went down to branch, they cant help too… ask me to call Hotline..

end up…. I sit on it and im on my last 4 months

if there are any successful partial repayment dcp for DBS, perhaps we can have some sharer here

 

[hclee01]

I give up on partial repayment… tried calling them for 1 whole month cos i wanted to shorten by 12months (used Y22 Bonus to pay off) but they arent responsive. Went down to branch, they cant help too… ask me to call Hotline..

end up…. I sit on it and im on my last 4 months

if there are any successful partial repayment dcp for DBS, perhaps we can have some sharer here

Based on DBS DCP T&C, i don't think they allow partial repayment.
https://www.dbs.com.sg/iwov-resourc...personal-loan/debt-consolidation-plan-tnc.pdf
3.2
(e) Prepayment fee: You may prepay the whole outstanding on the Loan Amount and all interest accrued on the Loan Amount at any time before the end of the Debt Consolidation Facility tenure and you will be entitled to an interest rebate of such amount as we may prescribe from time to time. However, a prepayment fee at such rate as we may determine shall be payable. The interest payable in the event of a prepayment shall include all interest accrued on the Loan Amount up to the end of the month in which the prepayment is made. No partial prepayments are allowed.

 

[xteruyo]

For DCP, u can switch from citi to dbs?

I think once u lock in period, total amt payable is principal + total interest over loan period

Refinance earlier back then… was approach by DBS back in 2018..

 

[xteruyo]

Based on DBS DCP T&C, i don't think they allow partial repayment.
https://www.dbs.com.sg/iwov-resourc...personal-loan/debt-consolidation-plan-tnc.pdf
3.2
(e) Prepayment fee: You may prepay the whole outstanding on the Loan Amount and all interest accrued on the Loan Amount at any time before the end of the Debt Consolidation Facility tenure and you will be entitled to an interest rebate of such amount as we may prescribe from time to time. However, a prepayment fee at such rate as we may determine shall be payable. The interest payable in the event of a prepayment shall include all interest accrued on the Loan Amount up to the end of the month in which the prepayment is made. No partial prepayments are allowed.

errr i mean i want to make an early settlement in Dec’22. It is not a partial prepayment but of prepayment of whole O/S (approx 9months) but there was no dedicated hotline meant for dcp.
Hope the above clarifies..

 

[xteruyo]

Thanks, I didn't know this. I thought the total interest over tenure chosen will be charged upon approval but seems like not the case

Because interest rates are so high now, and I plan to apply DCP if my plan to get out this hole fails, I'm getting locked into high interest rates and want to have option to lower it once rates drop due to recession etc

To be honest, back in 2017/8 i didnt even monitor the interest rate. The dcp was definitely the only way out aside from serving the “minimum payment”… but somewhere somehow, DBS called me out of the blue to counter offer me with a lower interest rate and lower monthly downpayment (of cos back then i had already paid a few months hence the total OS is definitely lesser) but nevertheless, it was a great help from DBS back then

hoping the best for you too!

 

[spinelli]

Hi guys I have a credit card debt of 60+k which is slightly short of 12 times my salary to get a DCP. Should I get a personal loan to off set loan? But I don’t think i can get a loan of 60k with my current debt situation. Any advice?

Same shoe here, would like to know as well

 

[OrdinaryRoad]

Same shoe here, would like to know as well

Same bro! I am in the same spot as well, currently have outstanding loans amounting to SGD 65K (around 10x of monthly income), with monthly income of 6.2k., with credit scoring of CC. Im not sure what are the options for me. Feeling stress and quite worried on this.

 

[terence12]

Hi, anyone here in DCP has applied refinance with another bank and they approved your refinance and transferred the full payment to your current DCP savings dcp account but then ur current DCP bank simply just ignore it and continue to deduct monthly installment?

 

[xteruyo]

Hi, anyone here in DCP has applied refinance with another bank and they approved your refinance and transferred the full payment to your current DCP savings dcp account but then ur current DCP bank simply just ignore it and continue to deduct monthly installment?

Hi! When dbs took over my dcp 4yr9months ago from CITI, my balance from Citi goes to 0 but they still send me monthly statement with $0 balance- have to call them 3-4 times before they stop sending me those monthly statement but the giro stops on the same monthly of refinancing….

perhaps you can try calling them?

 

[terence12]

Hi! When dbs took over my dcp 4yr9months ago from CITI, my balance from Citi goes to 0 but they still send me monthly statement with $0 balance- have to call them 3-4 times before they stop sending me those monthly statement but the giro stops on the same monthly of refinancing….

perhaps you can try calling them?

ok