Debt consolidation Plan - Part 2

[Jojodespo]

Bro, wanna pm me your details? I can help you by understanding your situation and advising on what you should do. Also include which banks you have applied for, and for what loans.

HSBC, DBS rejected my personal loan. I feel so lost and dejected right now. It's the end for me :'(

Not even sure if DMP can go through

 

[preige]

Hi any one can advise on what to do if i am stuck at about 3k under the DCP minimum. Really hoping to find a way to refinance everything into 1 loan with better interest for my credit card and personal loans.

 

[Jojodespo]

What’s your CBS rating? Usually.. you can take a balance transfer or spend for an interest free installment for something worth more than 3k. Then apply next month when it reflects into your updated statements. But this method is quite risky.. as if it fails it will add more burden.

Hi any one can advise on what to do if i am stuck at about 3k under the DCP minimum. Really hoping to find a way to refinance everything into 1 loan with better interest for my credit card and personal loans.

 

[Stressfulpie18]

What’s your CBS rating? Usually.. you can take a balance transfer or spend for an interest free installment for something worth more than 3k. Then apply next month when it reflects into your updated statements. But this method is quite risky.. as if it fails it will add more burden.

Ya risky. Cos I short of 5k I loan 7k thinking better to loan more so I meet the requirements. I didn't thot will get rejected. Cos I thot dcp will approved if I meet the requirements. But who kws. I got rejected by DBS. Now applying hsbc. My rating frm BB nw cc. N I try to pay min. Nw another loan I hv to pay.

 

[Jojodespo]

You made the wrong choice to try DBS first... if you had sent for HSBC with BB, might have already been approved.

Also, which bank did you get the 7k loan with? Don’t get DCP with that same bank. Sure reject as bank will see you as credit hungry.

Also, CC rating is still good for all banks out there... except DBS and Citibank which are known to be Low approving banks.

HSBC, SCB, UOB, MAYBANK are the top approving banks here for now. Good luck, and try applying for the other 3 banks at the same time, no harm doing so, except when they view your credit report, you will drop a few points. But CC is still very good,

Ya risky. Cos I short of 5k I loan 7k thinking better to loan more so I meet the requirements. I didn't thot will get rejected. Cos I thot dcp will approved if I meet the requirements. But who kws. I got rejected by DBS. Now applying hsbc. My rating frm BB nw cc. N I try to pay min. Nw another loan I hv to pay.

 

[terence12]

Hi all, my dcp approved bank hsbc has disbursed all money to my 5 other banks. However,i noticed that all of them are overpaid. Anyone encounter this before?
Is it normal?

 

[Stressfulpie18]

You made the wrong choice to try DBS first... if you had sent for HSBC with BB, might have already been approved.

Also, which bank did you get the 7k loan with? Don’t get DCP with that same bank. Sure reject as bank will see you as credit hungry.

Also, CC rating is still good for all banks out there... except DBS and Citibank which are known to be Low approving banks.

HSBC, SCB, UOB, MAYBANK are the top approving banks here for now. Good luck, and try applying for the other 3 banks at the same time, no harm doing so, except when they view your credit report, you will drop a few points. But CC is still very good,

I got my personal loan from HSBC cos I onces apply for 18k got rejected. So I try 7k after few mths later. As I am a newbie I didn't kW which bank is gd to apply 1st. Then I came across Mui from Dbs which some 1 mention she helpful so I try tha bank. I didn't kw dbs was so hard and I regretted it. Now I trying hsbc and as u say I sure get rejected frm hsbc cos it looks I am credit hungry which I am. But I am trying to paid my debt... I really hope it works either 1 of the bank. Last Fri I submitted my all doc including statements thru emails the cso haven't reply me. When will they reply?

 

[Jojodespo]

Hey, it is meant to be overpaid due to the 5% buffer.

You can take all these excess out after you have requested for fee waivers, be it late fee or interest fees or early closure of installment plan fees. Call the bank and request for cashiers order or go to the bank directly to withdraw the excess

Hi all, my dcp approved bank hsbc has disbursed all money to my 5 other banks. However,i noticed that all of them are overpaid. Anyone encounter this before?
Is it normal?

 

[Shalala-86]

I got my personal loan from HSBC cos I onces apply for 18k got rejected. So I try 7k after few mths later. As I am a newbie I didn't kW which bank is gd to apply 1st. Then I came across Mui from Dbs which some 1 mention she helpful so I try tha bank. I didn't kw dbs was so hard and I regretted it. Now I trying hsbc and as u say I sure get rejected frm hsbc cos it looks I am credit hungry which I am. But I am trying to paid my debt... I really hope it works either 1 of the bank. Last Fri I submitted my all doc including statements thru emails the cso haven't reply me. When will they reply?

I think u stand a good chance of getting approval given ur good rating. Give HSBC around 4-5 working days for approval. My rating was GG and got approved. Stay optimistic!

 

[Jojodespo]

Yup! 4-5 working days, excluding public holidays. Will probably get a reply by Thursday. Have they checked your CBS?

I got my personal loan from HSBC cos I onces apply for 18k got rejected. So I try 7k after few mths later. As I am a newbie I didn't kW which bank is gd to apply 1st. Then I came across Mui from Dbs which some 1 mention she helpful so I try tha bank. I didn't kw dbs was so hard and I regretted it. Now I trying hsbc and as u say I sure get rejected frm hsbc cos it looks I am credit hungry which I am. But I am trying to paid my debt... I really hope it works either 1 of the bank. Last Fri I submitted my all doc including statements thru emails the cso haven't reply me. When will they reply?

 

[terence12]

Hey, it is meant to be overpaid due to the 5% buffer.

You can take all these excess out after you have requested for fee waivers, be it late fee or interest fees or early closure of installment plan fees. Call the bank and request for cashiers order or go to the bank directly to withdraw the excess

Hi JOJO thanks for the explanation. I thought that the 5% buffer is a flat rate payable to the bank for all the extra fees.

 

[Stressfulpie18]

Yup! 4-5 working days, excluding public holidays. Will probably get a reply by Thursday. Have they checked your CBS?

I submitted my cbs with cc rating on Thurs. And the courier guy came on Thurs nite to sign the form. Then Fri I submit my banks statements.

 

[Jojodespo]

Hey bro.. in that case, probably next week Monday or Tuesday.. they will likely start processing only tomorrow. And then Wednesday or Thursday check your CBS.. then pass your case to the risk assessment team, check abit here and there on your payment cycles etc, credit history with the current bank. After that.. then pass to management for approval. Likely Monday le. Keep us posted!

I submitted my cbs with cc rating on Thurs. And the courier guy came on Thurs nite to sign the form. Then Fri I submit my banks statements.

 

[Jojodespo]

No worries bro. The 5% is there just in case in between the application time and approval time, there are other transactions being done on the card or loan accounts.

Hi JOJO thanks for the explanation. I thought that the 5% buffer is a flat rate payable to the bank for all the extra fees.

 

[WorryChap]

Less than 10 days before June 2019 when the final MAS 12x total unsecured debt limit kicks in. Hope those who have applied for the DCP will get the approval before the deadline.

 

[Iwanttobefree]

Less than 10 days before June 2019 when the final MAS 12x total unsecured debt limit kicks in. Hope those who have applied for the DCP will get the approval before the deadline.

What will be the impact once this kick in?

 

[Applewee]

Less than 10 days before June 2019 when the final MAS 12x total unsecured debt limit kicks in. Hope those who have applied for the DCP will get the approval before the deadline.

How will this affect me? I haven’t get any approval yet...

 

[Bamster78]

Hi all, my dcp approved bank hsbc has disbursed all money to my 5 other banks. However,i noticed that all of them are overpaid. Anyone encounter this before?
Is it normal?

Call them to request for cashier's order for the excess.

 

[Bamster78]

May I know what happens to the existing cards that has been cleared? The bank will cancel the facility? Or temporarily suspend it till the DCP payment completes?

 

[StormySkiesNRainbows]

What will be the impact once this kick in?

Your credit limits would be adjusted so that it falls within the 12x, any excess unsecured amount that falls outside the 12x, banks would give a 3 month grace period for amount to be cleared. SMS and letters reminders would be sent.

This is the best time to quickly apply for DCP or DMP