Debt consolidation Plan - Part 2

[anonymity1288]

Hi all! For approved DCP, will the bank factor in how much balance you may be able to afford each month to factor into the monthly repayment amount to them?

 

[anonymity1288]

Received reply from HSBC that they are unable to proceed with my DCP application due to my credit risk grade and overdue balance with the banks. Anyone has other banks to recommend?

 

[StormySkiesNRainbows]

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.

Took about a week for me

 

[StormySkiesNRainbows]

Received reply from HSBC that they are unable to proceed with my DCP application due to my credit risk grade and overdue balance with the banks. Anyone has other banks to recommend?

Recommend that you start approaching DMP asap. Banks would start knocking on your door soon demanding payment. HSBC approves quite quickly and if you are rejected, most banks might reject you too. Good luck

 

[anonymity1288]

Recommend that you start approaching DMP asap. Banks would start knocking on your door soon demanding payment. HSBC approves quite quickly and if you are rejected, most banks might reject you too. Good luck

Thank you! I signed up for DMP webinar. Meanwhile, I had separately applied with SCB, pending reply.

 

[chivaslife88]

Hi all, hazel from hsbc has rejected my application in due to my credit score of HH. Is there any banks or FI i can apply with to do a consol loan to settle both outstandings.

cs : HH
Outstanding : approx 28k

in the midst of applying for ccs but the late fees and interest kept rolling which it is getting out of hand. Hope someone can advise thx u

 

[Live13]

Got cc from MB last January. Dbs, uob, sc all rejected prior. I also got mortgage loan approved this month.

For reference, i paid off my dcp 3 months in advance. AA rating.

 

[xteruyo]

Got cc from MB last January. Dbs, uob, sc all rejected prior. I also got mortgage loan approved this month.

For reference, i paid off my dcp 3 months in advance. AA rating.

Might be helpful for reference to indicate after how many months after you clear dcp to obtain MB cc, mortgage loan. Congrats!

 

[Live13]

Might be helpful for reference to indicate after how many months after you clear dcp to obtain MB cc, mortgage loan. Congrats!

CC in 1 month after clearing dcp.

I applied mortgage after 2 months. It is first time and got approved.

 

[dayindayout]

hi all, hope someone can help me with the following:

can I apply for DCP if I have loan with licensed moneylender? as I know the loan with licensed moneylender is considered unsecured loan and that once DCP is approved, all unsecured facilities will be closed. I still plan on paying on time back to licensed moneylender hence do not want to have issue with them due to apply DCP. And should I include the amount from licensed moneylender in my application for DCP? Thanks in advance!

 

[hclee01]

hi all, hope someone can help me with the following:

can I apply for DCP if I have loan with licensed moneylender? as I know the loan with licensed moneylender is considered unsecured loan and that once DCP is approved, all unsecured facilities will be closed. I still plan on paying on time back to licensed moneylender hence do not want to have issue with them due to apply DCP. And should I include the amount from licensed moneylender in my application for DCP? Thanks in advance!

AFAIK, DCP does not cover loans with licensed moneylender. It also covers unsecured loans with Banks only as reflected in your CBS report. Hope this clarifies.

 

[Chew70]

My annual pay is $132k and total debts $205k. Am I eligible to apply for DCP? Or any loan structure can recommend?

 

[Foetid]

My annual pay is $132k and total debts $205k. Am I eligible to apply for DCP? Or any loan structure can recommend?

should be fine i think for DBS. The limit is 120k salary, but slightly over might be fine however the debt is 12x of your monthly, check with DBS. You might need to consider DMP instead.

 

[StormySkiesNRainbows]

My annual pay is $132k and total debts $205k. Am I eligible to apply for DCP? Or any loan structure can recommend?

Your annual and total debt are too high. You could try your luck but at the same time apply for DMP.

 

[StormySkiesNRainbows]

Spoken to UOB, they recommended not applying for credit card immediately after completing your DCP, but to wait three months and then apply. Subjected to bank's approval.

Make sure that there are no outstanding in your DCP card during your loan tenure.

 

[gho_sam]

Spoken to UOB, they recommended not applying for credit card immediately after completing your DCP, but to wait three months and then apply. Subjected to bank's approval.

Make sure that there are no outstanding in your DCP card during your loan tenure.

Actually during my DCP tenure I got credit card from Amex, May Bank & UOB. It's simply based on your credit score and you must have paid all installment without delay.

Some banks very strict, once they see the DCP flag they reject your application. While I was on DCP also got bank loan for HDB property as well.

 

[StormySkiesNRainbows]

Actually during my DCP tenure I got credit card from Amex, May Bank & UOB. It's simply based on your credit score and you must have paid all installment without delay.

Some banks very strict, once they see the DCP flag they reject your application. While I was on DCP also got bank loan for HDB property as well.

All my instalments are paid in advance, sometimes a few months in advance, deposit and let them draw and what I spent on my DCP card are paid within a week of spending, sometime a few thousands. Credit Score AA.

Not sure if I should apply for a card next month (Last month of my DCP)?

 

[Keyite2021]

Hey guys, anyone knows of any reason why i cant apply for any credit cards? Seems like i always get auto rejected immediately by the system across most banks.

I had completed my DCP successfully sometime last July 2024.

 

[dayindayout]

Hi all,

Earlier on when I tried to login to my Citibank online app, it prompted that I no longer have an active account with them, does that mean my DCP is approved? My DCP is with another bank but yet to receive any SMS or letter confirmation yet.

 

[sickbear80]

Hi all,

Silent reader here.. I just cleared my DCP with HSBC this February 2025 (7 years repayment $950.19 since 2018).. At that time I was lucky DCP was in early stages of launch and got a call from HSBC and rest is history..

I survived with the single credit card given but importantly I got my life back in order.. can even go holidays with family as the interest payments is greatly reduced.. imagine paying $80K total for 10 different credit cards vs a DCP.. so yeah for those still going through, hang on there, it will pass soon and I wish you all the best..

Ooh ya, just to share.. a month after my DCP completion, as a forumer here suggested, I also applied for a Maybank CC and it was approved within a week to the full $20K credit limit.. so you may wanna try Maybank..

I did however tried applied CC for DBS, UOB, SC & Citi and they were all rejected instantly..

I also got my housing loan approved while in DCP so no worries on that, so long you don't miss any payments..

Just my 2 cents sharing to all.. I just wanna share my happiness or rather suffering for the past 7 years.. the nightmare is over.. i be very sensible now with just 1 CC for emergency..

Cheers all