Debt consolidation Plan - Part 2

[Applewee]

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

So what will happen if I didn’t manage to get approval within this period of time?
It’s really so stressful!

 

[Jojodespo]

The cards will all be suspended. They will not be closed.

You have a choice whether you want to keep your cards suspended until your DCP ends, then you can use your cards again, or you you can call the banks to close or cancel the cards and it will be harder to get cards when DCP ends.

But do note that if you suspend the cards, you will still need to pay annual fees for the cards, and you have to call in the waive each year.

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]

So what will happen if I didn’t manage to get approval within this period of time?
It’s really so stressful!

You could apply with banks that are more flexible. Note that rejection from one bank do not mean the others or the same bank would reject the second time. Also if reapplying with the same bank, you can only do it again after one month.

 

[Applewee]

You would, apply with banks that are more flexible. Note that rejection from one bank do not mean the others or the same bank would reject the second time. Also if reapplying with the same bank, you can only do it again after one month.

The stress level is 100% max Liao...

 

[StormySkiesNRainbows]

The stress level is 100% max Liao...

You have till August. So chance for approval would be high, as property loans the once staple revenue stream for all banks have dipped and DCP would be getting their attention and increased approval rate to claw back some lost profits from property loans.

Stay strong and my prayers go out to all in this fix,

 

[Stressfulpie18]

We people are in debt and we realise our mistake and we are really sincerely to pay our debt by getting a dcp. But it very sad n disappointed when we don't get approved. Everyday is nerve breakdown. We suppose to go holi in June and tix is booked n paid. And cannot be refund. Can I call n tell the SQ tha due to financial issue we can't go can I still negotiate for some refund back?

 

[iamindebt]

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.

Thanks bro. Will PM you later. Was working over the weekend.

Later tonight attending the CCS talk for DMP. I am really stressed over the debt. And now still got the implementation of new rules for DCP and DMP, not sure will I be able to be part of the program within such a short time frame. Hais

 

[StormySkiesNRainbows]

We people are in debt and we realise our mistake and we are really sincerely to pay our debt by getting a dcp. But it very sad n disappointed when we don't get approved. Everyday is nerve breakdown. We suppose to go holi in June and tix is booked n paid. And cannot be refund. Can I call n tell the SQ tha due to financial issue we can't go can I still negotiate for some refund back?

You could try to appeal to SQ in person at ION. Normally, no refund for early promotional ticket prices. But if genuine case of 'cash best spent clearing debt', there is a slim chance of them assisting. Travel insurance cannot assist in this case.

 

[Stressfulpie18]

You could try to appeal to SQ in person at ION. Normally, no refund for early promotional ticket prices. But if genuine case of 'cash best spent clearing debt', there is a slim chance of them assisting. Travel insurance cannot assist in this case.

So likely have to waste that money then.

 

[Shalala-86]

So likely have to waste that money then.

Totally can imagine ur stress. Wanna try selling online ur tickets? At least can t some money back?

 

[StormySkiesNRainbows]

So likely have to waste that money then.

My advise, just try and appeal. Every cent saved is one less to pay.

 

[Stressfulpie18]

Totally can imagine ur stress. Wanna try selling online ur tickets? At least can t some money back?

Like how too. Cos I don't think cn trf of name.

 

[Jojodespo]

Perhaps you still can go, but be really frugal and go on Budget.. I mean.. since you already booked and paid the tickets.. it’ll be better than to waste it.. also at the same time, weigh how much you have left vs how much you will need to spend.. if really expenditure will be over how much you have, then I Guess you have to forgo..

We people are in debt and we realise our mistake and we are really sincerely to pay our debt by getting a dcp. But it very sad n disappointed when we don't get approved. Everyday is nerve breakdown. We suppose to go holi in June and tix is booked n paid. And cannot be refund. Can I call n tell the SQ tha due to financial issue we can't go can I still negotiate for some refund back?

 

[Applewee]

Perhaps you still can go, but be really frugal and go on Budget.. I mean.. since you already booked and paid the tickets.. it’ll be better than to waste it.. also at the same time, weigh how much you have left vs how much you will need to spend.. if really expenditure will be over how much you have, then I Guess you have to forgo..

I guess he don’t have to mood to even go... just like me I don’t feel like going out to meet my friends.. I just wanna stay home and don’t wanna spend any money

 

[Jojodespo]

Yup.. it happened to me a month before my DCP approved.. tickets all bought to Bali and hotel paid.. but other expenses all madness.. but wanted to bring Wife somewhere after getting married.. so I went on a Super Budget trip and spent about $300 there.. since everything else was paid with., credit card... before DCP.. haiz all the mistakes we make.

I guess he don’t have to mood to even go... just like me I don’t feel like going out to meet my friends.. I just wanna stay home and don’t wanna spend any money

 

[money88]

maybe can try tcc loan

https://www.tcc.org.sg/personal-loan

 

[norainbownosun]

DCP CSO to introduce

Hi,

i am new here and have been facing the credit cards trouble for years alone. finally took up the courage to step up and speak to people about it and i chose to come to hardware zone as i have always seen a lot of discussion happening and people has been getting solutions from help here!

anyone has good cso to introduce? if my annual income is less than 30k, does that mean i can't apply for DCP?

greatly appreciate your help!

 

[StormySkiesNRainbows]

Hi,

i am new here and have been facing the credit cards trouble for years alone. finally took up the courage to step up and speak to people about it and i chose to come to hardware zone as i have always seen a lot of discussion happening and people has been getting solutions from help here!

anyone has good cso to introduce? if my annual income is less than 30k, does that mean i can't apply for DCP?

greatly appreciate your help!

Can include your bonus, that might help.

 

[Stressfulpie18]

I got approval from DBS. Like half relief. Mui from dbs help me to send for 2nd review. With the same cbs report of BB rating. Then I send an email to hsbc to cancel my application. It will be my 60mths of hardship frm June onwards. She say it will take 9 working days to clesr my current debt then I hv to call the bank 1 by 1 to see if I have any outstanding or overpaid. I will hv to pay around 1.2k per mth.

 

[Applewee]

I got approval from DBS. Like half relief. Mui from dbs help me to send for 2nd review. With the same cbs report of BB rating. Then I send an email to hsbc to cancel my application. It will be my 60mths of hardship frm June onwards. She say it will take 9 working days to clesr my current debt then I hv to call the bank 1 by 1 to see if I have any outstanding or overpaid. I will hv to pay around 1.2k per mth.

Congrats bro! So happy for u