Debt consolidation Plan - Part 2

[Jojodespo]

In my opinion, don’t go for the fastest turnaround... go for

1. Lower interest
2. Approval rate (read the forum here to check which banks are now approving more than before)
3. Banks with good CSO.. don’t end up like some of us.. the CSO count wrongly our BTI and therefore application rejected with bank and cannot apply with the bank for 6 months.

In my opinion..
Top tier - SCB, HSBC
Mid tier - MAYBANK, UOB
Low tier - DBS, Citibank, CIMB, HL Bank, BOC

Hi can anyone advise which bank has the fastest turnaround and does anyone have any experienced and professional cso to recommend? UOB preferably

 

[Jojodespo]

The folllwing month, they will send the statement, and also all the documents including how to pay and where to pay into. Your payments will start in June I believe.

Any idea how Long will u receive the official letter and credit card/ debt cards? My dcp was approved on 10 May, official SMS from HsBC was received on 10 May. all Loans have been cleared and I even receive pin for my newly issued card.. but I have not received the official letter and card. Is this normal?

 

[Shalala-86]

The folllwing month, they will send the statement, and also all the documents including how to pay and where to pay into. Your payments will start in June I believe.

My first payment due on 09 June. Getting a little gan chiong coz wanna make sure I make the payment to the designated account.

 

[Stressfulpie18]

My first payment due on 09 June. Getting a little gan chiong coz wanna make sure I make the payment to the designated account.

My cso told me my payment will be deducted frm my saving acct in POSB. N my deducting date is 20 June. Every mth on the 20th.

 

[Stressfulpie18]

Abit side track. I have make a booking on agoda for hotel on the "pay later" choice. Since my dcp just got approved. My CC will be suspended rite. Then my booking will not go thru is it. The paying date for hotel is on the 9th June. While I am waiting for my new cc from dbs. How do I re book hotel. Should I cancel my booking now n rebook when I received the new card from dbs or...

I won't have any cc with me when I go travel that what I worry. Cos current 1 will be suspended and new 1 don't kW when come and I m traveling in mid June.

 

[StressedLoner]

Hi, I'm new here. I am another guy drowning in debt from Credit cards, personal loan, etc.
I have to admit is due to poor money management, but initiated due to lack of money and poor family which caused me to start borrowing. Debt just kept snowballing and is now outta my hands. I have taken up Debt Consolidation Plan, but it didnt help me. 3 month into DC0 and I am still troubled. Because my DCP wasn't very well done up. Causing me to have to balance of 8k debt and is still snowballing. I have to sa I manage to get a very good DCP. But the balance debt is causing me the same problem again. I genuinely need help. Or maybe just advices how should I handle further. I have already utilised my last resort which is signing up DCP. but still now problem still remains.

 

[Jojodespo]

Hi bro,

You can just let the booking “fail” and they will ask you for new credit details as the payment failed. Alternatively, I believe there is a function on their portal to update payment details

Abit side track. I have make a booking on agoda for hotel on the "pay later" choice. Since my dcp just got approved. My CC will be suspended rite. Then my booking will not go thru is it. The paying date for hotel is on the 9th June. While I am waiting for my new cc from dbs. How do I re book hotel. Should I cancel my booking now n rebook when I received the new card from dbs or...

I won't have any cc with me when I go travel that what I worry. Cos current 1 will be suspended and new 1 don't kW when come and I m traveling in mid June.

 

[Jojodespo]

Hi bro, may I ask which bank you took this DCP with? And also.. is this due to the CSO and processing not calculating your total outstanding properly? By right there is also a 5% buffer. Is this totally used up too?

Perhaps you could quickly talk to the approving bank and ask them to look into the matter, to absorb the 8k debt amount and include in your current DCP since it is their mistake..

Hi, I'm new here. I am another guy drowning in debt from Credit cards, personal loan, etc.
I have to admit is due to poor money management, but initiated due to lack of money and poor family which caused me to start borrowing. Debt just kept snowballing and is now outta my hands. I have taken up Debt Consolidation Plan, but it didnt help me. 3 month into DC0 and I am still troubled. Because my DCP wasn't very well done up. Causing me to have to balance of 8k debt and is still snowballing. I have to sa I manage to get a very good DCP. But the balance debt is causing me the same problem again. I genuinely need help. Or maybe just advices how should I handle further. I have already utilised my last resort which is signing up DCP. but still now problem still remains.

 

[StormySkiesNRainbows]

Abit side track. I have make a booking on agoda for hotel on the "pay later" choice. Since my dcp just got approved. My CC will be suspended rite. Then my booking will not go thru is it. The paying date for hotel is on the 9th June. While I am waiting for my new cc from dbs. How do I re book hotel. Should I cancel my booking now n rebook when I received the new card from dbs or...

I won't have any cc with me when I go travel that what I worry. Cos current 1 will be suspended and new 1 don't kW when come and I m traveling in mid June.

I was issued the new credit card almost slightly pass two weeks. And my DCP bank credit card was not suspended till I called them, but all other banks' cards were suspended way before that. You could message the hotel via the app and ask for alternate payment mode or switch to your wife's card.

Depending on the popularity of the location you are travelling to, there might not be room vacancy due to June being a popular travelling period if you cancel and rebook.

Also your new card would only have one month credit limit and for travelling, risky to only have one card and limited amount. In the event, cards get block, hotel would only accept cash. Or flight cancellation and you need to purchase alternative flights back. You run the risk of hitting your credit limit and would not look too good if you max your limit during your first month of DCP.

Sorry to be a wet blanket, but best to be prepared.

 

[StormySkiesNRainbows]

Hi, I'm new here. I am another guy drowning in debt from Credit cards, personal loan, etc.
I have to admit is due to poor money management, but initiated due to lack of money and poor family which caused me to start borrowing. Debt just kept snowballing and is now outta my hands. I have taken up Debt Consolidation Plan, but it didnt help me. 3 month into DC0 and I am still troubled. Because my DCP wasn't very well done up. Causing me to have to balance of 8k debt and is still snowballing. I have to sa I manage to get a very good DCP. But the balance debt is causing me the same problem again. I genuinely need help. Or maybe just advices how should I handle further. I have already utilised my last resort which is signing up DCP. but still now problem still remains.

Like Jojo say, ask if the bank can rework the outstanding portion again. Was the outstanding from a licensed money lender or amount incurred before DCP approval? Best to borrow from family and clear that $8K.

 

[Beenthere]

Top tier as in faster and more lenient approval?

In my opinion, don’t go for the fastest turnaround... go for

1. Lower interest
2. Approval rate (read the forum here to check which banks are now approving more than before)
3. Banks with good CSO.. don’t end up like some of us.. the CSO count wrongly our BTI and therefore application rejected with bank and cannot apply with the bank for 6 months.

In my opinion..
Top tier - SCB, HSBC
Mid tier - MAYBANK, UOB
Low tier - DBS, Citibank, CIMB, HL Bank, BOC

 

[StressedLoner]

Just some fact, I applied for DCP with HSBC after some comparing with different bank. HSBC because of the tenor ryat was approved and no processing fees.

I had some pending transactions amounting to abt S$8K due to some huge transactions. I have to admit tha it is because I did not fully understand how the whole DCB works, hence have overlook those transactions while doing the application. Thinking that the banks will supposed to have all my records and everything will be "consolidated".

The 5% was not sufficient and there is balance after the buffer. Have tried talking to HSBC and some other banks. Conclusion is I have to settle the balance on my own. Unable to restructure o combine anymore. Even refinancing also cannot.

 

[StressedLoner]

Before DCP.

Like Jojo say, ask if the bank can rework the outstanding portion again. Was the outstanding from a licensed money lender or amount incurred before DCP approval? Best to borrow from family and clear that $8K.

 

[StormySkiesNRainbows]

Just some fact, I applied for DCP with HSBC after some comparing with different bank. HSBC because of the tenor ryat was approved and no processing fees.

I had some pending transactions amounting to abt S$8K due to some huge transactions. I have to admit tha it is because I did not fully understand how the whole DCB works, hence have overlook those transactions while doing the application. Thinking that the banks will supposed to have all my records and everything will be "consolidated".

The 5% was not sufficient and there is balance after the buffer. Have tried talking to HSBC and some other banks. Conclusion is I have to settle the balance on my own. Unable to restructure o combine anymore. Even refinancing also cannot.

Best to seek help from family or relative. With your credit rating marked with the words DCP, near impossible to loan anymore. Don't go down the License Money Lender route, their interest rates for missed payments can be terrible.

 

[money88]

beside credit culture, is there any loan we can apply for DCP and DMP people??

 

[StressedLoner]

I wanted to seek for solution on my own and not "disturb" my family members. Some can call it ego. but another reason is my family members are also not financially well off.
='(

 

[Stressfulpie18]

I was issued the new credit card almost slightly pass two weeks. And my DCP bank credit card was not suspended till I called them, but all other banks' cards were suspended way before that. You could message the hotel via the app and ask for alternate payment mode or switch to your wife's card.

Depending on the popularity of the location you are travelling to, there might not be room vacancy due to June being a popular travelling period if you cancel and rebook.

Also your new card would only have one month credit limit and for travelling, risky to only have one card and limited amount. In the event, cards get block, hotel would only accept cash. Or flight cancellation and you need to purchase alternative flights back. You run the risk of hitting your credit limit and would not look too good if you max your limit during your first month of DCP.

Sorry to be a wet blanket, but best to be prepared.

I still have cash with me so is like enough for the trip. Issue is I need a valid cc for the trip not for transaction purpose. Some time having cash can't make booking online. With a cc I can use for online booking n I hv cash to pay the amount nt use for cc. But I oni worry before I go I hv no cc with me... Then will like meet no ends.

 

[Jojodespo]

Yes bro, lenient and approvals. Also based on my experience with them.

Top tier as in faster and more lenient approval?

 

[Jojodespo]

I’m afraid there is no way unless you use the applying for renovation loan route.

beside credit culture, is there any loan we can apply for DCP and DMP people??

 

[Jojodespo]

Oh... that is the reason.. In that case it’s abit hard to fight for your case.. best to borrow from family. Or maybe try TCC?

Just some fact, I applied for DCP with HSBC after some comparing with different bank. HSBC because of the tenor ryat was approved and no processing fees.

I had some pending transactions amounting to abt S$8K due to some huge transactions. I have to admit tha it is because I did not fully understand how the whole DCB works, hence have overlook those transactions while doing the application. Thinking that the banks will supposed to have all my records and everything will be "consolidated".

The 5% was not sufficient and there is balance after the buffer. Have tried talking to HSBC and some other banks. Conclusion is I have to settle the balance on my own. Unable to restructure o combine anymore. Even refinancing also cannot.