Debt consolidation Plan - Part 2

[WorryChap]

What is the interest rate for DBS currently?

Try again... Like others say.. Try other bank. I didn't got approved for the 1st time n I am so stress up... I email to my cso tha I got rejected. The nxt day she call me n told me she hv send out for 2nd review and ask me to ignore the letter. She mention even with AA also will get reject for some reason. I really thanks my cso for helping me... If she didn't send for review... I think I still stuck n stress. I guess she know where we applicants are coming from. And she try to help me. Rite after I got approval I email hsbc to cancel my dcp application.

I am just lucky that I got dbs dcp which have the lowest approval rate.

 

[Beenthere]

Good luck!

Hope you get it! All the best!

 

[Shalala-86]

Has anyone successfully get wavier for finance charge? If yes, how you go about it? Any good advise?

 

[Jojodespo]

I got mostly all of mine waived.

Late fees and up to last 3 months interest fees can be waived (as long as below a certain amount and this differs per bank).

Those cannot waiver are those finance charges for early termination, such as closing a personal loan, or term loan. Early settlement fees cannot be waived.

I would suggest you make a list in your notes, to see which bank you called to get waivers etc. Then if CSO said cannot help, call the next day for a different CSO who may actually help you raise to their managers.

Has anyone successfully get wavier for finance charge? If yes, how you go about it? Any good advise?

 

[Shalala-86]

I got mostly all of mine waived.

Late fees and up to last 3 months interest fees can be waived (as long as below a certain amount and this differs per bank).

Those cannot waiver are those finance charges for early termination, such as closing a personal loan, or term loan. Early settlement fees cannot be waived.

I would suggest you make a list in your notes, to see which bank you called to get waivers etc. Then if CSO said cannot help, call the next day for a different CSO who may actually help you raise to their managers.

Wow! 3 months is quite a substantial amount for finances charge. I’ll make a list and start calling. So far only manage to get late wavier for last month. Finance charge seems abit challenging. Will keep trying! Now a days the wavier request need to go thru voice system and CSO can’t help to process. Anyone encounter that? I just gotta keep dialing in to request?
Thanks for ur advise, bro!

 

[Jojodespo]

Don’t go by the automatic system. Just keep listening until the option to talk to a customer service officer.

Then mention you have closed off all your accounts and since you’ve done so, you would like to see if you can request for waivers of 3 months interest fees. Or anything they can help with. Most will help you to do de

Wow! 3 months is quite a substantial amount for finances charge. I’ll make a list and start calling. So far only manage to get late wavier for last month. Finance charge seems abit challenging. Will keep trying! Now a days the wavier request need to go thru voice system and CSO can’t help to process. Anyone encounter that? I just gotta keep dialing in to request?
Thanks for ur advise, bro!

 

[Shalala-86]

Don’t go by the automatic system. Just keep listening until the option to talk to a customer service officer.

Then mention you have closed off all your accounts and since you’ve done so, you would like to see if you can request for waivers of 3 months interest fees. Or anything they can help with. Most will help you to do de

Ok. Thanks, bro for your advise! I will call and speak to the CSO

 

[StormySkiesNRainbows]

Has anyone successfully get wavier for finance charge? If yes, how you go about it? Any good advise?

Citibank and SCB didn't bother to entertain my request for interest wavier. Despite being with them for more than 10 years with no late payment and paying more than just minimum.

 

[Toiletazwc]

Hi guys, any idea to use cc to turn into cash without the cash advance? Wanna clock my 12x but not planning to spend the money incase my dcp failed.

 

[StormySkiesNRainbows]

Hi guys, any idea to use cc to turn into cash without the cash advance? Wanna clock my 12x but not planning to spend the money incase my dcp failed.

Withdraw and keep the cash for when it is approved before banking it back into your DCP? Any other ways would involve spending the money best kept unspent.

 

[norainbownosun]

feeling lost

Hi!

so here's my version of trouble. =( credit card bills snowballing every month and i have recently changed my job thus earning too little to cover all the debts. it was due to my poor financial management and i hope i can get some advise from you all here.

- owe up to 30k cc debts from various banks
- couldn't pay up the min. amount currently and hoping to look for a DCP plan but not too sure if it could be done because I'm currently only earning 2k per month and it does not sum up to min. of 30k per annum. if i have part time job but the amount did not appear in my tax return, will i still be able to work out the 30k per annum?

would greatly appreciate if you have anyone to recommend me on solving this.

thank you so much!

 

[seeklightsoon]

Hi!

so here's my version of trouble. =( credit card bills snowballing every month and i have recently changed my job thus earning too little to cover all the debts. it was due to my poor financial management and i hope i can get some advise from you all here.

- owe up to 30k cc debts from various banks
- couldn't pay up the min. amount currently and hoping to look for a DCP plan but not too sure if it could be done because I'm currently only earning 2k per month and it does not sum up to min. of 30k per annum. if i have part time job but the amount did not appear in my tax return, will i still be able to work out the 30k per annum?

would greatly appreciate if you have anyone to recommend me on solving this.

thank you so much!

Hi, currently most banks (if not all) states that the annual income to apply for DCP is for annual income to be between S$30K to $120K. In this respect, you may not qualify for a DCP. Generally banks will take part-time income into consideration if this is regular income. That is, you have past 3 months payslip showing that you have this regular part-time income. Otherwise, they may not consider the part time income as part of your annual income.

Do you have to consider the alternative route of applying for DMP. For DMP there is no minimum income requirements so long as you have excess funds from your monthly pay that can goes towards paying the banks.

You can read more from this forum:
https://forums.hardwarezone.com.sg/...credit-counselling-singapore-ccs-5821687.html

 

[Toiletazwc]

Hello guys, I have outstanding credit of 32k, My NOA for 2018 is 40k, my basic is only 2.4k but my allowance add it into roughly 3k to 3.1k, tried applied DCP from hsbc and was told that 95% won't be approved as my outstanding is less than 12x my salary. I have a total of 2 personal loan (which I paid on time every month) 1 cash line and 3 CC which I paid the min fee every month, was given suggestion by my CSO to increase my outstanding limit but my cc and cash line already hit their limit( only 100 to 200 before hitting the limit). Tried applying for a personal loan from SC (5k loan) but was rejected. Good thing is my CSO willing to wait for me to find solution before she submit the DCP and get rejected which will affect my CBR. Currently my CBR is CC. I'm able to keep paying the min fee but God knows when I'm able to clear my debt by doing that. My CSO said I'm currently 9 to 10k short to apply DCP, Any good suggestion guys? Tried apply a CC from UOB last year was reject too so i guess I'm not able to get a new cc or loan from any of the banks anymore.

 

[Shalala-86]

Hello guys, I have outstanding credit of 32k, My NOA for 2018 is 40k, my basic is only 2.4k but my allowance add it into roughly 3k to 3.1k, tried applied DCP from hsbc and was told that 95% won't be approved as my outstanding is less than 12x my salary. I have a total of 2 personal loan (which I paid on time every month) 1 cash line and 3 CC which I paid the min fee every month, was given suggestion by my CSO to increase my outstanding limit but my cc and cash line already hit their limit( only 100 to 200 before hitting the limit). Tried applying for a personal loan from SC (5k loan) but was rejected. Good thing is my CSO willing to wait for me to find solution before she submit the DCP and get rejected which will affect my CBR. Currently my CBR is CC. I'm able to keep paying the min fee but God knows when I'm able to clear my debt by doing that. My CSO said I'm currently 9 to 10k short to apply DCP, Any good suggestion guys? Tried apply a CC from UOB last year was reject too so i guess I'm not able to get a new cc or loan from any of the banks anymore.

Have you tried using your payslip without your NOA?

 

[Shalala-86]

My CSO asked for my CPF contribution and in feb I have a bonus which I did not declare. Although my application has approved, once I permit HSBC to view my cpf contribution, they will be able to know. Any idea how I should Ho about it? They require either my pay crediting details or cpf..

 

[Jojodespo]

I managed to get a 10k personal loan from hsbc even with HH rating.. I think they pretty flexible. But once you hit June.. they won’t entertain if you’re above 6x monthly salary..

Hello guys, I have outstanding credit of 32k, My NOA for 2018 is 40k, my basic is only 2.4k but my allowance add it into roughly 3k to 3.1k, tried applied DCP from hsbc and was told that 95% won't be approved as my outstanding is less than 12x my salary. I have a total of 2 personal loan (which I paid on time every month) 1 cash line and 3 CC which I paid the min fee every month, was given suggestion by my CSO to increase my outstanding limit but my cc and cash line already hit their limit( only 100 to 200 before hitting the limit). Tried applying for a personal loan from SC (5k loan) but was rejected. Good thing is my CSO willing to wait for me to find solution before she submit the DCP and get rejected which will affect my CBR. Currently my CBR is CC. I'm able to keep paying the min fee but God knows when I'm able to clear my debt by doing that. My CSO said I'm currently 9 to 10k short to apply DCP, Any good suggestion guys? Tried apply a CC from UOB last year was reject too so i guess I'm not able to get a new cc or loan from any of the banks anymore.

 

[Beenthere]

Just to share, I just got approval from DBS which is a relief. I’ll call the other bank tomorrow to ask them to stop processing my application.

 

[Toiletazwc]

Have you tried using your payslip without your NOA?

I submitted all the document she requested me to -.-, NOA, 12month cpf contribution, latest 3month payslip and all the outstanding credits statement.

 

[Toiletazwc]

I managed to get a 10k personal loan from hsbc even with HH rating.. I think they pretty flexible. But once you hit June.. they won’t entertain if you’re above 6x monthly salary..

One of my loan is from HSBC, another 3 years to go, and a Citibank loan 9months left.

 

[Shalala-86]

I submitted all the document she requested me to -.-, NOA, 12month cpf contribution, latest 3month payslip and all the outstanding credits statement.

Don’t know who is worst. I submitted my 3 months payslip with the exclusion of my bonus. Now they ask me for cpf contribution and it was obvious that I had my bonus which I did not declare. Now I am worried that they will terminate my application as it has been approved.

Anyone has good advise/ view on this?

For your case, u wanna try to Ask if can submit 3 months salary first. If officer insist, then abit tough. Try ur luck on Hsbc loan? Like what Jojo has advised. Jia you!
Me now damn worried.