Debt consolidation Plan - Part 2

[KKK1978]

Will refinance to include the other outstanding work? Or apply frm credit culture?

Thanks for the support. I feel that I should find a solution my own as previously before this **** went so deep, I shared with her about my cc instalments and balance transfers debts, it wasn't of much help. Instead, all I got was reprimanding and angry remarks from her......

T_T

I tot this DCP will help me ease my problems. But intended up worse off.

T_T

 

[Stressfulpie18]

I managed to call the bank to see if my loan is all paid n closed. All banks settle except ocbc which I hv to go dw personally to close it... Like can I don't tell them I am on dcp loan...it already so paiseh...anyway me n my wife are on dcp loan too. So is like we are paying own dcp want to help each other also cannot....

BTW dbs did ask me if I want to close my cashline cos once I close n want to apply after my dcp.. It hard... So she advise me to let it suspended.. With all my 4 loans n 1 cc... I close all except for this cashline I let it suspended with annual fee to be waive off. But still suspended cashline also suj to approval.

 

[StressedLoner]

Refinance can work if I can work out a comfortable amt for my monthly payment and if any banks will to approve refinance my current DCP and outstandings..... but quite doubtful as I tried asking my current HSBC and some other banks.. they dont do refinance with additional balances.. only can take in current DCP to refinance.

What is credit culture? Is it licensed money lender where interest is sky high?

Will refinance to include the other outstanding work? Or apply frm credit culture?

 

[norainbownosun]

thank you! i will try.. because my annual income is less than 30k. but i have got a business which i can pay myself small amount of salary to make it up to 30k annual income. hopefully that will help my application.

im also afraid of my credit rating as i have not tried checking it yet. have recently received lawyer letter to make minimum payment for my credit cards and I'm really going crazy.

this place really give me a lot of encouragement! I'm glad i still have all of you here hearing me out.

do you know if dcp will make a big impact on our future? like credit report or if we r changing job?

thank you!

 

[KKK1978]

Its a fintech finance company that works like moneylender but lower interest at 1%. If lets say u loan $8k, pay 36 months perhaps its $300 per month. But i know they also hv their criteria before approve loan. U can try google and apply online. Will know result rather instantly.

I try apply but was rejected.

Refinance can work if I can work out a comfortable amt for my monthly payment and if any banks will to approve refinance my current DCP and outstandings..... but quite doubtful as I tried asking my current HSBC and some other banks.. they dont do refinance with additional balances.. only can take in current DCP to refinance.

What is credit culture? Is it licensed money lender where interest is sky high?

 

[coastisclear]

All the more important she knows your situation because you cannot to live with a false front. You are in deep debt & cannot afford to spend as you please. The nagging will stop when she feels & sees you are truely stressed out. I wish you well & hope she can understand the serious state you are in & are willing to change.

I am nearly on the edge... to make things worse, because my wife who didnt know and I didnt want her to, tells me off that I shdnt be so stingy on things, wants to buy stuffs not know I do not have $$, etc.... the pressure is killing me... and I have to act like I am ok..

 

[Jojodespo]

If you have a BTO under your name, then there is a way out.. basically the same way I did to settle my wedding costs while on DCP.

Guys I’m on DCP, is there no way I can take loan for ring and wedding? Until after DCP?

 

[huatah88]

Hi all, I managed to chance upon this thread and hope to get some advise on the below..

1) let say if I owe 5 banks money but in my dcp application I only put in 4 bank as outstanding. Will the loan from the 5th bank be also suspended after dcp is approved ?

2) I have a sub card with outstanding too. Will my sub card be affected ? Or DCP will only take consideration on my outstanding as a main card and loan account owner?

3) let say I apply for dcp on 1 jun, my credit card statement usually generated on the 15th of the month. I believe I will need to submit the latest credit card statement which is 15th May. But let say I made some transaction of a few thousands dollar and will like to put those amount in the dcp loan too. Is that possible?

4) how dcp affects job application since it will be on the credit bureau record. Anyone has experience on this?

 

[chris_83]

Hi all, I managed to chance upon this thread and hope to get some advise on the below..

1) let say if I owe 5 banks money but in my dcp application I only put in 4 bank as outstanding. Will the loan from the 5th bank be also suspended after dcp is approved ?

2) I have a sub card with outstanding too. Will my sub card be affected ? Or DCP will only take consideration on my outstanding as a main card and loan account owner?

3) let say I apply for dcp on 1 jun, my credit card statement usually generated on the 15th of the month. I believe I will need to submit the latest credit card statement which is 15th May. But let say I made some transaction of a few thousands dollar and will like to put those amount in the dcp loan too. Is that possible?

4) how dcp affects job application since it will be on the credit bureau record. Anyone has experience on this?

1. no, the dcp bank will know by looking at your cbs
2. all suspended
3. only the latest bills that you submit, any extra from dcp amount will be continue to pay with that banks as usual
4. only if you work in bank or job with involve money that your company need you to declare (should be not since it is not bankrupt)

 

[StressedLoner]

Interest seems very high.

Its a fintech finance company that works like moneylender but lower interest at 1%. If lets say u loan $8k, pay 36 months perhaps its $300 per month. But i know they also hv their criteria before approve loan. U can try google and apply online. Will know result rather instantly.

I try apply but was rejected.

 

[StressedLoner]

Thanks.. I have to think of a way to spill out everything to her. I dont have the confidence yet. T.T

All the more important she knows your situation because you cannot to live with a false front. You are in deep debt & cannot afford to spend as you please. The nagging will stop when she feels & sees you are truely stressed out. I wish you well & hope she can understand the serious state you are in & are willing to change.

 

[StormySkiesNRainbows]

Thanks.. I have to think of a way to spill out everything to her. I dont have the confidence yet. T.T

Sorry to hear about your current predicament. Best to be upfront soonest possible, the faster you tackle this the better, one too many unpaid minimum payments and bank would start to call or send letters. Seizure of property would follow when lawyers letters are not attended too. In a nutshell, your wife will find out either from you which is better or from the bank which isn't that healthy for marriages.

No matter how bad things get, it can only get better from rock bottom. Clear off your $8K in bite sizes by these options:

- Borrow from family or relatives (Don't let pride stand in your way)
- Sell items you owe of value
- Look into a second part time job
- Further tightened your spending
- OT at your workplace

The people in this forum understands your predicament, we went through it or are going through it. You can offload your worries here because of our sympathic 'ears' and know that we would pray or wish you well. Don't think of 'ending it all', life is too precious. God Bless

 

[StressedLoner]

Thanks for the reply and support. I would want to look for part time job. My work place do not have OT pay. And my spending is already at min. Guess either borrow from family and friend or part time job is the solution.

Sorry to hear about your current predicament. Best to be upfront soonest possible, the faster you tackle this the better, one too many unpaid minimum payments and bank would start to call or send letters. Seizure of property would follow when lawyers letters are not attended too. In a nutshell, your wife will find out either from you which is better or from the bank which isn't that healthy for marriages.

No matter how bad things get, it can only get better from rock bottom. Clear off your $8K in bite sizes by these options:

- Borrow from family or relatives (Don't let pride stand in your way)
- Sell items you owe of value
- Look into a second part time job
- Further tightened your spending
- OT at your workplace

The people in this forum understands your predicament, we went through it or are going through it. You can offload your worries here because of our sympathic 'ears' and know that we would pray or wish you well. Don't think of 'ending it all', life is too precious. God Bless

 

[WorryChap]

Stay strong, there were many successful happy ending cases here.
Hope everyone here will be part of them...

 

[WorryChap]

Just received letter from OCxbank to update my income as it is found that my income ceiling has hit the 12x mthly based on my May cbs report.

Guess soon many will receive such letters again...
I am glad my dcp approved on time.
Hope those who are applying rec good news soon...

 

[innerdark]

Hi guys,

My BTI is 11x for Banks. But it is 14x if you consider licensed moneylenders.

Can I apply for DCP if that's the case? If not, what are the alternative?

Need help

 

[hclee01]

Interest seems very high.

1% per month is still lower than the 2%+ per month that the credit card are charging. If you can get approval, you can half your interest on a monthly basis and this will help you get back in shape financially at a slightly faster pace.

 

[chris_83]

dcp will not included moneylenders. pls contact ccs for that. they have list of ppl can help with those

 

[StressedLoner]

Do you know the criteria for approval?
Any legit ones that you may recommend? Legit that are not those out to con or scam .

1% per month is still lower than the 2%+ per month that the credit card are charging. If you can get approval, you can half your interest on a monthly basis and this will help you get back in shape financially at a slightly faster pace.

 

[Applewee]

My rating is EE ... after apply last Friday at HSBC it drop to GG after HSBC do a credit check... I think I gone case Liao