Debt consolidation Plan - Part 2

[Applewee]

I would suggest to pay promptly and wait for rating to improve. It took me 2 months to improve my rating from HH to GG & my total debt now marginal to 12 times of my total debt. I have just submitted my application to HSBC. Keeping my finger cross.. hopefully it gets approve.

Good luck to u!

 

[Bamster78]

I've got my SMS for approval from DBS.

 

[Applewee]

Can share ur rating?

I've got my SMS for approval from DBS.

 

[Satanchild666]

Greetings to all,

Can someone kindly enlighten me regarding refinance.

I got my DCP with Citi about 21 months ago. Next coming payment will be 21 months with Citi.
Total amount of loans with Citi is 60300sgd. Monthly need to pay about 1200sgd for 60 months.

Was thinking of going refinance with DBS. But was blur.

Assuming DBS approved my refinance, what’s the amount they looking at? 60300sgd or the remaining amount balance, including the interest, which about 50000+.



Can someone who already refinance enlighten me. And if you guys were me, I only left about 39 months to complete my journey, will you guys reset back for another 72 months at probably slightly lower monthly payment, probably at 1k sgd, I presume.

On the other hand, I already left my contact details for DBS to get back to me.

 

[terence12]

Curious

Hi there,

I have applied for POSB DCP 3 weeks ago. I have met all requirements according to the application requirements and my rating is BB rating. However, my application was being rejected. Any idea although I have met all requirements, how come I was still being rejected. Anyone with the same situation with me?
Hence, i applied yesterday through HSBC DCP. I am currently keeping my fingers crossed hoping that this time I would get approval.

 

[Thedarkalley]

They will refinance your balance amount. For refinancing you doesnt need to meet 12months.

I wont advise you to refinance your DCP if you are ok with the repayment. Cause end day you will be paying more than your citibank now.

Moreover, dbs only give 3.98% interest rate for min 6 years tenure and 3%cashback if your are AA grading.

Only consider if the current installment is too much for you.

You can ask dbs for quote. Ask for the monthly payment and calculate. Mthly payment x total mth tenure. Comparing with current.

Greetings to all,

Can someone kindly enlighten me regarding refinance.

I got my DCP with Citi about 21 months ago. Next coming payment will be 21 months with Citi.
Total amount of loans with Citi is 60300sgd. Monthly need to pay about 1200sgd for 60 months.

Was thinking of going refinance with DBS. But was blur.

Assuming DBS approved my refinance, what’s the amount they looking at? 60300sgd or the remaining amount balance, including the interest, which about 50000+.



Can someone who already refinance enlighten me. And if you guys were me, I only left about 39 months to complete my journey, will you guys reset back for another 72 months at probably slightly lower monthly payment, probably at 1k sgd, I presume.

On the other hand, I already left my contact details for DBS to get back to me.

 

[Applewee]

Did ur CSO give u any feedback?

Hi there,

I have applied for POSB DCP 3 weeks ago. I have met all requirements according to the application requirements and my rating is BB rating. However, my application was being rejected. Any idea although I have met all requirements, how come I was still being rejected. Anyone with the same situation with me?
Hence, i applied yesterday through HSBC DCP. I am currently keeping my fingers crossed hoping that this time I would get approval.

 

[terence12]

Did ur CSO give u any feedback?

Nope. I was being informed that its subject to approval upon reviewing of my application. Have to re apply all over again.

 

[Satanchild666]

They will refinance your balance amount. For refinancing you doesnt need to meet 12months.

I wont advise you to refinance your DCP if you are ok with the repayment. Cause end day you will be paying more than your citibank now.

Moreover, dbs only give 3.98% interest rate for min 6 years tenure and 3%cashback if your are AA grading.

Only consider if the current installment is too much for you.

You can ask dbs for quote. Ask for the monthly payment and calculate. Mthly payment x total mth tenure. Comparing with current.

Ya, actually DBS did called me somewhere early last year, with cash back of 2Ksgd, I think it’s during when they just first started DCP. Yup, I also think like not worth it, but would like to hear from those who already refinanced their DCP, what makes them refinance their loans, other than paying probably slightly lower than the current one.

Anyway appreciate your input and views, thanks a lot dude. Cheers.

 

[lork44]

Ya, actually DBS did called me somewhere early last year, with cash back of 2Ksgd, I think it’s during when they just first started DCP. Yup, I also think like not worth it, but would like to hear from those who already refinanced their DCP, what makes them refinance their loans, other than paying probably slightly lower than the current one.

Anyway appreciate your input and views, thanks a lot dude. Cheers.

I can give my perspective as I had refinanced last year.

1. I refinanced with DBS and the cash rebate to me is good enough to pay off my early settlement fees with UOB.
2. The interests rate DBS quote was much lower than UOB which lowers my monthly repayment and total loan. This in turn is savings for me.
3. I’ve left with 5 years to go with my initial 7 years. DBS offered me the same loan tenure with lower loan repayment.

All these factors that makes me to go for the refinance.

Please check all the outstanding amount and rebate amount is able to offset the early settlement fees for you and be reminded that some banks do charge admin fees like x% of the loan amount as well.

Good luck!

 

[Obscurity]

Hi guys im asking for a friend who is a grab driver. He is unemployed for 1 year and do grab only recently for abt 2 to 3 months with unstable income. So far did minimum payment. Any grab drivers managed to get approved dcp?

 

[Applewee]

HSBC or UOB?
I’m deciding between this two banks to start of my dcp application..
Any bro or sis and advise?

Rating EE
Debts about $76500
NOA $72500

 

[WorryChap]

HSBC rate seems to be the lowest at this moment with high approval rate.
Got approved from the bank recently. Have checked all banks except 1 still yet to settle.

 

[Shalala-86]

HSBC rate seems to be the lowest at this moment with high approval rate.
Got approved from the bank recently. Have checked all banks except 1 still yet to settle.

Able to share your Details? Which bank, CBS rating and loan amount?

 

[StormySkiesNRainbows]

Hi all,

Thought of applying to SCB, anyone has CSO to recommend. UOB rejected the first time in April because plus 5% made my BTI too close to 18x. Reapplied last Thursday after reducing my 5% plus BTI to 16x. Previous CSO left, unable to reach the new CSO. Wonder why application takes so long. Rating is GG, no default and also pay on time for the last donkey years. Despite paying in full always with UOB and before due dates but min plus more for all the other banks. UOB adjusted my credit limit downwards based on my 2018 NOA. Resulting in my Cashplus having an OD

 

[terence12]

HSBC rate seems to be the lowest at this moment with high approval rate.
Got approved from the bank recently. Have checked all banks except 1 still yet to settle.

How long did you wait for the approval?

 

[Daryl_T]

Hi all
Just to check if i have applied loan with Credit Culture and gotten the approval can i add the loan amount to apply for DCP? I was previously rejectec by 2 banks due to i did not reach the 12 months outstanding.
TIA

 

[WorryChap]

How long did you wait for the approval?

-Started applied through phone on 22 Apr. Email to CSO my rating report and payslips.
-Email all my statements on 23 Apr.
-Courier came on 24 Apr for me to sign the forms with all the amount stated in one of the forms.
-Rec SMS on changes of contact detail & DP approval on 30 Apr.
-Rec debit card on 3 May.
-Today check banks all paid except 1 cc from UOB.
-Rec sms informed me the loan amount, monthly pay how much and due date as well. Have not receive any offical mail yet.

 

[WorryChap]

Hi all
Just to check if i have applied loan with Credit Culture and gotten the approval can i add the loan amount to apply for DCP? I was previously rejectec by 2 banks due to i did not reach the 12 months outstanding.
TIA

Credit Culture is not one of the participating FI. Thus don't think can...

 

[Dave25]

Just got approval from Citibank. CBS:BB, BTI x16, NOA:122k
Can give Citibank a try if you are facing problem from other banks.