Debt consolidation Plan - Part 2

[Jojodespo]

I can’t remember mine.. but I remember the accounts were all closed within a week and also, it depends what method they used to close it.

You don’t have to be worried about when the due dates are to pay the banks. If you are approved on DCP plan, and your minimum due date is within the next few days, call up the banks and tell them you’re on DCP and you will be delaying the payment to let the DCP approved bank pay it off. They will waive off any late charges and late interest and you can add that into the cash you will receive back from the bank (after 5% buffer is used up to pay off the early closure of balance transfers or installment plans etc)

Let me know if you need more info via PM. More than happy to help.

For those who got the DCP approval from the u/m banks, may I know once you have received the approval SMS from the bank, how long will the bank send out the money to all the banks?
From receiving sms to first disburse the fund to first bank, thx.
This will served a good guide for those who deem need to pay the banks because of the due dates

1) HSBC -- ? days
2) MBB -- ? days
3) OUB -- ? days
4) OCBC -- ? days
5) CITI -- ? days
6) SC -- ? days

 

[Applewee]

Bro Jojo need ur pm cos I can’t pm u

I can’t remember mine.. but I remember the accounts were all closed within a week and also, it depends what method they used to close it.

You don’t have to be worried about when the due dates are to pay the banks. If you are approved on DCP plan, and your minimum due date is within the next few days, call up the banks and tell them you’re on DCP and you will be delaying the payment to let the DCP approved bank pay it off. They will waive off any late charges and late interest and you can add that into the cash you will receive back from the bank (after 5% buffer is used up to pay off the early closure of balance transfers or installment plans etc)

Let me know if you need more info via PM. More than happy to help.

 

[Gaylord]

FC / bank staff apply for dcp

Does anyone know if a banker/fc can apply for dcp and if it will in turn affect employment? many thanks

 

[Lifesotough]

Hope everyone is coping well! It’s been 2 years for me on this DCP journey and things have gotten better each day. Can’t wait to finish paying off in 3 years time.

Quick check - any one under HSBC went for any refinancing and get a better deal? My DCP disbursement was 154k and my monthly repayment for 60 months is around 3175. If anyone has experience in getting an overall reduced interest including the early repayment charges please let me know.

 

[Beenthere]

Yes you can, although banks will say you can’t and it’s stated in their T&C, you are still free to do so. It depends which bank gets it first and enters their approval in the DC registry.

If I’m not wrong, the fastest bank is still Maybank or HSBC, in terms of processing time. Cannot comment on the waiting time after application as it depends on the officer taking your case, and also the number of applications at the same time. Usually close to financial year end they are more lenient as they may want to meet KPI.

Thank you for your reply. When is usually the close of the financial year?

 

[Jojodespo]

Hey! Actually it is just over, March is the last month of the financial year. No problem, applying now is still okay as they have new KPI to meet for the new FY.

Thank you for your reply. When is usually the close of the financial year?

 

[Applewee]

Sorry bro I saw ur pm but I still can’t reply

I can’t remember mine.. but I remember the accounts were all closed within a week and also, it depends what method they used to close it.

You don’t have to be worried about when the due dates are to pay the banks. If you are approved on DCP plan, and your minimum due date is within the next few days, call up the banks and tell them you’re on DCP and you will be delaying the payment to let the DCP approved bank pay it off. They will waive off any late charges and late interest and you can add that into the cash you will receive back from the bank (after 5% buffer is used up to pay off the early closure of balance transfers or installment plans etc)

Let me know if you need more info via PM. More than happy to help.

 

[Applewee]

Trying to apply this mid May... hope everything shun shun

Hey! Actually it is just over, March is the last month of the financial year. No problem, applying now is still okay as they have new KPI to meet for the new FY.

 

[Applewee]

How to know if I have default record?

Unfortunately I got rejected by creditculture. I think because aside from HH rating, I have default record, too.

 

[Smiliez0!]

Hello bro and sis...

I’m still looking for good CSO contacts anyone can help?

Can pm me pls ... cos I can’t send pm yet

You can look for Mui from DBS DCP as she is really helpful .

 

[Applewee]

Thanks! Bro!

You can look for Mui from DBS DCP as she is really helpful .

 

[Beenthere]

You can look for Mui from DBS DCP as she is really helpful .

Do you have her direct line?

 

[Shalala-86]

Isit a must to submit CPF contribution? I got a bonus recently and CS told me I will get rejected based on my feb pay slip as it falls below 12 times. However based on my monthly, my BTI is over 12. I’m thinking to get a payslip that exclude my bonus from HR but if the bank require CPF contribution, my application might fail. Any advise?

 

[Jojodespo]

Tell your bank officer not to use CPF statement. Use payslips is sufficient.

Isit a must to submit CPF contribution? I got a bonus recently and CS told me I will get rejected based on my feb pay slip as it falls below 12 times. However based on my monthly, my BTI is over 12. I’m thinking to get a payslip that exclude my bonus from HR but if the bank require CPF contribution, my application might fail. Any advise?

 

[Shalala-86]

Tell your bank officer not to use CPF statement. Use payslips is sufficient.

Thanks for the advise. Ya, I have spoken to the CS and told her I’ll get my HR to assist to remove bonus components in my payslip. Hopefully this time round can get the application approved! Concurrently I’m apply Fromm sC and CS told me their approval might need NOA. so challenging to get my debt clear.

 

[Beenthere]

Thanks for the advise. Ya, I have spoken to the CS and told her I’ll get my HR to assist to remove bonus components in my payslip. Hopefully this time round can get the application approved! Concurrently I’m apply Fromm sC and CS told me their approval might need NOA. so challenging to get my debt clear.

Will your HR ask why do you need to do that? I most definitely wouldn’t want to let my employer know

 

[Shalala-86]

Will your HR ask why do you need to do that? I most definitely wouldn’t want to let my employer know

Of coz not. Only tell HR need it for bank housing loan. Need to “smoke” abit.

 

[iceboar]

I have also just received my bonus. I just reached the minimum 12 months outstanding but my credit rating is HH. Any advice if I should use my bonus to pay as a lump sum but doing so, I will not be able to reach the 12 months?

Or should I use my bonus to pay minimum sum promptly to improve my credit rating and apply dcp after rating has improved? Im not sure how long it will take for the ratings to be improved though..

Thanks for reading and advising.

 

[Shalala-86]

I have also just received my bonus. I just reached the minimum 12 months outstanding but my credit rating is HH. Any advice if I should use my bonus to pay as a lump sum but doing so, I will not be able to reach the 12 months?

Or should I use my bonus to pay minimum sum promptly to improve my credit rating and apply dcp after rating has improved? Im not sure how long it will take for the ratings to be improved though..

Thanks for reading and advising.

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.

 

[WorryChap]

Anyone receive debit card from HSBC instead of credit card?