Debt consolidation Plan - Part 2

[haichijia]

You may wish to consider this one as well:
https://minterestmoney.com/

yea i considering this 2. Which one easier to get approved and faster?

 

[haichijia]

Guys I need help here. I’m 40k in debt and I do not qualify for DCP as debt is not x12 of my income. I do not want to pay bare min monthly for the credit card bills as it will chalk up a lot over time. I try creditculture and they rejected me too. What other plans do I have? I need to borrow around that amount over 3 years and consolidate all from there to pay. Any advises?

 

[haichijia]

You guys can try www.creditculture.sg

My cbs is HH and BTI x 10. I could not get a DCP plan from banks because their minimum is x 12.

My interest rate is 1% per month. It is higher than banks but i couldnt get a loan from banks. I believe it is the second best alternative after banks. Other licensed money lender charges really high interest rate and 10% processing fee.

I headed down their office after getting approval online. Only took 10mins before they disburse the funds via bank transfer.

My friend got rejected by them. I guess they are quite strict cause they charge low interest.

my cbs is AA and was rejected...

 

[geraldkwong]

hi, anyone would have any idea if after the dcp loan is redeem, will the 1x limit credit card which was bundle with the dcp can still be use?
or it will be cancel at the same time once the dcp is fully paid down.

 

[hclee01]

hi, anyone would have any idea if after the dcp loan is redeem, will the 1x limit credit card which was bundle with the dcp can still be use?
or it will be cancel at the same time once the dcp is fully paid down.

This is what Citibank states in their T&C. I guess you will have to call them to cancel it. The practice will probably vary from banks to banks and it is advisable to check with your current DCP bank.

https://www.citibank.com.sg/global_docs/pdf/Citi_Debt_Consolidation_Plan_Terms_and_Conditions.pdf

3.13.The Revolving Credit Facility will be closed or converted to regular unsecured credit facility once the Debt Consolidation Loan has been fully repaid. Any outstanding balance will be transferred to an existing or new regular unsecured credit facility.

6.4. For clarity, clause 3.13 of the Terms and Conditions will not apply. Unless we receive your written request for the same, your Revolving Credit Facility will not be closed and there will be no change to the credit limit on your Revolving Credit Facility notwithstanding that your QC has been fully repaid and no monies are therefore owing in respect of your CRC Account.

 

[seeklightsoon]

my cbs is AA and was rejected...

Given that your CBS is AA, do u want to consider taking personal loan from banks to pay off your existing credit card balances? Typically the personal loan rates are much better than the Fintech LM?

 

[haichijia]

Given that your CBS is AA, do u want to consider taking personal loan from banks to pay off your existing credit card balances? Typically the personal loan rates are much better than the Fintech LM?

bank loan amount uses your unused credit limit? Cause my debt comprises of credit card splurge so my credit limit is not much. I need a loan to consolidate all credit card bills and pay off as much as possible and not monthly min here and there.

 

[seeklightsoon]

bank loan amount uses your unused credit limit? Cause my debt comprises of credit card splurge so my credit limit is not much. I need a loan to consolidate all credit card bills and pay off as much as possible and not monthly min here and there.

Banks are able to grant you up to 4 times limit based on your monthly income. Maybe you wish to consider taking the following steps:

a) Get a personal loan from one of those banks that you don't have credit card / loan facilities. With the 4X loan amount, you use the amount to pay off the existing credit card outstanding.

b) Then get another personal loan from either a new bank or those banks that you have paid off in (a), and then pay off whatever existing credit card outstanding still owning.

c) Continue with (b).

In this case, you have 3 loan accounts to repay on monthly basis with reduced interest rate. Given that if you are disciplined, you should be able to quickly settled all your loan outstanding.

Just a personal thought that you may wish to consider.

 

[haichijia]

Banks are able to grant you up to 4 times limit based on your monthly income. Maybe you wish to consider taking the following steps:

a) Get a personal loan from one of those banks that you don't have credit card / loan facilities. With the 4X loan amount, you use the amount to pay off the existing credit card outstanding.

b) Then get another personal loan from either a new bank or those banks that you have paid off in (a), and then pay off whatever existing credit card outstanding still owning.

c) Continue with (b).

In this case, you have 3 loan accounts to repay on monthly basis with reduced interest rate. Given that if you are disciplined, you should be able to quickly settled all your loan outstanding.

Just a personal thought that you may wish to consider.

But I think it’s not so easy to get a loan as they will check what outstanding loans I had right? And I need a longer term loan to reduce the monthly payment. I am confident to pay back but it’s the monthly high repayment that kills

 

[seeklightsoon]

But I think it’s not so easy to get a loan as they will check what outstanding loans I had right? And I need a longer term loan to reduce the monthly payment. I am confident to pay back but it’s the monthly high repayment that kills

So long as you have not hit your 12X of your income limit for more than 3 months, Banks should be able to grant you a personal loan of up to 5 to 7 years at a lower rate as compared to credit card and in most cases, lower than LM rates too. Also, most LM will probably allow loans of repayment up to 2 or 3 years which is going to be tough if you are looking for something longer than that.

 

[haichijia]

So long as you have not hit your 12X of your income limit for more than 3 months, Banks should be able to grant you a personal loan of up to 5 to 7 years at a lower rate as compared to credit card and in most cases, lower than LM rates too. Also, most LM will probably allow loans of repayment up to 2 or 3 years which is going to be tough if you are looking for something longer than that.

I actually look at qiannow and creditculture. Cause the good thing about them is Low interest and no penalty for earlier repayment. But they seems to be so strict and turn down my application. LM is my last resort as they charge very high interest. I’m exploring HL bank loan but their one charge is high

 

[Tuffluck]

Hi... all u ppl and the info shared here had been very useful to me. Learnt so much and successfully got on DCP program. By now, i have gone through 32 out of 60 months of my repayment plan. The initial months were painful but it has gotten better now and the past monthly nightmares have gone. To those who are in the same predicament, soldier on!

With a clearer mind, I was able to focus more on my family and work to the extent I have grown my career to go past the $120k annual salary. I have a couple of questions that maybe those who have experienced similar or know the rules can share further:

1. At time of application, my salary was below $120k. With the increase now, will it invalidate my DCP? I have no late/ short payments throughout my DCP thus far.
2. I am already crediting my salary to the same bank with my DCP So implicitly they know my latest salary. If I apply for a review of the revolving credit facility, will they allow a higher credit limit?
3. Will other banks accept refinance given my higher salary?

Thanks and have a great weekend!

 

[iamnotlame]

Hi... all u ppl and the info shared here had been very useful to me. Learnt so much and successfully got on DCP program. By now, i have gone through 32 out of 60 months of my repayment plan. The initial months were painful but it has gotten better now and the past monthly nightmares have gone. To those who are in the same predicament, soldier on!

With a clearer mind, I was able to focus more on my family and work to the extent I have grown my career to go past the $120k annual salary. I have a couple of questions that maybe those who have experienced similar or know the rules can share further:

1. At time of application, my salary was below $120k. With the increase now, will it invalidate my DCP? I have no late/ short payments throughout my DCP thus far.
2. I am already crediting my salary to the same bank with my DCP So implicitly they know my latest salary. If I apply for a review of the revolving credit facility, will they allow a higher credit limit?
3. Will other banks accept refinance given my higher salary?

Thanks and have a great weekend!

Congratulations on your increase in income and continuing on with your repayment. To answer your questions, (1) I do not think your DCP will be invalidated because you are now making beyond the DCP income threshold. (2) Why would you want a higher credit limit? Is your current one not sufficient for your needs? Don't you think it will be a reconsideration of (1)? (3) Refinance as in DCP? I do not think so since your salary is beyond what is covered by DCP. Besides, your debts could be very well below 12x BTI considering you have already completed more than half of the tenure.

 

[tingtooth]

PM’ed you!

Hello! Can PM on the contact to get renovation loan too? Need it soon. Thank you so much.

 

[tingtooth]

Hey all! I am back!! I finally managed to get my account back....

I lost all my previous PM’s so if anyone was expecting an answer from me, pls PM me again.. haha..

I can help with:
1. Advice on getting a reno loan when you are on DCP..
2. Offering advice for those that are in desperate need and looking for advice on how to go about choosing the right plans..
3. DCP advice

Take care everyone!!!

Hi! Can pm me how to get a renovation loan while on DCP? Thanks.

 

[dimitri_can]

Hi... all u ppl and the info shared here had been very useful to me. Learnt so much and successfully got on DCP program. By now, i have gone through 32 out of 60 months of my repayment plan. The initial months were painful but it has gotten better now and the past monthly nightmares have gone. To those who are in the same predicament, soldier on!

With a clearer mind, I was able to focus more on my family and work to the extent I have grown my career to go past the $120k annual salary. I have a couple of questions that maybe those who have experienced similar or know the rules can share further:

1. At time of application, my salary was below $120k. With the increase now, will it invalidate my DCP? I have no late/ short payments throughout my DCP thus far.
2. I am already crediting my salary to the same bank with my DCP So implicitly they know my latest salary. If I apply for a review of the revolving credit facility, will they allow a higher credit limit?
3. Will other banks accept refinance given my higher salary?

Thanks and have a great weekend!

2. I tried applying before to reduce my credit limit, but got rejected.. lol. If possible, try to pay off first, then apply for a secured credit card? =)

 

[hclee01]

2. I am already crediting my salary to the same bank with my DCP So implicitly they know my latest salary. If I apply for a review of the revolving credit facility, will they allow a higher credit limit?


Thanks and have a great weekend!

I guess it is dependent on which bank ur DCP is with now. These are the banks which have indicated explicitly in the website or terms.

Banks that will increase a higher credit limit:
HSBC: https://www.hsbc.com.sg/loans/products/debt-consolidation/faq/#revolvingcreditfacility

Can I apply for a permanent credit limit increase on the revolving credit facility bundled with the DCP if my income increases?​

Yes, with submission of fresh income documents.​

Banks that will not increase a higher credit limit:
DBS: https://www.dbs.com.sg/iwov-resourc...personal-loan/debt-consolidation-plan-tnc.pdf

3 (i)The Revolving Credit Facility is DBS VISA platinum card govern by DBS Card Agreement but you will not be able to apply for the following:
(i) Permanent Limit Increase;
(ii) Temporary Limit Increase;
(iii) Supplementary Card Application; and
(iv) Balance Transfer / Personal Loan.

 

[arronnick]

Hi all, has anyone successfully get approved on DCP with an HH credit rating? Recently mine got rejected by DBS. last month was GG rating, I did pay all my unsecured loan min. sum however just now retrieve the ** report become HH. I'll be trying on HSBC and SC concurrently. anyways what other alternatives do we have? I saw the thread discussing DMP.... is that under CCCS?

 

[dimitri_can]

Hi all, has anyone successfully get approved on DCP with an HH credit rating? Recently mine got rejected by DBS. last month was GG rating, I did pay all my unsecured loan min. sum however just now retrieve the ** report become HH. I'll be trying on HSBC and SC concurrently. anyways what other alternatives do we have? I saw the thread discussing DMP.... is that under CCCS?

Can check here for info. Good luck. =)

 

[haichijia]

Hi guys need help here really.
My total debt around 50K. I never hit x12 only around x11 so cannot apply DCP. I'm still paying the min sum for credit card monthly but the interest is snowballing. What can i do in this case? SHould i continue to just pay off as much as the highest interest credit card and slowly kill off all these or should i apply for personal loan from any banks and choose 36months to pay off those high interest cc bills? I'm unsure whether the banks will approved of such personal loans to me. Anyone in this scenario can advise? I try qiannow and was rejected. DCP i try calling HSBC and they mentioned i never hit x12 so won't be approved and say even if i hit x12, it might still get rejected.
Should i try balance transfer but balance transfer only 12 months and monthly payment still quite high.