Unlikely…
if fail, u can consider borrowing from the link below…
https://dollarsandsense.sg/why-cred...-be-the-first-and-not-last-place-you-turn-to/
Debt consolidation Plan - Part 2
- Thread starter deadlockb
- Start date
if fail, u can consider borrowing from the link below…
https://dollarsandsense.sg/why-cred...-be-the-first-and-not-last-place-you-turn-to/
Stressful_Rawker
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Thanks! I just check my ** my rating now is AA .....this won’t help right as long as we are on dcp?
Is there any indication on your credit report that you are on DCP? It is unlikely to approve if you have DCP. But nobody knows what the banks’ guidelines are. You may try applying?
Do they need a grantor?Thanks for the info bro, just to update i got mine approved by SC [Credit Rating BB Debt was 11.something X added interests and charges 12.something X.
Just to share my journey a little, My SC Rep was extremely helpful in advising what to submit and my queries to future home and car loan. I submitted my credit report, payslips and NOA, along with the latest bank statements and CC bills(not more than 3 months).
According to my SC rep, the approval was gotten 24 hours after the application and funds was disbursed to settle all the outstanding from the 7th day after application.
As my journey is still ongoing, i'm happy to share more including my helpful SC rep if anyone is interested
ReachingForTheStar
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Feels stressed and depressed. Am in 3rd year. Still have 50k balance. Salary 6k + .. every month paying 1.3k+. With a family to feed, nearly impossible to save money. So many unexpected expenses, company also freeze increments, cut bonus due to covid. Tax, bills keep coming. Although still can manage the repayment, basically every month nothing left. Feel so stressed and vulnerable without money in bank
Sorry to hear that but what u r doing now is paying back what u spend earlier on. Using credit = using ur future money. And now ur “future money” is settling what u pay for earlier on.Feels stressed and depressed. Am in 3rd year. Still have 50k balance. Salary 6k + .. every month paying 1.3k+. With a family to feed, nearly impossible to save money. So many unexpected expenses, company also freeze increments, cut bonus due to covid. Tax, bills keep coming. Although still can manage the repayment, basically every month nothing left. Feel so stressed and vulnerable without money in bank
no choice have to bite the bullet… until u r debt free… take this chance to learn a lesson. Be blessed that u still have a job. It will be even worse if u need to find a new job.
Stay on the bright side. Life still carries on…
Another sugestion… use ur skillsfuture credit and take up some course. After passing the course, can consider working as part time to increase ur income.Feels stressed and depressed. Am in 3rd year. Still have 50k balance. Salary 6k + .. every month paying 1.3k+. With a family to feed, nearly impossible to save money. So many unexpected expenses, company also freeze increments, cut bonus due to covid. Tax, bills keep coming. Although still can manage the repayment, basically every month nothing left. Feel so stressed and vulnerable without money in bank
Or u can just find a part time job to work to increase ur income.
Even if ur part time can earn u extra $200/mth… one year u can save $2,400 already…
Feels stressed and depressed. Am in 3rd year. Still have 50k balance. Salary 6k + .. every month paying 1.3k+. With a family to feed, nearly impossible to save money. So many unexpected expenses, company also freeze increments, cut bonus due to covid. Tax, bills keep coming. Although still can manage the repayment, basically every month nothing left. Feel so stressed and vulnerable without money in bank
6k plus salary, take home got at least $5k. after paying $1.3k, you'd have 3k ++ left to spend. Some people only earn 3k every month. have you tried listing out your expenses ? setting a budget? you earn 6k + every month, that is above the average income in Singapore.
dimitri_can
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Another not so good way you can think of is to do a refinance, pay a bit more interest, but at least can reduce the repayment amount per month... also can talk to the DCP bank again to reduce the interest...
reboot2018
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I wonder if anyone of you have done this.
That is when your DCP has falled below 12 months of your monthly income, you will try to approach another bank to take up a NORMAL LOAN to settle your DCP Loan and get out of DCP status.
By doing so your credit review by any banks and FIs will create alot of changes too.
I am not coming anywhere near to that hence asking.
That is when your DCP has falled below 12 months of your monthly income, you will try to approach another bank to take up a NORMAL LOAN to settle your DCP Loan and get out of DCP status.
By doing so your credit review by any banks and FIs will create alot of changes too.
I am not coming anywhere near to that hence asking.
Toiletazwc
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Didn't tried that. I'm on dcp as well, but from what I understand is that once you are on dcp, non of the banks would approve you for a personal loan/ Cc application.
Yup, cos the programmes are to help with easing ur debts… by lending u more $… is not helping…
RedAlert88
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Anyone know after being on DCP, is there anyway to get the interest rate even lower through any other financial product by MAS? Thank you in advance!
Stressful_Rawker
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Yes i did. Approved by OCBC
Shud be okay as Home loan is a secured loan… if u going for unsecured loan, maybe not possible…
Thank you, I have apply dbs home loan AIP hope it will approve
Hi, did you mention that you are under DCP to them? Or they view your credit bureau report?
Stressful_Rawker
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Yup i mentioned to them before applying.and they also will check your **. But for secured loan, it should be okay.
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