Debt consolidation Plan - Part 2

[villan]

my DCP application with maybank failed 2 months ago. may i know when can i try again?

 

[Toiletazwc]

my DCP application with maybank failed 2 months ago. may i know when can i try again?

You are able to try at anytime, but too many application would affect your cbr report which might affect your dcp application with the other banks. For my situation during 2020, i applied HSBC, dbs, citibank at the same time, HSBC reject my application but citibank approve my application, dbs contacted me 1 week later if I'm still interested on the dcp but I've told them citibank already approved.

Hope it helps

 

[villan]

You are able to try at anytime, but too many application would affect your cbr report which might affect your dcp application with the other banks. For my situation during 2020, i applied HSBC, dbs, citibank at the same time, HSBC reject my application but citibank approve my application, dbs contacted me 1 week later if I'm still interested on the dcp but I've told them citibank already approved.

Hope it helps

thanks for sharing. able to share your cbs rating?

 

[Toiletazwc]

thanks for sharing. able to share your cbs rating?

Hh then, now AA. First year was hard to be discipline. But will get used to leading a normal working life, outing maybe once or twice a month only.

 

[candydandy]

HI

HI Can i have the contact who assist on the mortgage loan? Just want to check, is your joint applicant aware that you are on DCP? or will the bank reveal to your partner when apply for mortgage loan?

Hi keen to find out on this as well. Currently with a GG rating but aiming to pay off one shot asap (regret totally on all the bad financial decisions when younger), however we are planning to apply for a IPA too. How will this affect our IPA ? thank you.

 

[Curlyhairbaby]

Is HH rating affect the application?

 

[hugobaby]

Anyone tried for IPA while on DCP?

I just sold my house, getting around 350k cash so I'm gonna pay off my dcp once I get the cheque.

I'm planning to buy my next house, and have applied for dbs, HSBC, ocbc for IPA.

My wife is no longer working, so I'll be the sole applicant for the loan. My current dcp with HSBC balance is 69k, and at 1610 monthly, been on it since Oct 2019. I don't know how long more to go. No car and my monthly credit card spending of around 4-5k, I paid in full monthly. ** report AA.

Last year NOA 210k, this year with increment should be around 240k annual. I applied for IPA 1 week ago... But so far no banks replied me with an IPA yet. I'm looking to buy a 1.2-1.5mil condo. I have saved up around 110k cash to pay for the 5% + BSD but if the banks wants me to pay off my DCP first before I get the IPA.. I rather not.

How long should I wait before getting the IPA and is it advisable to pay off my dcp first in full and apply for IPA again?

 

[Cattie_]

Dear all, I recently got my DCP approved at HSBC bank.

I used my NOA instead of monthly payslips for the application, and my credit rating was GG.

The bank officer who assisted me was a nice lady by the name of Khrisna Castillo. Her contact number is 66580803.

 

[Shalala-86]

I’m planning the same as you. Keen to know. I applied for a IPA last Oct, got rejected by DBS, UOb, OCBC and Citibank. Eventually standard chartered granted me with IPA. Now I’m at the process of selling my house and plan to clear off my DCP with my proceed and start afresh!
Anyone has success story to share? With the rejection of that few banks, I am worried when I wanna get my unit, the bank that is giving the valuation will not grant my loan.

 

[Mic2000]

Hi, currently on dbs dcp. This month afraid i have to default one payment so wonder will it affect the ** rating? Under the t&c, only a late payment of $90 if i dint get to pay this month instalment? Will there be any adjust of interest or will ask me to settle the whole loan instead? Due date on 9th of the mth so if missed, when will be the next deduction? Thanks

 

[Ducklover]

Hi guys cn I seek your advice? In feb I received a notification that my bti is more than 12. I tried to apply for dcp but was rejected because of my credit score being HH. The hsbc cso adviced to try apply for ccs instead and I did. CCS then mentioned that they cn offer me their package however due to the fact that I am a bank staff, taking up with ccs might led me to be fired from my job. That was what the ccs officer informed. They adviced me to either speak to my manager n inform or try to cut down on some of my spending. The thing is I am currently just few months into my new job and I’m worried If I inform my manager it will affect my confirmation. However recently due to the news of companies cutting corners and inflation my manager did raised in a meeting saying should any of us have issue financially to inform them as there been a high ranking staff who were ask to let go because they were in debt. What should I do now? Should I just continue to pay my outstanding on my own - if I do this I rlly do not hv much money to even spend or buy food for myself. Or should I speak to my manager abt this? I’m worried tht I will lose my job the cca officer also mentioned there are bank staff who are on ccs help but those are with their managers who are aware they are on such a programme. Currently I cnt even apply for dcp cos it seems that my bti is now less than 12.

 

[Dave25]

Hi guys cn I seek your advice? In feb I received a notification that my bti is more than 12. I tried to apply for dcp but was rejected because of my credit score being HH. The hsbc cso adviced to try apply for ccs instead and I did. CCS then mentioned that they cn offer me their package however due to the fact that I am a bank staff, taking up with ccs might led me to be fired from my job. That was what the ccs officer informed. They adviced me to either speak to my manager n inform or try to cut down on some of my spending. The thing is I am currently just few months into my new job and I’m worried If I inform my manager it will affect my confirmation. However recently due to the news of companies cutting corners and inflation my manager did raised in a meeting saying should any of us have issue financially to inform them as there been a high ranking staff who were ask to let go because they were in debt. What should I do now? Should I just continue to pay my outstanding on my own - if I do this I rlly do not hv much money to even spend or buy food for myself. Or should I speak to my manager abt this? I’m worried tht I will lose my job the cca officer also mentioned there are bank staff who are on ccs help but those are with their managers who are aware they are on such a programme. Currently I cnt even apply for dcp cos it seems that my bti is now less than 12.

I suggest you try to let your family know and borrow you some money to lower the debts. Don't lose your job. Stay calm, everything will be back on track.

 

[Silver22]

so, anyone applied successfully for renovation loan while on DCP?

Hi, did u succeed applying renovation loan while on dcp? I am left with 12months for dcp, but banks told me approval chances are slim while on dcp…

 

[Silver22]

Hi.. anyone have renovation loan approved while on dcp?

 

[relief]

Hi guys,
Update on my DCP.
Finally paid off my DCP after 53 months. My DCP was 7 years [84 months] with MayBank.
Initial Debt:$126,5xx
Total Loan: $ 168,2xx
Early Repayment: $55,5xx
Penality 5%: $3,1xx
TOTAL PAID: $58,6xx

 

[a4973]

Hi guys,
Update on my DCP.
Finally paid off my DCP after 53 months. My DCP was 7 years [84 months] with MayBank.
Initial Debt:$126,5xx
Total Loan: $ 168,2xx
Early Repayment: $55,5xx
Penality 5%: $3,1xx
TOTAL PAID: $58,6xx

Is this what is known as "negotiated settlement"?
Nice discount you got there!

 

[relief]

Is this what is known as "negotiated settlement"?
Nice discount you got there!

Actaully, not much disount.
Save only $3.4k for 31 months left.
There was no negotiation.
MayBank charged 5% of remaining loan ammount[ which included interest]

 

[shanz80]

Hi, did u succeed applying renovation loan while on dcp? I am left with 12months for dcp, but banks told me approval chances are slim while on dcp…

Not yet apply cos hse not ready yet.

 

[ReachingForTheStar]

Hi guys cn I seek your advice? In feb I received a notification that my bti is more than 12. I tried to apply for dcp but was rejected because of my credit score being HH. The hsbc cso adviced to try apply for ccs instead and I did. CCS then mentioned that they cn offer me their package however due to the fact that I am a bank staff, taking up with ccs might led me to be fired from my job. That was what the ccs officer informed. They adviced me to either speak to my manager n inform or try to cut down on some of my spending. The thing is I am currently just few months into my new job and I’m worried If I inform my manager it will affect my confirmation. However recently due to the news of companies cutting corners and inflation my manager did raised in a meeting saying should any of us have issue financially to inform them as there been a high ranking staff who were ask to let go because they were in debt. What should I do now? Should I just continue to pay my outstanding on my own - if I do this I rlly do not hv much money to even spend or buy food for myself. Or should I speak to my manager abt this? I’m worried tht I will lose my job the cca officer also mentioned there are bank staff who are on ccs help but those are with their managers who are aware they are on such a programme. Currently I cnt even apply for dcp cos it seems that my bti is now less than 12.

just curious. how come u got the bank job while ur ** is HH? i thought banks check **?

 

[ReachingForTheStar]

Hi, currently on dbs dcp. This month afraid i have to default one payment so wonder will it affect the ** rating? Under the t&c, only a late payment of $90 if i dint get to pay this month instalment? Will there be any adjust of interest or will ask me to settle the whole loan instead? Due date on 9th of the mth so if missed, when will be the next deduction? Thanks

i had the same question during circuit breaker due to paycut. i called bank to ask what is the consequences. they sternly warned me they will withdraw the dcp if i default 1 payment. i suggest you dont play with fire. we're already on dcp, last step before bankrupt. cut back on spending and pay the installments on time