Debt consolidation Plan - Part 2

[amir85]

Was wondering if we shld have a telegram chat group for dcp holders. So we can share our experience and support each other in this long journey!

 

[cheeyen]

Can I ask.. if annual income is above 120k means no chance of applying for DCP? Or are there any banks which are more flexible with this income ceiling?

 

[WoShiPro]

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

I work as a credit approver for 1 of the bank offering RL. After applying RL application will be routed to sales to check eligibility and if sighted DCP account. They will not support the application and route it to us for decline. Think should be similar with other banks.

 

[kykykyky94]

Hi I am currently 1 year into my DCP with 44k left remaining. However I also do have a few outstanding MLs amounting to 24k outside.

Will DMP help me consolidate both or just with the MLs and bring it to an amount easier for me to repay ?

Current take home pay around 3.3k
DCP payment 900+ monthly
ML 6k monthly (mixture of payday and monthly loan)

Thank you all.

 

[ulysses84]

Finally exited HSBC DCP in July 2022.
2K/mth for 5YRs
Real painful journey but it is what it is, we just have to take ownership and full responsibilities.
Hang in there, clear the debt and don't fall into the trap once again.

 

[ulysses84]

Hi there, can anyone advise how long can credit card application be aporoved after DMP completed? Thanks.

Facing same problem right now.

 

[villan]

anyone have contact of a gd maybank sales officer?

 

[Gilevo]

Hello,


Is it possible to enter DCP for just 1 year? As i will be changing jobs and my BTI now can finally >12months.
Just using this opportunity to get low interests rates and easier payment to just 1 bank.

Also will this affect my chances of working in the property industry as a part time RES ?

 

[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

Hi bros,
What happened after making early payment.
Will bank close DCP account.
I paid the balance in June.
Maybank still sending me statement.

 

[shanz80]

Hi bros,
What happened after making early payment.
Will bank close DCP account.
I paid the balance in June.
Maybank still sending me statement.

Call the bank to query is the best. The statement is asking for payments?

 

[relief]

Call the bank to query is the best. The statement is asking for payments?

Yah. Called last Friday, bu line cut-off half way.
Asking minimum payment, "0".

 

[shanz80]

Yah. Called last Friday, bu line cut-off half way.
Asking minimum payment, "0".

Hahha. Maybe just automated statements. Call again or send emails

 

[Shalala-86]

Anyone has cleared DCP and successfully secure bank mortgage loan? I’m in the midst of getting another house and I’m planning to use the proceed to clear my DCP before getting my mortgage together with my spouse. Previously I got my IPA and got rejected by many banks. Now had a fear to apply the mortgage loan.

 

[Shalala-86]

Hello,


Is it possible to enter DCP for just 1 year? As i will be changing jobs and my BTI now can finally >12months.
Just using this opportunity to get low interests rates and easier payment to just 1 bank.

Also will this affect my chances of working in the property industry as a part time RES ?

You can but just bear in mind DCP will stay in your ** report for 3 years I think. Might impact your future unsecured loan application if down the road you want to apply them.
as for PT RES, I don’t think they look at your BtI. As long as you are clear in your name under the law, you should be fine.

 

[Thedarkalley]

Hi. After dcp cleared, its still hard to get a credit card application approve?

 

[Faith2Happy]

Hi
I am still on the DCP progress on 48/60 at this moment. Then I tried to apply Amex, HSBC, OCBC, Citi credit cards.
Until today, OCBC, Citi rejected within 2 days from my application. HSBC is yet to update me.
However I still got one AMEX card, surprisingly with limit amount of 76K. But AMEX has no function of cash advance, I think.

If need , you can try AMEX first. Good luck

 

[villan]

anyone know if GG stands a chance in DCP being approved?
do banks just look at the rating? or will they go into the payment history details?
I have no past default, prompt payments every month (A throughout).

 

[Shalala-86]

anyone know if GG stands a chance in DCP being approved?
do banks just look at the rating? or will they go into the payment history details?
I have no past default, prompt payments every month (A throughout).

Should stand a chance. No harm trying.

 

[Ark Law]

anyone know if GG stands a chance in DCP being approved?
do banks just look at the rating? or will they go into the payment history details?
I have no past default, prompt payments every month (A throughout).

Credit rating is just one of the many factors banks look at. While certain elements in CBS's report no longer exist after X years, banks keep their records perpetually.

 

[ulysses84]

Hi. After dcp cleared, its still hard to get a credit card application approve?

Yes so far local bank keep reject.