Debt consolidation Plan - Part 2

[Faith2Happy]

I myself thought this grant is impossible. My DCP under SCB, still have 20% of loan. Surprised that for HSBC credit line of 20K, is not affecting my CC card limit, still maintain 63K.

 

[reggaez]

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

i did, i am on DCP with UOB. i got my reno loan approved by POSB. 30K fully approved.

i went through a loan agent though, but no handling fees.

hope this helps.

 

[Sianwithlife]

Hello all,

have been a silent reader these 2 weeks..feeling lost until I found this forum. Recently I got in a new rs and my bf has been talking about getting a house. I feel very stressed thinking about this as I am in debt.

debt: $35000
Monthly gross: $4000

i decide to confess honestly to my mom and she was very angry at how I incur so much debt. But thankfully she say she will help me with $10000. Sighs, hope this will pass. Cc bills is really the killer

 

[yanra00076]

Hi all been reading all the post and keep me motivated want to change my lifestyle

I have SCB 25k and ocbc 7k both close account no payment at all for the pass 9 year. Now I want to restart new life I call scb they say they can't do consolidate payment scheme on close account. Ocbc is still checking like no news can anybody advise if u can do dcp with other bank?

And my partner credit score is GX but he have personal loan with dbs non payment for 4 year. Can he apply for credit card ? He try Amex and HSBC and scb all got rejected

 

[Faith2Happy]

Hi
You are still very fortunate relatively. Good luck for you.

 

[Faith2Happy]

Hi
For DCP , you not required to have any existing account of bank. You need to submit the application of DCP
directly to your targeted bank .

 

[yanra00076]

Dbs just cancelled my dcp .it bcoz I been default payment for the last 3 month so now how do my debt go back to 14k? Like or do I pay the remaining balance of 1.9k? After paying 1.9k will incur any amount can I ask the bank to close the account at 1.9k only . I'm so stressed now why 3 month balance they cancelled.

 

[yanra00076]

Hi
You are still very fortunate relatively. Good luck for you.

What u mean?

 

[yanra00076]

Hi
You are still very fortunate relatively. Good luck for you.

Close account mean I still own them money but I close my account with them already

 

[heavenish]

Hi all,

I’ve been a silent reader for the past weeks. Thankfully there is a forum to share from each and everyone’s experience.

Today I’ve decided to share mine.

With accumulation of $50k debts combined with personal loan, cash on instalment and balance transfer.
Every month minimum payment has to be $1k, otherwise more debts to roll.
Myself has other financial commitments such as telco, utility, parents’ allowance.
My salary before CPF is $3k.
My new flat is coming in 2 months’ time. With BTI exceeded more than 12 times, there is no bank willing to entertain for more loans such as renovation.
My wife has been keep in the dark all this while and I has no intention to disappoint her further.

At this state, should I surrender all my outstanding debts to DCP?
If I’m under DCP, am I able to secure a renovation loan?

Thank you. Have a blessed weekend.

 

[ulysses84]

Hi all,

I’ve been a silent reader for the past weeks. Thankfully there is a forum to share from each and everyone’s experience.

Today I’ve decided to share mine.

With accumulation of $50k debts combined with personal loan, cash on instalment and balance transfer.
Every month minimum payment has to be $1k, otherwise more debts to roll.
Myself has other financial commitments such as telco, utility, parents’ allowance.
My salary before CPF is $3k.
My new flat is coming in 2 months’ time. With BTI exceeded more than 12 times, there is no bank willing to entertain for more loans such as renovation.

My wife has been keep in the dark all this while and I has no intention to disappoint her further.

At this state, should I surrender all my outstanding debts to DCP?
If I’m under DCP, am I able to secure a renovation loan?

Thank you. Have a blessed weekend.

Personally can relate to the debt as in the past mine was more than double of your accumulated. The first step to solve the problem is identify and confront the root cause. You should start by looking at what is in the bold statement above. Your immediate family member needs to know the gravity of situation to collectively find a solution to it.

 

[heavenish]

Hi all,

I’ve been a silent reader for the past weeks. Thankfully there is a forum to share from each and everyone’s experience.

Today I’ve decided to share mine.

With accumulation of $50k debts combined with personal loan, cash on instalment and balance transfer.
Every month minimum payment has to be $1k, otherwise more debts to roll.
Myself has other financial commitments such as telco, utility, parents’ allowance.
My salary before CPF is $3k.
My new flat is coming in 2 months’ time. With BTI exceeded more than 12 times, there is no bank willing to entertain for more loans such as renovation.


At this state, should I surrender all my outstanding debts to DCP?
If I’m under DCP, am I able to secure a renovation loan?

Thank you. Have a blessed weekend.

Personally can relate to the debt as in the past mine was more than double of your accumulated. The first step to solve the problem is identify and confront the root cause. You should start by looking at what is in the bold statement above. Your immediate family member needs to know the gravity of situation to collectively find a solution to it.

Thank you for the reply.
I could only blame myself for putting in a poor financial situation.
For now, perhaps DCP could be the optimal solution.
Back to the second question, I’m just wondering if a renovation bank loan can be secured for applicant under DCP?

 

[Faith2Happy]

Sorry for the misunderstanding . I surprised that we can close the account even we owe bank money. Quite rare case.

 

[Faith2Happy]

Renovation loan CANNOT be factored into DCP loan. Good luck.

 

[seeklightsoon]

Sorry for the misunderstanding . I surprised that we can close the account even we owe bank money. Quite rare case.

AFAIK, for some of the banks, they may typically, for debts that the Banks deemed that it is not collectable from the customer (e..g customer is not contactable, etc), they may write-off the loan outstanding as bad debt and "close" the account. In the customer's CBS report, it will still be showing as Default - Outstanding. Technically for such accounts, they will not be able to convert it to DCP.

 

[heavenish]

Renovation loan CANNOT be factored into DCP loan. Good luck.

Understand DCP does not include renovation loan.
Meaning if under DCP, how likely the application of renovation loan be successful?

 

[hclee01]

Understand DCP does not include renovation loan.
Meaning if under DCP, how likely the application of renovation loan be successful?

https://forums.hardwarezone.com.sg/threads/debt-consolidation-plan-part-2.6035250/post-143753419

 

[Faith2Happy]

Under DCP, with standard procedure of bank, to get Renovation loan approved almost zero. I tired few times also fail. But some body in this group know how to apply with special method.

 

[MoDiE]

Just out of curiosity, those with outstanding credit card debts, will the bank waive off the annual fees? Or LL have to pay annual fees?

 

[ulysses84]

Thank you for the reply.
I could only blame myself for putting in a poor financial situation.
For now, perhaps DCP could be the optimal solution.
Back to the second question, I’m just wondering if a renovation bank loan can be secured for applicant under DCP?

not so sure but reno loan are unsecured loan (https://www.creditbureau.com.sg/pdf/Credit-Report-Explanation-2018-Updated.pdf). chances are probably not high if bank already know you are under DCP (another major unsecured loan).