Debt consolidation Plan - Part 2

[heavenish]

For now I think DCP should put on hold first.
Let’s hope for any one of the bank could allow the successful of renovation loan.

 

[heavenish]

Morning everyone.
I want to know the duration of how long it takes for DCP to be approved from application?

 

[villan]

Morning everyone.
I want to know the duration of how long it takes for DCP to be approved from application?

normally 5 working days should know results

 

[heavenish]

normally 5 working days should know results

Let’s say within a week to know the results, next will be how long it takes for DCP to get started?
Thank you.

 

[ulysses84]

Let’s say within a week to know the results, next will be how long it takes for DCP to get started?
Thank you.

It should not take too long for you to receive letter containing details of monthly repayment amount and the repayment date. Whatever other outstanding amounts owe to other banks (which submitted in your application) just leave it to ur DCP bank, they will settle and you should still see some additional amount in your dcp statement account due to additional 5% allowance over and above the total DCP amount (for the first DCP)

The most important right now is to ensure you have sufficient cash to make repayments at least up to 3 months. As much as possible don't delay/miss repayment due date.

 

[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

I just received a sms from DBS bank but I already paid off 13k? No idea why I’m receiving this sms…nerve wracking sia

Fr DBS: Your total unsecured interest-bearing balances from all Banks in Singapore exceeded 12 times your monthly income for 1 month. To avoid suspension on your credit card(s) and unsecured loan account(s), please send us your updated income document for review or reduce your unsecured balances from the banks. Visit DBS website > Help & Support > Credit Card > Account Suspension > BTI and 60 DPD for more information.

 

[whyneedmoney]

Haiz life is difficult this year.
Being going hard time past few months. Debts accumulated almost 75k.
Monthly total payments 3k to cc, etc...
Monthly salary ~5k, give house expenses, left nothing for rest of month.
And keeps accumulating debts, till cannot tahan now.
Last week, applied for DCP, approved within 5 days.
5 years tenures, 1.6k, starting soon. If not, i think i will go crazy soon...

 

[whyneedmoney]

I just received a sms from DBS bank but I already paid off 13k? No idea why I’m receiving this sms…nerve wracking sia

Fr DBS: Your total unsecured interest-bearing balances from all Banks in Singapore exceeded 12 times your monthly income for 1 month. To avoid suspension on your credit card(s) and unsecured loan account(s), please send us your updated income document for review or reduce your unsecured balances from the banks. Visit DBS website > Help & Support > Credit Card > Account Suspension > BTI and 60 DPD for more information.

You can check your reported annual income with the bank. Most probably is lower than what you earn now.

 

[whyneedmoney]

Hi broa! Im new here, can pm me any CSO contact? Wanna apply DCP. Appreciate.

Just applied all banks website across singapore. Like what i do, applied 4 banks, see which banks get back to me fastest...

 

[Sianwithlife]

Haiz life is difficult this year.
Being going hard time past few months. Debts accumulated almost 75k.
Monthly total payments 3k to cc, etc...
Monthly salary ~5k, give house expenses, left nothing for rest of month.
And keeps accumulating debts, till cannot tahan now.
Last week, applied for DCP, approved within 5 days.
5 years tenures, 1.6k, starting soon. If not, i think i will go crazy soon...

Congrats!!

i cannot apply for DCP bcoz my accumulated debt is lower than annual income after the loan from my mom. Now thinking about applying for balance transfer. Sighs

 

[whyneedmoney]

Congrats!!

i cannot apply for DCP bcoz my accumulated debt is lower than annual income after the loan from my mom. Now thinking about applying for balance transfer. Sighs

Haiz. Me also all BT, advance cash, till i actually qualified for DCP. Dont know whether cry or not. In the end, finally have go for DCP. Borrowed till nothing to borrow already. Sad

 

[heavenish]

Haiz. Me also all BT, advance cash, till i actually qualified for DCP. Dont know whether cry or not. In the end, finally have go for DCP. Borrowed till nothing to borrow already. Sad

Bro same situation here.
CC debts from quick cash, personal loan, balance transfer which have accumulated till 55k. Believe will be more as time passes.
Every month min. payment close to 1.2k.
Every month not enough money to use. Wanting to borrow from other bank and being rejected. Have no choice to borrow from LML to continue with the expenses.
If I go for DCP, will I survive with no more credit funds coming in?

 

[whyneedmoney]

Bro same situation here.
CC debts from quick cash, personal loan, balance transfer which have accumulated till 55k. Believe will be more as time passes.
Every month min. payment close to 1.2k.
Every month not enough money to use. Wanting to borrow from other bank and being rejected. Have no choice to borrow from LML to continue with the expenses.
If I go for DCP, will I survive with no more credit funds coming in?

You have to do some calculations for DCP. If go for longer tenures payment, definitely will be much better than current situation.
DCP is really the last helping hand before out-of-control debts happened...

 

[Sianwithlife]

Bro same situation here.
CC debts from quick cash, personal loan, balance transfer which have accumulated till 55k. Believe will be more as time passes.
Every month min. payment close to 1.2k.
Every month not enough money to use. Wanting to borrow from other bank and being rejected. Have no choice to borrow from LML to continue with the expenses.
If I go for DCP, will I survive with no more credit funds coming in?

I think dcp will be more manageable, at least can pay off the principal if not is just paying interest.
i am thinking to apply for balance transfer to pay off my DBS cash line, Citi ready credit n uob cash plus. But I read in some websites that balance transfer is for cc debts. The ones im owing now is more of smart cash? Still work the same way?

 

[whyneedmoney]

Balanced transfer tenure usually is very short. You might face problem when paying monthly installment...

 

[Sianwithlife]

Balanced transfer tenure usually is very short. You might face problem when paying monthly installment...

Looking at the 12 mths tenure, I should be able to complete paying within. Just not sure if able to get it approved by bank. Smart cash all these the interest rates also v high zzz, comparable to cc

 

[reggaez]

For now I think DCP should put on hold first.
Let’s hope for any one of the bank could allow the successful of renovation loan.

i am on DCP and i got a reno loan from POSB 30k..... my DCP is with UOB though....

hope this helps anyone look for reno loan while on DCP..... can PM me for the loan agent contact (no fees involved)

 

[whyneedmoney]

All debts cleared. DCP loan starts. Left interest and early repayment fee to self settled.

 

[Sianwithlife]

I tried to apply for BT of 10k with SC, sian kana rejected. Think could be bcoz of my credit rating is HH, so even though my unsecured debt is about 22k now still kana rejected. Now trying hsbc, if still rejected then I will stop n try to improve my credit rating before applying again next year. Sian…want to do own dcp also no chance

 

[gho_sam]

i was on dcp plan since 2018 nov and soon my dcp comes to an end.
my dcp bank is DBS
1. what happens the revolving credit facility…?
2. will it still be equivalent to 1x income limit…?
3. Can request for a. 4x limit..?

anyone here tried.? Plz share knowledge !!!!