Debt consolidation Plan - Part 2

[choonkit_89]

Hey guys,

Currently I owe about 75k in Credit card, personal loan, cash line debt and the interest keep rolling everyday.

My CBS report score is also HH, I have tried applying for DBS DCP but they said not eligible as my score is HH.

I can't apply for DMP as well because my loan is not more than 1 year yet, as the loans are very recent in Jan only. Any bros here tried to apply for DMP with less than 1 year status loan and successful?

Annual income is about 50k and I m struggling with the minimum payments..

Not sure what to do now very stressed everyday.

Is it possible to still be approved for DCP with a credit score of HH? I am really lost now..

 

[ulysses84]

Hey guys,

Currently I owe about 75k in Credit card, personal loan, cash line debt and the interest keep rolling everyday.

My CBS report score is also HH, I have tried applying for DBS DCP but they said not eligible as my score is HH.

I can't apply for DMP as well because my loan is not more than 1 year yet, as the loans are very recent in Jan only. Any bros here tried to apply for DMP with less than 1 year status loan and successful?

Annual income is about 50k and I m struggling with the minimum payments..

Not sure what to do now very stressed everyday.

Is it possible to still be approved for DCP with a credit score of HH? I am really lost now..

In the current real world situation, unfortunately with your debt to income ratio, it will be close to impossible to clear your 75k debt with the interest rolling.

have you reach out to https://ccs.org.sg/
this should be a start point to seek advisory for debt mgmt.

 

[chewiesm]

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.

Hihi, can share the loan agent for renovation loan?

 

[Toiletazwc]

Straight away go for Drs. Earlier you go, earlier you become debt free.

 

[single_dog]

Been reading up on these threads and this is my first post.
just wan to share my story, may be can take this as lesson and dun repeat whatever i went through.
Applied DCP on April 2017, for 7 years, 1450 each month. now 15/84.
it is really a painful times over few years, recently slightly relieve. still got 1 year more to go.
I stuck in debt due to gambling, crazy addicted in 2016, within 1 year, i used up all my credit limit, borrow from family and frens, until i decided to stop, signed casino self-exclusion, then took DCP, just the life able back to track.
After my dcp dropped to below 8x salaries, i tried few times to apply new cc / personal loan, but also failed.
read the thread, there have successful case to apply new cc after leaving 12 months for DCP, quite encouraging, at least i can have a new card to prepare for rainy day.
now, after paying dcp, rental, i left not much also each month, not even dare to travel.

My question, is that possible for me to apply new cc when i reach 12 / 84 DCP ? but my revolving cc from dcp still have outstanding balance of 5k, does it count into my total debt also, for 4x salaries ? or only dcp itself ?

 

[geekroute]

Been reading up on these threads and this is my first post.
just wan to share my story, may be can take this as lesson and dun repeat whatever i went through.
Applied DCP on April 2017, for 7 years, 1450 each month. now 15/84.
it is really a painful times over few years, recently slightly relieve. still got 1 year more to go.
I stuck in debt due to gambling, crazy addicted in 2016, within 1 year, i used up all my credit limit, borrow from family and frens, until i decided to stop, signed casino self-exclusion, then took DCP, just the life able back to track.
After my dcp dropped to below 8x salaries, i tried few times to apply new cc / personal loan, but also failed.
read the thread, there have successful case to apply new cc after leaving 12 months for DCP, quite encouraging, at least i can have a new card to prepare for rainy day.
now, after paying dcp, rental, i left not much also each month, not even dare to travel.

My question, is that possible for me to apply new cc when i reach 12 / 84 DCP ? but my revolving cc from dcp still have outstanding balance of 5k, does it count into my total debt also, for 4x salaries ? or only dcp itself ?

why can't you wait to apply for a credit card? so you can go back into debt?

 

[f1rnando89]

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.

Can share your agent's contact?

 

[seeklightsoon]

Can share your agent's contact?

https://forums.hardwarezone.com.sg/...-singapore-ccs.5821687/page-39#post-144366657

 

[rznktoae]

Try to get into DCP. My 4th out of 5th year for DCP. Most impt is to spend within own means and time will pass. Along the way increase your income and you will have more disposable cash.
But dcp period to get housing loan may be tough. try to change house before or after. Car loan is fine no impact. Good luck!

i'm currently on DCP. will applying for housing loans affect the amount? or i can't take any loans from HDB at all?

 

[Dave25]

i'm currently on DCP. will applying for housing loans affect the amount? or i can't take any loans from HDB at all?

You might get lesser loan granted from HDB and bank.

 

[Dave25]

just want to ask bros here, how did you all get into such debt?

is it because you borrow from each bank ur 4x salary?

cuz im borrowing from bank as a newbie now, very scared will enter into debt trap

https://forums.hardwarezone.com.sg/...apest-ways-to-borrow-short-term-cash.6878343/

No borrowing is the best. Many reasons such as high spending, gambling etc

 

[Dave25]

Haha all the best

 

[Asphodeli]

I've said it before elsewhere, that grade is meaningless. Just focus on doing the right thing. CBS grade is just an arbitrary figure determined by CBS about the likelihood of one defaulting. Singapore isn't like the US where credit scores are like your financial life determiner.

The banks here have their own risk framework policies to follow. The data about credit utilisation, timely repayment, payment in full, opening-closure patterns, all those things matter more than whatever % CBS cooks up etc.

Yups, CBS provides a risk framework which generates a rating for a specific person, but banks are free to ignore or follow CBS credit rating since they have the final say in approval/rejection

 

[ulysses84]

Been reading up on these threads and this is my first post.
just wan to share my story, may be can take this as lesson and dun repeat whatever i went through.
Applied DCP on April 2017, for 7 years, 1450 each month. now 15/84.
it is really a painful times over few years, recently slightly relieve. still got 1 year more to go.
I stuck in debt due to gambling, crazy addicted in 2016, within 1 year, i used up all my credit limit, borrow from family and frens, until i decided to stop, signed casino self-exclusion, then took DCP, just the life able back to track.
After my dcp dropped to below 8x salaries, i tried few times to apply new cc / personal loan, but also failed.
read the thread, there have successful case to apply new cc after leaving 12 months for DCP, quite encouraging, at least i can have a new card to prepare for rainy day.
now, after paying dcp, rental, i left not much also each month, not even dare to travel.

My question, is that possible for me to apply new cc when i reach 12 / 84 DCP ? but my revolving cc from dcp still have outstanding balance of 5k, does it count into my total debt also, for 4x salaries ? or only dcp itself ?

To your qns, yes you can always apply new CC but chances of bank approval are low and even if you manage to get 1 the credit limit are not high.

I was in the same situation as you, DCP lasted 60 months, painful experience but at no point I apply any CC, just depends on debit and the DCP bank 1 month revolving CC.

The best suggestion for now will be not to apply any new CC. Clear finish your DCP.

 

[Worldofsea]

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?

eventually u managed to get the loan approval before selling ?

 

[single_dog]

I'm going to take out cash and gamble. Moi feel like all in and borrow from bank because u need money to make money.

The thing I'm going to gamble on is a bit skill based but I need backup plan in case things fail.

I have no other way out as I feel like I need go this route else very Sian having to wait for paycheck to gamble each month

How many x of my salary should I take out, given that things like cpf take 20% of moi salary but u allowed 4x leverage from bank at loanshark interest?

I plan to turn to balance transfer in case I lose everything and it would probably wiped me out for 2 years if it does happen.

Keep telling myself don't borrow so much but no risk no reward

That's why here to ask how u all get into such debt... Don't know if it will change my mind on not to borrow so much, given that I see an upcoming opportunity to gamble where I have edge

Taking loan for gamble is dangerous. skill based is not reliable. if you wan to try your luck, please use the cash on hand, dun go borrow, if not it will end up, used up all the credit limit. i went through all these, just a advice.

 

[hkchew03]

I'm going to take out cash and gamble. Moi feel like all in and borrow from bank because u need money to make money.

The thing I'm going to gamble on is a bit skill based but I need backup plan in case things fail.

I have no other way out as I feel like I need go this route else very Sian having to wait for paycheck to gamble each month

How many x of my salary should I take out, given that things like cpf take 20% of moi salary but u allowed 4x leverage from bank at loanshark interest?

I plan to turn to balance transfer in case I lose everything and it would probably wiped me out for 2 years if it does happen.

Keep telling myself don't borrow so much but no risk no reward

That's why here to ask how u all get into such debt... Don't know if it will change my mind on not to borrow so much, given that I see an upcoming opportunity to gamble where I have edge

everybody in casino also say they are skilled.

 

[sneggg]

i don't have much cash on hand

how many months should I borrow against my monthly take-home pay vs the interest rate so I won't get into much trouble?

currently I have 2 lines of credit with 2 banks
If I lose everything, I can probably do balance transfer or personal loan or debt consolidation with the other banks?

are you trolling? if not it’s time to take your medicine

 

[nakata97]

I'm going to take out cash and gamble. Moi feel like all in and borrow from bank because u need money to make money.

The thing I'm going to gamble on is a bit skill based but I need backup plan in case things fail.

I have no other way out as I feel like I need go this route else very Sian having to wait for paycheck to gamble each month

How many x of my salary should I take out, given that things like cpf take 20% of moi salary but u allowed 4x leverage from bank at loanshark interest?

I plan to turn to balance transfer in case I lose everything and it would probably wiped me out for 2 years if it does happen.

Keep telling myself don't borrow so much but no risk no reward

That's why here to ask how u all get into such debt... Don't know if it will change my mind on not to borrow so much, given that I see an upcoming opportunity to gamble where I have edge

If you’re really winning, why do you need to borrow to gamble.

the fact that you’re waiting for your pay to gamble, should show that you’re not winning any money liaoz

 

[uncleteck]

Anyone has experience for late repayment to LML? They start behaving like animal when I ask for one hour grace time, they insist me to do it in 30 mins. And is the 60 late fee is counted on daily basis?