Debt consolidation Plan - Part 2

[atwitsend]

DCP only for debt below 120k
Pls approach dmp

How's ur cashflow, expenses (any family?) , interest for debt like? Maybe you can be frugal for few months then refinance the debt with BT since with your income, it's not that bad

What is BT?
I didn’t know is only for 120K, I thought there is no cap to it compared to DRS.

Yes, family with 2 kids. My spouse requires the money, I took up some loans but we seemed not to be able to catchup on payments now due to a loss of income. i have been trying to dong all expenses but cannot do so with overdue payments. is stressing me out.

 

[atthemiko]

My monthly salary is 3330, NOA 41,488
Total Debt 47241 (as April statement) (from UOB, DBS, Trust Bank, Maybank and DCS)
I applied for DCP on SCB, DBS and UOB(my salary crediting bank) on 25April.

Been paying my monthly statement diligently and improved my rating from HH to FF. SCB rejected me the next day on the 26th. UOB and DBS contacted me a week later for document updates. I checked my credit report using the free report from SCB, it went up to EE. I gave them the updated credit report along with the rest of the requested.

As of 9th May, I still have no news. I assume due to all the public holidays. I called in and they said still processing. Then, I received a message from DCS, apparently I FORGOT TO PAY APRIL'S BILL. I thought I did because I updated my excel sheet which I used to track. I might have made an error there.

I Immediately went to pay the minimum due along with the late penalty fee. Checked my credit score, it went back down to HH due do Delinquency Presence - "greatly increased risk" (which wasn't there before).

It seems that DBS and UOB have not yet done their credit enquiry either.

Am I screwed? Did I screw up whatever possible chances of getting my DCP approved?

I hope someone will see this.

 

[atthemiko]

what about the rest of the banks? any updates?
another trick is to provide april credit report that does not show that u fail to pay april bill
idk how much how many days before credit report is considered invalid but u can try

UOB and DBS CSO said that they have submitted to the relevant department for processing and will call me back once they receive news.

They have my April credit report up to when it rose to EE, but I assume they will make their own inquiry soon which they will then be able to see the newly updated grade of HH.

 

[Sotong77777]

My monthly salary is 3330, NOA 41,488
Total Debt 47241 (as April statement) (from UOB, DBS, Trust Bank, Maybank and DCS)
I applied for DCP on SCB, DBS and UOB(my salary crediting bank) on 25April.

Been paying my monthly statement diligently and improved my rating from HH to FF. SCB rejected me the next day on the 26th. UOB and DBS contacted me a week later for document updates. I checked my credit report using the free report from SCB, it went up to EE. I gave them the updated credit report along with the rest of the requested.

As of 9th May, I still have no news. I assume due to all the public holidays. I called in and they said still processing. Then, I received a message from DCS, apparently I FORGOT TO PAY APRIL'S BILL. I thought I did because I updated my excel sheet which I used to track. I might have made an error there.

I Immediately went to pay the minimum due along with the late penalty fee. Checked my credit score, it went back down to HH due do Delinquency Presence - "greatly increased risk" (which wasn't there before).

It seems that DBS and UOB have not yet done their credit enquiry either.

Am I screwed? Did I screw up whatever possible chances of getting my DCP approved?

I hope someone will see this.

Hello bro/sis,

I feel you. I am also currently waiting. I applied for HSBC (the very next day like just 12 hours after I submitted, I received SMS that it was rejected.)
Then I applied for SCB, there was this CSO that called but she said most likely I may not get it as they took my NOA that included my bonus amount which it will turn out to be lesser than x 12 months amount. It was since last Monday then until now no news from her. Then last Tuesday I applied for DBS one (my salary credit to DBS) and was informed by email 2 days later to submit the bank statements and will take 2 weeks to process.
So now the waiting game begins. Honestly I do not know how should I go about if got rejected. The interest that added up with the bill total is like $8k. I can take out the most 4k every month to pay the bill… I tried calling moneylenders to enquire, but can only lend up to 18k based on my salary. Good luck to us!!

 

[StormySkiesNRainbows]

Finally, my 6 years DCP has ended. Freeing up a few thousands monthly.

Those still on DCP, JIA YOU. It would end soon too. Those applying, all the best and good luck.

 

[Sotong77777]

hi bros,
Dbs just approved my DCP! I received the SMS. Finally!! Thank you everyone for the moral support and advises here.
Now I have afew questions to ask those that approved by DBS:

1. I submitted for my April bank statements (I already paid all the outstanding) will they reimburse me this money back?

2. I got 1 hsbc statement due on 24 May, until now I haven’t pay yet, should I make payment or will my DCP pay for me?

3. Dbs say will send the disbursement letter in to 2-3 days, so usually the amount will be credited to the other banks within how long?

 

[Spike]

hi bros,
Dbs just approved my DCP! I received the SMS. Finally!! Thank you everyone for the moral support and advises here.
Now I have afew questions to ask those that approved by DBS:

1. I submitted for my April bank statements (I already paid all the outstanding) will they reimburse me this money back?

2. I got 1 hsbc statement due on 24 May, until now I haven’t pay yet, should I make payment or will my DCP pay for me?

3. Dbs say will send the disbursement letter in to 2-3 days, so usually the amount will be credited to the other banks within how long?

1. As long as there is excess money after deducting interests, payment etc, the banks will refund you the balance via a cheque.

2. I recommend you to make at least the minimum payment for all your cards.

3. I have no idea but likely within the month.

 

[gho_sam]

hi bros,
Dbs just approved my DCP! I received the SMS. Finally!! Thank you everyone for the moral support and advises here.
Now I have afew questions to ask those that approved by DBS:

1. I submitted for my April bank statements (I already paid all the outstanding) will they reimburse me this money back?

2. I got 1 hsbc statement due on 24 May, until now I haven’t pay yet, should I make payment or will my DCP pay for me?

3. Dbs say will send the disbursement letter in to 2-3 days, so usually the amount will be credited to the other banks within how long?

For DBS should happen with in 2 weeks, that was in my case, all my cards and BT loans were settled in 2 weeks after I received the letter.

No banks will call to inform you it's closed. Some will send you letter and some don't. Just keep a watch on your banking app.

If you applied the DCP though an loan specialist then perhaps you can talk to him as well.

Btw pay the minimum amount to the cards to be safe else you may face some delay

 

[Cheekyy]

Just want to check, if I’m on DCP, does it affect me getting a motorbike loan if I were to get a bike?

 

[sickbear80]

Just want to check, if I’m on DCP, does it affect me getting a motorbike loan if I were to get a bike?

Nope, as I own a motorcycle too during DCP times.
Motorbike shop use their in-house loan.

 

[sickbear80]

hi bros,
Dbs just approved my DCP! I received the SMS. Finally!! Thank you everyone for the moral support and advises here.
Now I have afew questions to ask those that approved by DBS:

1. I submitted for my April bank statements (I already paid all the outstanding) will they reimburse me this money back?

2. I got 1 hsbc statement due on 24 May, until now I haven’t pay yet, should I make payment or will my DCP pay for me?

3. Dbs say will send the disbursement letter in to 2-3 days, so usually the amount will be credited to the other banks within how long?

Congrats on the approval.

1) Yes

2) pay first at least minumum to play safe

3) should be around 2-3 weeks

My advise is once the DCP amount is disbursed, please call the other banks to chase for your excess refund. The banks will not automatic do fast and will normally take their own sweet time.

Back then , I keep on chasing them frequently till they confirm the refund is in process or otw.

 

[kitoshizc]

Halfway into the DCP loan, Just tried my luck applying credit card, citibank, maribank rejected. Surprisingly HSBC approved n uplifted my suspension of credit facilities!

I believe if 1 successful the rest will fail? Although one should not apply so many cards while on DCP to be financially disciplined?

 

[sad payments]

Hi, need some financial advice here.

Currently 70k in debt across multiple financial institutions, haven't been able to pay since last year due to pilling interest, been paying minimum but statement balances grew bigger and bigger.

Annual income: 44400

Credit score is HH due to inability to return dues for the past month.

Any tips on which financial institutions to look for regards to DCP?

 

[StormySkiesNRainbows]

Hi, need some financial advice here.

Currently 70k in debt across multiple financial institutions, haven't been able to pay since last year due to pilling interest, been paying minimum but statement balances grew bigger and bigger.

Annual income: 44400

Credit score is HH due to inability to return dues for the past month.

Any tips on which financial institutions to look for regards to DCP?

You might want to try non DCP means first. If your rating is HH, chances of approval might be slimmer.

 

[Foetid]

Hi, need some financial advice here.

Currently 70k in debt across multiple financial institutions, haven't been able to pay since last year due to pilling interest, been paying minimum but statement balances grew bigger and bigger.

Annual income: 44400

Credit score is HH due to inability to return dues for the past month.

Any tips on which financial institutions to look for regards to DCP?

u can try DMP.

 

[passiveincome19]

My DCP application just rejected by DBS and Maybank. I dont know what to do next already, sigh, life is so tough. Anyone got suggestion what to do next?Is UOB easy to apply?

 

[passiveincome19]

Just got my DCP approved earlier this week! Thought to share my experience here for anyone that's going through the application phase.

Tried around with a few banks, sharing my experiences with them : SCB, Citi, DBS, SCB and MB. Approved by HSBC.

My CBS score is HH (1681), total debt around $40k, monthly income abit above $3k.

SCB:
- Most helpful out of all the banks, CSO really communicated and helped a lot
- Rejected though. Most likely due to my payslip having my bonus inside
- Was told HH rating is not a death sentence, they look at many other factors too.

Citi:
- Was told to not try to apply as my score was HH, try to bring up the score first.
- I think Citi cares a lot about the CBS rating, heard most of the HHs got rejected

DBS:
- Literally couldn't apply with a HH rating, my advice is to not bother unless you have a solid CBS rating

MB:
- They said HHs are approved quite often, can try if your score is lower
- Didn't really get too far as HSBC already approved my application by then

HSBC:
- Approved my application despite HH rating
- They asked for 3 months payslip and CPF contribution statements. BUT they only take your BASE SALARY from your payslip. My CPF statement shows my NOA is ABOVE my debt amount as it includes my bonuses, but CSO assured they only look at payslip, and doesn't matter if your payslip has your bonus in it.
- Interest is definitely one of the higher ones, but I will most likely refinance after 6months - a year

Some advice for those still trying :
- NEVER miss minimum payments, heard this is one of the big no-nos for banks, esp if you miss a payment with the bank you're applying for the DCP with
- If your CBS score is HH (or the lower end of HH), either try applying w Maybank and HSBC. If not, keep paying a bit more than your minimum. Eventually your score will go up.
- Buy your CBS report once every couple of months, on the 17th of the month. If the score is good, use it to apply.
- Other than HSBC, I would recommend passing payslips that don't show your bonus. Basically keep your yearly income as low as possible. As long as your debt is still 12x of your month income.

Glad to finally have my DCP approved!! Good luck to anyone that's looking to apply or is in the application process!

May i know whether u applied all the banks together at one time? i applied for DBS and Maybank , got rejected. trying HSBC now

 

[danls79]

anyone successfully got to re DCP with another bank ? my citi dcp is too much for me to pay per month. hopping to get al longer tentor

 

[StormySkiesNRainbows]

May i know whether u applied all the banks together at one time? i applied for DBS and Maybank , got rejected. trying HSBC now

Don't do multiple banks at one go, as when the banks check your credit scores, every check make the rating worse. One bank at a time and you can try UOB.

 

[KC_CK_17]

Hi All,

I’m new here. Feeling so devastated that my application is rejected by HSBC. Applied through Hsbc CSO, application sent yesterday afternoon before 1.30pm and on the same day evening before 6pm, I received the sms via message it is not approved… sigh… feel so lost now…..

Credit report from DD generated on 18/6 and I check yesterday night becoming EE… sighx10