Debt consolidation Plan

[melbourne10]

bro, stop using CC..it is the root of despair and entrapment

do not gamble m in casino or forex or stock etc

use cash and keep cash

be wise

I know bro... Haha... Just instinct cuz I lived like that for many years le.

Wifey is gonna keep the Citi CC for now... Back to debit card for me.

 

[melbourne10]

The thing is I submitted my application to BOC on 8 Mar. was told to wait 5-7 working days.
No news and CSO MIA. I called the customer service hotline on 21st mar and they check the system and they say they cant see anything.
Then on 23rd Mar, I can see a free report by CBS due to BOC went in to check.
The time has been drag for so long. wonder if they missed my applications initially or I have a chance.

Sigh.. waiting is killing

Don't dwell on it. Just do ur everyday things, pay off min sum like u used to do before DCP was announced, basically life as usual... If cannot manage, look at CCS DMP also... Then if lucky and DCP approved, new life begins. All the best dude.

 

[heirenyagao]

I've also been fretting daily, but also trying to keep myself busy with my full time job, and also trying to find part time work to also help pay off my debt earlier.

One thing to help while I was waiting was to sell off stuff that I didn't use on Carousell, every little bit helps.

My fiancee has also been helping monthly, she understood my situation, I guess I'm a pretty lucky guy in that sense.

The thing is I submitted my application to BOC on 8 Mar. was told to wait 5-7 working days.
No news and CSO MIA. I called the customer service hotline on 21st mar and they check the system and they say they cant see anything.
Then on 23rd Mar, I can see a free report by CBS due to BOC went in to check.
The time has been drag for so long. wonder if they missed my applications initially or I have a chance.

Sigh.. waiting is killing

 

[KKK1978]

can I ask for those who has BOC approved. What is the process like? U received a call from BOC or what? can advise?

 

[melbourne10]

I've also been fretting daily, but also trying to keep myself busy with my full time job, and also trying to find part time work to also help pay off my debt earlier.

One thing to help while I was waiting was to sell off stuff that I didn't use on Carousell, every little bit helps.

My fiancee has also been helping monthly, she understood my situation, I guess I'm a pretty lucky guy in that sense.

Yeah man sounds like a keeper!

 

[KKK1978]

I previously wrote to MAS to complain abt the low approval rates frm bank and this is their "STANDARD RESPONSE" ... BS la.. I also know all these....

We seek your understanding that the Debt Consolidation Plan (DCP) is an industry program coordinated by the Association of Banks in Singapore (ABS) to assist borrowers. It is a commercial product offered by participating financial institutions (FIs) to eligible borrowers according to their internal credit assessment criteria. As such, MAS is unable to intervene in the FIs’ commercial decision to grant the plan as they bear the risk of lending.

However, if you require assistance in paying down your debts, we would encourage you to continue applying to other participating DCP FIs, or consider engaging Credit Counselling Singapore (CCS). CCS helps a borrower recover from debt problems by providing general credit management information and credit counselling, and where applicable, developing a debt repayment plan with the borrower’s creditor FIs. You may wish to contact CCS for further details on 6225 5227.

We hope the above information is of assistance.

 

[melbourne10]

MAS is simply providing an option ma... They cannot enforce, else the banks will say, why doesn't the govt provide the loan and take on the risk.

But true la. The public criteria rly gives ppl false hope.

 

[KKK1978]

MAS is simply providing an option ma... They cannot enforce, else the banks will say, why doesn't the govt provide the loan and take on the risk.

But true la. The public criteria rly gives ppl false hope.

Ya, they make people feel that there is hope and many people gets more disappointed after that

 

[Pika mianbao]

Mel10

What is your credit rating n debt to income ratio n how many time u try to get approved? Seem like most ppl get approve already.

 

[multi]

Remember to redeem all your Credit cards points before its too late

Sent from LGE LG-H990 using GAGT

 

[melbourne10]

Remember to redeem all your Credit cards points before its too late

Sent from LGE LG-H990 using GAGT

Sian all flushed

 

[Louis81]

can I ask for those who has BOC approved. What is the process like? U received a call from BOC or what? can advise?

Go to BOC website and apply leave yr contact or sms. They will contact u and email u the details and application. Fill up and email back all your statements and letters. Right now BOC processing is 7 working days. Very fast.

 

[melbourne10]

Mel10

What is your credit rating n debt to income ratio n how many time u try to get approved? Seem like most ppl get approve already.

FF, 1.2x, all A. Got it from Citi after trying Hsbc.

 

[melbourne10]

Go to BOC website and apply leave yr contact or sms. They will contact u and email u the details and application. Fill up and email back all your statements and letters. Right now BOC processing is 7 working days. Very fast.

Citi is 3 days but if you have DBS loan don't go with Citi

 

[KKK1978]

Go to BOC website and apply leave yr contact or sms. They will contact u and email u the details and application. Fill up and email back all your statements and letters. Right now BOC processing is 7 working days. Very fast.

no what I meant is after you submit... and how you know if reject or approved?

Reject they will call and send letter?
Approved how is the process like?

 

[KKK1978]

FF, 1.2x, all A. Got it from Citi after trying Hsbc.

how to calculate debt to income?

 

[Louis81]

can I ask for those who has BOC approved. What is the process like? U received a call from BOC or what? can advise?

For me i apply on 14 Mar. 21 Mar I checked my bank accounts got early payment. So I know DCP approved. Then I emailed the sales person on my actual loan amount and monthly instalment. Right now is to wait till 28 n 29 Mar for payment to be cleared. Guess last stage will be credit card n vouchers.

 

[Louis81]

how to calculate debt to income?

Income will be NOA. Amount divid 12 is monthly.
For cedit cards, the latest statement outstanding will be the amount.
For loan taken out of credit cards, u nd to call bank and ask if now i close early payment what will be the amount including fees and charges.
Add the above 2 together will be your total amount of unsecured.
Unsecured above NOA is meet 12.

 

[KKK1978]

For me i apply on 14 Mar. 21 Mar I checked my bank accounts got early payment. So I know DCP approved. Then I emailed the sales person on my actual loan amount and monthly instalment. Right now is to wait till 28 n 29 Mar for payment to be cleared. Guess last stage will be credit card n vouchers.

u check on those credit accounts? Meaning BOC never call to tell you its approved?

I wonder those not approved will they notify?

 

[Louis81]

how to calculate debt to income?

If noa is 120k. Monthly is 10k.
If debt is 140k. Ratio is 140/10 = 14
In the range of 12 and above to 16 got good chance with rating of EE