Debt consolidation Plan

melbourne10 · Mar 31, 2017

Carlingford said:
Bro..Got consider going to CCS for help or not ?

Yah I recommend going to the info talk at least if the attempts for DCP keep failing.

Carlingford · Mar 31, 2017

Bro..Thanks a lot for encouraging me to consider seeking CCS help, otherwise I would surely be in despair now...3 rejections & help nowhere in sight...I will continue to document down my DMP journey in my blog so that others can be encouraged to seek help & they are not alone in facing similar problem

melbourne10 said:
Yah I recommend going to the info talk at least if the attempts for DCP keep failing.

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KKK1978 · Mar 31, 2017

Carlingford said:
Bro..Got consider going to CCS for help or not ?

still trying to avoid that route...thinking of nego with individual bank and see how

Carlingford · Mar 31, 2017

Hmm..You can try self administrating your own DCP/DMP, but I heard that without CCS to present your case normally most banks will just bo chap u..With exception of Citibank...

KKK1978 said:
still trying to avoid that route...thinking of nego with individual bank and see how

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Centralcoast · Mar 31, 2017

KKK1978 said:
still trying to avoid that route...thinking of nego with individual bank and see how

Even if bank put you under restructure loan repayment I think it will affect your ** rating too.

Carlingford · Mar 31, 2017

Oh yes...I forgot to add this point in my blog..This is for the bro whose DMP is ending this year..The speaker told us that after settling the DMP...You MUST call up CCS to request for them to remove the DMP status on your CBS. Of course they will do verification check with the banks before they inform CBS. Otherwise it will always be in your record as they dun keep track.

Centralcoast said:
Even if bank put you under restructure loan repayment I think it will affect your ** rating too.

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Twilightzone · Mar 31, 2017

Centralcoast said:
Even if bank put you under restructure loan repayment I think it will affect your ** rating too.

Yah. I heard from bank that it will hurt the ** rating if request to close account and go under their repayment loan. Interest might be also high

Sighhhh · Mar 31, 2017

Carlingford said:
Same date applied...same results (Rejection). Now got rejected by BOC, SCB & MBB liao...now only left with HSBC which is still hanging in mid air...my CCS counselling session is only 1.5 weeks away..I don't think I have the time to go for another DCP application..Only hope is that CCS will help me to put up a DMP proposal to the banks.

https://restartingmylifeblog.wordpress.com/

Im waiting for HSBC too. I called earlier on and ask got any news of rejection ma since I've faced 3 rejections already.

Twilightzone · Mar 31, 2017

Carlingford said:
Oh yes...I forgot to add this point in my blog..This is for the bro whose DMP is ending this year..The speaker told us that after settling the DMP...You MUST call up CCS to request for them to remove the DMP status on your CBS. Of course they will do verification check with the banks before they inform CBS. Otherwise it will always be in your record as they dun keep track.

HTTPS://restartingmylifeblog.wordpress.com/ HardwareZone Forums app

Sorry, I didn't read through the whole thread but which is better?

DCP or DMP?

KKK1978 · Mar 31, 2017

Twilightzone said:
Sorry, I didn't read through the whole thread but which is better?

DCP or DMP?

we want to clear our debts so badly but bank is not willing to give us a chance...

Carlingford · Mar 31, 2017

Twilightzone said:
Sorry, I didn't read through the whole thread but which is better?

DCP or DMP?

DCP is better lah, more clean cut..consolidate all the unsecured debts into one single payment. Shorter process.

DMP on the other hand, is sort of a debt restructuring proposal done up by CCS to the banks for them to convert your unsecured debts into term loans. So payment is pay to each individual banks.During the intervening period before DMP is approved by the individual banks, you will receive letters/calls from banks on the termination of your unsecured facilities. (I can imagine the stress lor...how to keep on answering phone calls during office hours leh)... Probably the only advantage is the lower interest rates (i read that it's around 3%). For me no choice lah...LL suck thumb got to go for DMP.

endorphin · Mar 31, 2017

Just called my cso. He said my application still pending. I asked him does the bank takes 12x monthly pay or noa. He said they will take the higher amt, which clearly I will not qualify. That's why now the bank is trying to recalculate for me. He said at least it's not straight reject so there is still 50% chance for approval. He will help me to email the relevant dept to expatriate the process

ckjoe03 · Mar 31, 2017

Twilightzone said:
Yah. I heard from bank that it will hurt the ** rating if request to close account and go under their repayment loan. Interest might be also high

There is one bank that will not do that...it is AMEX...

i talk to them before telling them i want to convert to fixed mthly repayment..they gladly put it through telling me not to worry about CBS rating as they keep to within the bank... Drawback is account suspended but interest rate not exorbitant though i forgotten the rate... paiseh...

Hope this is useful to all the bros here incurring AMEX cc debt...

Carlingford · Mar 31, 2017

Oh..That's nice of them.

ckjoe03 said:
There is one bank that will not do that...it is AMEX...

i talk to them before telling them i want to convert to fixed mthly repayment..they gladly put it through telling me not to worry about CBS rating as they keep to within the bank... Drawback is account suspended but interest rate not exorbitant though i forgotten the rate... paiseh...

Hope this is useful to all the bros here incurring AMEX cc debt...

HTTPS://restartingmylifeblog.wordpress.com/ HardwareZone Forums app

Twilightzone · Mar 31, 2017

KKK1978 said:
we want to clear our debts so badly but bank is not willing to give us a chance...

You try CCS bah.
It is still a chance to clear the debts.
Have way better than no way.

Twilightzone · Mar 31, 2017

Carlingford said:
DCP is better lah, more clean cut..consolidate all the unsecured debts into one single payment. Shorter process.

DMP on the other hand, is sort of a debt restructuring proposal done up by CCS to the banks for them to convert your unsecured debts into term loans. So payment is pay to each individual banks.During the intervening period before DMP is approved by the individual banks, you will receive letters/calls from banks on the termination of your unsecured facilities. (I can imagine the stress lor...how to keep on answering phone calls during office hours leh)... Probably the only advantage is the lower interest rates (i read that it's around 3%). For me no choice lah...LL suck thumb got to go for DMP.

Wah. Thanks.

Wish you luck for HSBC application

KKK1978 · Mar 31, 2017

Twilightzone said:
You try CCS bah.
It is still a chance to clear the debts.
Have way better than no way.

if go CCS, means cut away from credit card. I hold regional job with travelling. Credit card is quite necessary for me. at least I still hv 1-2 cards with me now (only used when really needed)

I will talk to the banks and see if what they can do.

Centralcoast · Mar 31, 2017

hbgoh82 said:
I got approved by hsbc on 27/3. Was on RAS, today all the personal loan cleared with some credit inside. CC maybe 1 day later & RAS acc also bah.
Same, mine BB. You need to call in to the bank & ask for latest statement. DBS will come just 1 day after you requested. Very gd service. Still have not received the official approval letter from hsbc yet.

Hsbc pay by meps or giro?

melbourne10 · Mar 31, 2017

Carlingford said:
Bro..Thanks a lot for encouraging me to consider seeking CCS help, otherwise I would surely be in despair now...3 rejections & help nowhere in sight...I will continue to document down my DMP journey in my blog so that others can be encouraged to seek help & they are not alone in facing similar problem

HTTPS://restartingmylifeblog.wordpress.com/ HardwareZone Forums app

No worries. I received good advice from someone. I was actually all ready to go to CCS already... Just blessed to have the DCP la.

endorphin · Mar 31, 2017

Carlingford said:
DCP is better lah, more clean cut..consolidate all the unsecured debts into one single payment. Shorter process.

DMP on the other hand, is sort of a debt restructuring proposal done up by CCS to the banks for them to convert your unsecured debts into term loans. So payment is pay to each individual banks.During the intervening period before DMP is approved by the individual banks, you will receive letters/calls from banks on the termination of your unsecured facilities. (I can imagine the stress lor...how to keep on answering phone calls during office hours leh)... Probably the only advantage is the lower interest rates (i read that it's around 3%). For me no choice lah...LL suck thumb got to go for DMP.

hope u will receive good news very soon

Debt consolidation Plan

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