Debt consolidation Plan

[Twilightzone]

Try all other banks including DBS even if it means higher interest than the rest.

Put down your big calculator and stop thinking of lowest interest.

Not sure if there will be notice on newspaper on list of new bankruptcy people.
Some company need you to declare also. So don't play play

 

[melbourne10]

Agree. Because one lump sum payment to a single bank is still lower than cumulative minimum sum payments to multiple banks.

And 20% is still lower than 26%.

 

[ixotet]

seriously once i settle all these ****, i will not touch cc anymore. Really hate myself for being in such dire state

Same here. Don't know how I got into this. Been paying and paying but like never ending. Every month all my hard earn money don't even get to enjoy. After paying cc, left zero for myself. Still have 2 young kids. Finally now I wake up, but bank dun wanna help us clear the cc debt then how? I just want to complete all my cc debt in this 5-6 years.

 

[endorphin]

Same here. Don't know how I got into this. Been paying and paying but like never ending. Every month all my hard earn money don't even get to enjoy. After paying cc, left zero for myself. Still have 2 young kids. Finally now I wake up, but bank dun wanna help us clear the cc debt then how? I just want to complete all my cc debt in this 5-6 years.

You have 2 kids I have 3. We really paid (and still paying) a heavy and expensive price.

 

[endorphin]

Is there any criterias for the ccs dmp? Any income limit or debt-income ratio limit?

 

[ixotet]

i dont have cc for 8 years already.

Wow!! How did you do it? I mean how you manage to clear all the debts from ur cc?

 

[Centralcoast]

By declaring bankrupt, will the OA inform your current employer?

I think they will informed your employer. Once a bankrupt, I think u are not allowed to have any bank accounts as well

 

[member8]

Have to apply n seek approval to travel! Must make monthly contribution to the OA. Some people I know pay like $10 to $300 a month. Have to report your statement of affairs every 6 months n pay the monthly contribution then you will be in the green zone. Traveling for work need proof from employer. Travel for leisure has to be sponsored by friends or relatives. Will need their details n proof when applying. As long as you are in the green zone, it will be approved! Anyway, I hardly travel so it's ok!

Last time people say bankruptcies cannot take cab, eat at restaurants all not true. Phone lines can get friends to help apply... If you have HDB still can keep the flat. CPF they will not touch. Being a citizen owning a hdb flat & flat on hdb loan, OA cannot force you to sell your flat. HDB will not force you to sell too... but don't default mortgage loan. If hdb is under bank loan, then not sure! This have to double confirm with Ministry of Law. Can still drive as long as the car is NOT under your name!

Ohhh... I noticed job application forms like asking if you are a bankrupt. So may affect getting a job. Bank jobs confirmed chop cannot get! And the OA will NOT inform your friends or relatives about your bankruptcy. This I have checked with Ministry of Law!

Takes about 5 to 7 years to discharge. The loan u guys take need about that long to pay too. I am paying $300 a month. You guys will hv AA rating in CBS from what I read in this forum. As for me, don't even have to dream about getting a loan EVER! Maybe ZZ rating in CBS? Not sure what is the worse rating! You can read more about some cases in the hwz forum too! Under huge debt no job!

Good thing is I no longer have to live on deficit and can start saving monthly. Have to save a lump sum then 3 to 5 years later propose to OA see able to discharge from bankruptcy or not. Now utilities and expenses are so high! How to pay n pay? Always get anxiety attacks in the middle of the night. Always afraid of losing job n no job... no money coming in the pocket and looking for resources. At least now can sleep in peace at night... hp so quiet now... no more banks calling n calling! Used to receive Stupid OCBC No Caller ID phone calls at 9am! Can call like 3 to 4 times in an hour!!

DIY bankruptcy has to pay about $2500 to self declare bankruptcy. $1850 to pay at post office, then there are some other fees that need to pay at supreme court. I also paid $300 to blessed grace social service to help me with the application. They will give u advise too!

Thank you so much Vanilla. Today is my CCS talk. I have prepared all the necessary documents.

 

[endorphin]

Thank you so much Vanilla. Today is my CCS talk. I have prepared all the necessary documents.

Is there any criterias to fulfill for this dmp?

 

[melbourne10]

Is there any criterias to fulfill for this dmp?

This repayment plan is suitable for people who are willing (i.e. have the desire to avoid bankruptcy and the determination to live within a discipline budget) and able (i.e. have some money) to repay the unsecured consumer debts that they owe. The monthly installment payment amount will be within the person's servicing capacity and he is expected to make prompt, full and regular payment during the repayment term.

Need to have a job. The amount you owe meets the criteria alrdy. If you are employed you can proceed to speak to CCS.

 

[Vrommabcde]

Sorry can I check any HH that got a approval?
Can advise which bank??

 

[CeSaRiO]

Does overlimit affects the ** rating badly?

 

[goenitz33]

Does overlimit affects the ** rating badly?

if not cleared in time i believe it will affect

 

[endorphin]

This repayment plan is suitable for people who are willing (i.e. have the desire to avoid bankruptcy and the determination to live within a discipline budget) and able (i.e. have some money) to repay the unsecured consumer debts that they owe. The monthly installment payment amount will be within the person's servicing capacity and he is expected to make prompt, full and regular payment during the repayment term.

Need to have a job. The amount you owe meets the criteria alrdy. If you are employed you can proceed to speak to CCS.

Thanks for your info! I have already booked the slot for the talk for next Wednesday. If my DCP got rejected I will go for this dmp.

 

[endorphin]

Share with u guys this positive news:

Yesterday I was talking to my colleague n she was sharing with me about this ccs dmp. She started this dmp with debt amount over $140k 3 over years ago, n she is paying $1k per month, interest is 3%, and now she only left with less than 4 years to finish this ****. So guys, dun worry, there will always be a solution for us

 

[melbourne10]

So now I have a funny idea... If after DCP you apply to go on DMP... It reduces ur interest even further, right?

But that will kill any lingering goodwill left from the banks. No more unsecured for a long long time.

 

[goenitz33]

Yeah possible if u can't make the repayment of DCP though.

DMP is of much much lower interest thus I think is really attractive

No revolving cc facilities is fine also.

This is my next course of action if I get rejected by the banks for DCP too

 

[KKK1978]

Thank you so much Vanilla. Today is my CCS talk. I have prepared all the necessary documents.

May I know what docs did you prepare? I am thinking of the 12 April talk

 

[ixotet]

So now I have a funny idea... If after DCP you apply to go on DMP... It reduces ur interest even further, right?

But that will kill any lingering goodwill left from the banks. No more unsecured for a long long time.

Yes. I think so. That's why I will try 14 banks for DCP first. I don't believe there's not 1 bank that will help me. Pray pray hard this week I will start sending out my applications alrdy.

With DMP- no cc, no loan, no bank nothing. But it's not forever, right? How many years?

 

[KKK1978]

Yes. I think so. That's why I will try 14 banks for DCP first. I don't believe there's not 1 bank that will help me. Pray pray hard this week I will start sending out my applications alrdy.

With DMP- no cc, no loan, no bank nothing. But it's not forever, right? How many years?

In actual fact, no really 14 banks...

OCBC
Uob
HSBC
DBS
BOC
Citibank
Maybank
SC
CIMB - Must be existing customer
ANZ - Not offering, bought by DBS
RHB - not offering
Diners Club - Not offering
AMEX - only 2 years
ICBC - not offering

That leaves only at most 8-10 banks to try