Debt consolidation Plan

[Twilightzone]

How long will the bank of the DCP start paying to the rest of the bank?
I keep seeing the full loan amount in the newly created account but none of my cc are paid off and I'm nervous.

 

[Carlingford]

Is there any criterias to fulfill for this dmp?

1) You will need to attend the info-talk, no matter how urgent your debt problem is..

2) Main criteria is that you must prove to have excess financial capability to finance the debt within a reasonable period after your household expenses. (need to do up a budget for CCS internal review & approval before they will put up a DMP proposal to the banks for approval). A stable income would naturally be a criteria. From the information gathered at the info-talk, the repayment period is between 5 - 10 years (hence I would presume this would be a reasonable period)

3) You need to be owing debts of more SGD 10K & to multiple banks.

Think the above points more or less covers it...I am also on the journey to repairing my finances (will be attending the CCS counselling session next Wed !).

I have covered most of my journey thus far on my blog.

https://restartingmylifeblog.wordpress.com/

 

[Centralcoast]

All the best bro !

Bro good luck for ur hsbc applications. Just keep calling them to check out if ur application is moving

 

[melbourne10]

I meant my credit card already closed off before hsbc pays lol becos it took so long to get approved so I have paid the card before due date and remaining balance were offset with cash rebates from balance transfer.

I believe HSBC will put the entire sum in, according to the statement you submitted. Still can call and ask for excess la.

 

[Carlingford]

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

Maybank if my memory serves me correctly.

 

[Carlingford]

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.

All the best !

 

[rayden]

Applied OCBC on 16 March, just spoke with the cso and it was rejected. Applied Maybank on 28 March but application still pending. Hopefully it can get approved else I've already sent in to enquire with the rest of the band already. Popi Popi

 

[melbourne10]

How long will the bank of the DCP start paying to the rest of the bank?
I keep seeing the full loan amount in the newly created account but none of my cc are paid off and I'm nervous.

Within the week.

If you have any payment due soon, make that payment first then claim back excess after the DCP payment is made.

Bcos you will get late charges if the DCP bank pays after the due date.

 

[Carlingford]

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.

Bro...first of all if I am CCS I will think you are playing punk !! hahaha...

 

[melbourne10]

Btw those who have been approved on DCP - must pay on time no matter what.

Don't give them any reason to cancel it because the whole amount will be due. That one immediately mampos.

 

[melbourne10]

Bro...first of all if I am CCS I will think you are playing punk !! hahaha...

Haha the rain too heavy... I doing site visit... Sit in the car, smoke, and start to think of stupid things hahaha

 

[Carlingford]

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

Bro...check out my blog...i believe i have documented it down..

https://restartingmylifeblog.wordpress.com/

 

[Carlingford]

HSBC 6499 4855

Bro..this customer service line has stopped helping to check on DCP status liao (as per my calls last week), they will ask u to contact the CSO directly or they will leave a message behind for the CSO to call u back..

 

[Twilightzone]

Within the week.

If you have any payment due soon, make that payment first then claim back excess after the DCP payment is made.

Bcos you will get late charges if the DCP bank pays after the due date.

Orh. I'm nervous because 1 bank will come out new bill soon. Wait from credit balance become need to pay more due to new interest add on to the latest bill and amount differs from the previous bill. Lol

 

[melbourne10]

Bro..this customer service line has stopped helping to check on DCP status liao (as per my calls last week), they will ask u to contact the CSO directly or they will leave a message behind for the CSO to call u back..

But they never ever do... Pui

 

[endorphin]

Applied OCBC on 16 March, just spoke with the cso and it was rejected. Applied Maybank on 28 March but application still pending. Hopefully it can get approved else I've already sent in to enquire with the rest of the band already. Popi Popi

That was fast for ocbc. I submitted end jan but now still pending. All the best to ur Maybank application

 

[Twilightzone]

Btw those who have been approved on DCP - must pay on time no matter what.

Don't give them any reason to cancel it because the whole amount will be due. That one immediately mampos.

Yeah agreed. I just want to clear the bad debts and move on with my life.
Surviving on minimal amount with kids can die.
Worse is being in sandwiched due to high living expenses and no help from government just because belongs to "middle income" earner.

 

[Twilightzone]

Applied OCBC on 16 March, just spoke with the cso and it was rejected. Applied Maybank on 28 March but application still pending. Hopefully it can get approved else I've already sent in to enquire with the rest of the band already. Popi Popi

Maybank actually quite fast will revert. Check your ltrbox else call them up.

Good luck!

 

[Carlingford]

Bro good luck for ur hsbc applications. Just keep calling them to check out if ur application is moving

Bro..probably tomorrow i will give the CSO a ring again..I just called up last Fri afternoon..

 

[melbourne10]

Orh. I'm nervous because 1 bank will come out new bill soon. Wait from credit balance become need to pay more due to new interest add on to the latest bill and amount differs from the previous bill. Lol

Let them settle it. If you're worried can pump in some extra cash. Ultimately you can still draw it all out.