Debt consolidation Plan

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colheng

colheng

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goenitz33

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colheng said:
Thanks, actually quite fast, started application on 22/Mar, then have to send some updated documents on 30/Mar, today approved.

Wonder when they will start paying other banks, I've got a few statements due coming up, dunno if I should pay the minimum sum or not.
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advise u pay first the minimum.

u can take back the excess later anyway.
 
OCBC Bank

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melbourne10 said:
Same here. Call in ask for card to be cancelled and for excess (less finance charges eg interest) to be sent back via cashier's order.
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Centralcoast said:
My ocbc credit card account suddenly gone from ibanking. What happens if they closed it off and hsbc make payments to the credit card?Based on statements submitted, I do have some outstanding balance but have paid off some and some were offset with cash rebates.
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Hi melbourne10 and Centralcoast,

We came across your posts and thought to share that we are aware of this issue and are looking into it.

We are sorry for any inconvenience caused.

Should you have further queries, do PM and us and we'll be glad to advise.

^WX
 
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melbourne10

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colheng said:
Thanks, actually quite fast, started application on 22/Mar, then have to send some updated documents on 30/Mar, today approved.

Wonder when they will start paying other banks, I've got a few statements due coming up, dunno if I should pay the minimum sum or not.
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Pay, else the late fee will be charged. It's $$$ and it will still bring down your rating.
 
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melbourne10

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OCBC Bank said:
Hi melbourne10 and Centralcoast,

We came across your posts and thought to share that we are aware of this issue and are looking into it.

We are sorry for any inconvenience caused.

Should you have further queries, do PM and us and we'll be glad to advise.

^WX
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No worries, I've sorted it out with your CSO, but maybe can assist the other dude with it. Cheers.
 
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KKK1978

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OCBC Bank said:
Hi melbourne10 and Centralcoast,

We came across your posts and thought to share that we are aware of this issue and are looking into it.

We are sorry for any inconvenience caused.

Should you have further queries, do PM and us and we'll be glad to advise.

^WX
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Maybe u shd guide us how to get dcp approved...
 
multi

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Walao...After dcp approved, closing of individual account and ask for refund of over payments is not that simple. Most of them need 14 days to close and few more days to prepare cashier order....Don't know closing account is so troublesome.

Sent from LGE LG-H990 using GAGT
 
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melbourne10

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multi said:
Walao...After dcp approved, closing of individual account and ask for refund of over payments is not that simple. Most of them need 14 days to close and few more days to prepare cashier order....Don't know closing account is so troublesome.

Sent from LGE LG-H990 using GAGT
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Ok la. After all settled u make one payment a month only. Only one bank. Trouble now, relax later, better right.
 
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melbourne10

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colheng said:
Thanks, actually quite fast, started application on 22/Mar, then have to send some updated documents on 30/Mar, today approved.

Wonder when they will start paying other banks, I've got a few statements due coming up, dunno if I should pay the minimum sum or not.
Click to expand...

Citi is very fast. Within a week.
 
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rickky83

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First of all, i want to thanks everyone who contributed your personal experiences in this thread.

I was so down due to my financial problem for last few years. It is not that I was spending a lot but put money on wrong investments at wrong time. Lesson learn and Now always remind me not to be too greedy. My life was so exhausted by paying minimum payment amount for unsecured loans which is about 5k every month and living on the rest. I didn't realize about DCP until I received the broucher from DBS with AIR 6.9 and EIR 12.9 offer. I'm not sure why they offer me, could be I use DBS account as my salaried account and they know how much I am getting every month.

This is the lime light for me and I did researched around to get more info about DCP on google and found this awesome thread.

First, I tried to compare the interest rate offer from various banks and finally I found out that secure the approval is My main goal. Not the cheaper interest rate at the moment. So I list out my top 3 bank list as below

1. MayBank - they offer AiR 4.7% and EIR 8.4% . I use their credit facility and so far I have no issue with their service. That's why I put them in my top list.
2. DBS - They are the one who start introduce DCP to me and I guess I will have high chance to get approval from them. I know their interest rate is higher than others but my goal is secure the DCP approval
3. UOB - I've been using Credit Card Balance Transfer from them a lot and no issues still so far. They always offer me good rates for Credit Card Balance Transfer as I always pay minimum in time.

After deciding the FIs, I started collecting all required documents and statements. My concerns is on CBS rating as I knew mine was HH last year. I saw some discussion in this thread about CBS rating is one of important factor for approval. That made me quite despair. But I want to try my luck no matter of what outcomes.

Part 2 will be continued as post only allow me to type 2000 characters.
 
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rickky83

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Part 2

So I was keep collecting the statement and decide to get CBS report as last one. When I bought CBS report this year, the result show my rating is upgraded to BB. I was surprised by the result and here is my secret to build up good CBS record since last year report.

I kept paying minimum amount every month and some time paying a bit more than minimum amount if I have some spare. This is all I did and want to share this info to bro and sis who wants to build up good CBS rating.

After getting all the documents, I drop an sms to MayBank to their CSO to call me back. CSO call me back on next day and I provide all the documents to him. He was quite friendly and submitted the application 22nd March. Advised me to take 7 years tenor. The processing officer call me on 24th and he needs me to submit my CPF online record. I did it straight away and I told him that I will be away a week and they can drop an email to contact me if they need any other info.

Then I went on my trip and saw new Credit Card account has been created on 31st March. I came back to SGP yesterday and they confirmed my application has approved and will receive the letter in few days.

To Summarize, here is all the details you may want to know

FI - MayBank
Interest - AIR 4.7% and EIR 8.4%
NOA - 102K
Loan - 140K (Including buffer)
Tenor - 7 years
CBS - BB

Good luck for all who still pending for approval.
 
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