Debt consolidation Plan

[melbourne10]

Btw the banks will send you a letter to confirm that funds have been paid into your credit line (OD) accounts.

As of now all my accounts are paid and just waiting for the first statement from Citi which will come next week.

Then the 60 months of repayment begins.

 

[Centralcoast]

As of now only OCBC has sent over the cashier's order. I closed my SCB at the branch and got back some money also.

The bulk of the excess is tied up in 2 or 3 banks and I have to wait for the next statement before I can take it out and close the account.

They need to calculate the interest payable from the most recent statement date till the day the account was paid off, and they will deduct this amount from the excess.

The excess amount that is tied up can pay my first month installment so I rly want to get it back asap.

Oh ya you mentioned citi short paid your citibank loan account. Me too the bulk of it were stuck in citibank cc and ready credit. They overpaid so much to citibank account but my ocbc easicredit account are yet to be paid.
Will they missed out on this?

 

[melbourne10]

Nope, bcos the final letter will only come after all banks are paid, that's how they can compute ur installment.

Just have to wait. They will do it properly la. Got internal QC and regulator to answer to.

 

[Twilightzone]

Only UOB I think. Mine under Citi is 10.5% EIR, looking at the payment repayment schedule, the interest reduces with each payment.

Which is way better than only being able to meet the minimum sum every month, with little to no movement on the principal amount.

Really thank God that I was given this DCP else I will be in a lot of trouble.

I'm green with envy for those who got lower rates but I am also counting my blessing.
At least I am still paying to 1 bank now.

Thank god for DCP else like you, I'll be in a lot of trouble too.

 

[melbourne10]

Oh ya you mentioned citi short paid your citibank loan account. Me too the bulk of it were stuck in citibank cc and ready credit. They overpaid so much to citibank account but my ocbc easicredit account are yet to be paid.
Will they missed out on this?

They underpaid one of the CC accounts by a bit, but no issue. Can clear off easily. Small amount.

The rest all have excess cuz of the 5% buffer.

 

[melbourne10]

From the letter:

Interest Method: Effective Interest Rate computation
RCPL Nominal Interest Rate: 5.79% per annum
Promotional Effective Interest Rate*: 10.50% per annum

 

[Centralcoast]

I'm green with envy for those who got lower rates but I am also counting my blessing.
At least I am still paying to 1 bank now.

Thank god for DCP else like you, I'll be in a lot of trouble too.

Yeah not only paying to one bank and also a affordable amount. I could hardly pay even the minimum sum so I quickly turn to dcp before my rating plunge

 

[Twilightzone]

Nope, bcos the final letter will only come after all banks are paid, that's how they can compute ur installment.

Just have to wait. They will do it properly la. Got internal QC and regulator to answer to.

Wah. It's different from DBS then.
The letter I received included the repayment amount, deduction date and how much will be transferred to the bank based on the statement I gave + 105% buffer. (Within 9 business days they say)

I just hope they transfer quickly so that I can avoid new interest charge to April'17 bill.
It's afterall still money. *sigh*

 

[melbourne10]

Wah. It's different from DBS then.
The letter I received included the repayment amount, deduction date and how much will be transferred to the bank based on the statement I gave + 105% buffer. (Within 9 business days they say)

I just hope they transfer quickly so that I can avoid new interest charge to April'17 bill.
It's afterall still money. *sigh*

On their end, they will do it in tranches, so must see which one you fall in.

Must commend Citibank, they settled mine quite quickly.

It's the other banks that are jamming up the excess amount now.

I've started to cancel cards alrdy.

Ironically today one bank sent me a letter inviting me to take part in one of their cash back promotions.

This kind of promotion (spend thousands to get back hundreds) is what got me into **** in the first place!

 

[Twilightzone]

Yeah not only paying to one bank and also a affordable amount. I could hardly pay even the minimum sum so I quickly turn to dcp before my rating plunge

Yah!! It was really a wake up call when living from paycheck to paycheck and with no savings and still owing so much to the bank.

Hopefully the banks can approve most applications since we applied not for fun but because we really need the help!

 

[Centralcoast]

Wah. It's different from DBS then.
The letter I received included the repayment amount, deduction date and how much will be transferred to the bank based on the statement I gave + 105% buffer. (Within 9 business days they say)

I just hope they transfer quickly so that I can avoid new interest charge to April'17 bill.
It's afterall still money. *sigh*

I think total amount already confirmed when they call u to informed you the approval. At least for mine the cso told me total loan amount and tenure wait for one week for approval letter.

Just need to make sure they disburse the entire amount lor since it's ur money also becos u have to pay back.

 

[Twilightzone]

On their end, they will do it in tranches, so must see which one you fall in.

Must commend Citibank, they settled mine quite quickly.

It's the other banks that are jamming up the excess amount now.

I've started to cancel cards alrdy.

Ironically today one bank sent me a letter inviting me to take part in one of their cash bank promotions.

This kind of promotion (spend thousands to get back hundreds) is what got me into **** in the first place!

Lol. You don't say.
I received from Maybank to say realise I long time never use my CC and wants me to take note of more rebates for me if I spend monthly of $300 or something. I nearly curse in front of my kids. LOL

 

[melbourne10]

Lol. You don't say.
I received from Maybank to say realise I long time never use my CC and wants me to take note of more rebates for me if I spend monthly of $300 or something. I nearly curse in front of my kids. LOL

Friends and family card right hahahaha

 

[Twilightzone]

I think total amount already confirmed when they call u to informed you the approval. At least for mine the cso told me total loan amount and tenure wait for one week for approval letter.

Just need to make sure they disburse the entire amount lor since it's ur money also becos u have to pay back.

Yah. Logging in everyday to all my accounts to see if amount transferred and paid so I can start calling bank to close the account and get back the excess.

 

[Twilightzone]

Friends and family card right hahahaha

Yah lah!!! If only I can call and tell them I will gladly use if they accept my application for DCP first. LOL

 

[KKK1978]

Zhun zhun la, if they wanted to reject your applications you wouldnt even make it this far.final stage liao

I think got high chance. My experience with hsbc is reject fast

 

[rickky83]

When did your application approve? Just wondering how long do they take to start paying off to other FIs.

Yah. Logging in everyday to all my accounts to see if amount transferred and paid so I can start calling bank to close the account and get back the excess.

 

[melbourne10]

Yah lah!!! If only I can call and tell them I will gladly use if they accept my application for DCP first. LOL

At least still have a card to use. Always good to have a CC on standby when you go overseas, in case some unforeseen nonsense happens.

Not that you should be using the card la. It's the only card you can hold until you bring down the overall outstanding to < 8x your monthly income.

 

[Twilightzone]

When did your application approve? Just wondering how long do they take to start paying off to other FIs.

Mine approved on 30th?
Then letter printed on 31st and said will start transferring in (sh*t! Forget is "in" or "from") 9 business days from the day the letter is printed.

So now is very nail biting for me.

 

[Twilightzone]

At least still have a card to use. Always good to have a CC on standby when you go overseas, in case some unforeseen nonsense happens.

Not that you should be using the card la. It's the only card you can hold until you bring down the overall outstanding to < 8x your monthly income.

Yes true.
But the temptation also is strong.

We must resist to use CC!!!