Debt consolidation Plan

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Vrommabcde

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johnsonlock said:
@carlingford

Thanks for the info. I just called up the BOC hotline - rejected also :( found it strange that the guy who came to pick up the forms was so enthusiastic at first but later never reply calls or email. Was very hopeful but what to do? *tired and discouraged*
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Yea sale all very enthu... ask additional docs say chances will approve...then still reject😂 U all think if clear the amt from the bank u apply from have chance anot
 
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melbourne10

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idoitboy said:
Thanks! Hopefully will have good news because the guy just called me again to ask for the latest balances as he mention there are cases where the amount not tally and people gain from the extra 5% 🤔
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That's a silly way to judge it because a) the statement balance sure change as we pay the monthly payment, and b) because even if they give 5%, it is rolled into the larger DCP sum and u still have to pay back
 
deadlockb

deadlockb

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idoitboy said:
Thanks! Hopefully will have good news because the guy just called me again to ask for the latest balances as he mention there are cases where the amount not tally and people gain from the extra 5% 🤔
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Can I choose not to have this <5% allowance?

The ≤5% allowance is mandatory for the first approved DCP loan. It is intended as a buffer against any incidental charges that may be incurred from the time that the DCP loan is approved to when the DCP amount is disbursed to your financial institutions. Any portion of the allowance will be credited or refunded to you by your DCP financial institution.
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May be because of this, Banks are insisting on the official letter to reflect the latest balance.
 
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melbourne10

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Citi and HSBC did tell me, the latest statement will do, and they will base off the latest statement. Anyway my CC/OD now no activity alrdy except monthly payment so hopefully no issue there. Else if u call the banks one by one, they all take a few days to process, before u know it, another statement come out, then back to square one.

My HSBC application is a mix of Jan and Feb statements. Sing post delivery slow, not my fault right...
 
deadlockb

deadlockb

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melbourne10 said:
That's a silly way to judge it because a) the statement balance sure change as we pay the monthly payment, and b) because even if they give 5%, it is rolled into the larger DCP sum and u still have to pay back
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true....its not a gain...finally we need to pay back to the bank.
 
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melbourne10

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Vrommabcde said:
Yea sale all very enthu... ask additional docs say chances will approve...then still reject😂 U all think if clear the amt from the bank u apply from have chance anot
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If u clear and then the total fall below 12 x monthly income (which is basically ur annual income for 2016), it won't help

Most impt is, if u are an existing customer, make sure ur payment record is AAAAAAAAAAAA
 
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melbourne10

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Basically if approve, life becomes a bit easier. Else it's just status quo, life as normal before they introduced this DCP thing, which is damn sian of course. The media coverage made it sound too good la. Their advertising also... "Clean slate" etc...

Anyway looking at the state of things I believe tenor has a part to play also. They want their money back fast. Just apply the shortest tenor u can manage. My Citi app was 7 years... Hsbc I put 6. If not approved I will put 5 years for SCB.
 
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Taurusmay

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melbourne10 said:
If u clear and then the total fall below 12 x monthly income (which is basically ur annual income for 2016), it won't help

Most impt is, if u are an existing customer, make sure ur payment record is AAAAAAAAAAAA
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I just got a rejection from HSBC this afternoon for my first attempt. So discouraged. The CS just told me to retry in 6mths time again......

My credit is AA and all my unsecured credit is AAAAAAAAAAAAAA.

Try to call BOC, they promised to call me back and send email on the application but never come back. The best is ANZ when I ask for the total outstanding statement. The CS question me is it for DCP. He said they do not have the letter if need to find out just give them a call.
 
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melbourne10

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Taurusmay said:
I just got a rejection from HSBC this afternoon for my first attempt. So discouraged. The CS just told me to retry in 6mths time again......

My credit is AA and all my unsecured credit is AAAAAAAAAAAAAA.

Try to call BOC, they promised to call me back and send email on the application but never come back. The best is ANZ when I ask for the total outstanding statement. The CS question me is it for DCP. He said they do not have the letter if need to find out just give them a call.
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?! Even AA credit rating not accepted? That's jialat.
 
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melbourne10

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Taurusmay said:
I just got a rejection from HSBC this afternoon for my first attempt. So discouraged. The CS just told me to retry in 6mths time again......

My credit is AA and all my unsecured credit is AAAAAAAAAAAAAA.

Try to call BOC, they promised to call me back and send email on the application but never come back. The best is ANZ when I ask for the total outstanding statement. The CS question me is it for DCP. He said they do not have the letter if need to find out just give them a call.
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Yeah ANZ asked me also. But they said they can send me.

When did u apply for HSBC?
 
deadlockb

deadlockb

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melbourne10 said:
Basically if approve, life becomes a bit easier. Else it's just status quo, life as normal before they introduced this DCP thing, which is damn sian of course. The media coverage made it sound too good la. Their advertising also... "Clean slate" etc...

Anyway looking at the state of things I believe tenor has a part to play also. They want their money back fast. Just apply the shortest tenor u can manage. My Citi app was 7 years... Hsbc I put 6. If not approved I will put 5 years for SCB.
Click to expand...

True, we will be relaxed if dcp approved.
Regarding tenor,when i applied citi, they suggested to take 5 yrs.
 
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