Debt consolidation Plan

[melbourne10]

I applied on 24th Feb.

What's ur selected tenor, if u don't mind sharing?

 

[deadlockb]

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.

.

** Rating 'AA' and rejected.? how much is amount and tenor?

 

[Taurusmay]

** Rating 'AA' and rejected.? how much is amount and tenor?

Amt : 80K / Tenor 6yrs. The CS sound so confidence I will get. Haiz......Im thinking if BOC still dont call me by tmr, I need to try CCS as last resort already. Cos I would not want pay high interest every month.

 

[melbourne10]

Amt : 80K / Tenor 6yrs. The CS sound so confidence I will get. Haiz......Im thinking if BOC still dont call me by tmr, I need to try CCS as last resort already. Cos I would not want pay high interest every month.

I suspect CCS will advise u to continue trying DCP... Esp if u qualify.

The problem is a lot of people qualify based on the public criteria but internally idk what they are thinking.

 

[Taurusmay]

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.

Basically after reading so many rejections from this thread here, I feel that this plan is either

1) wayang cos the banks are force by ABS to come out this plan but they are not interested to approve existing customer who are already paying off high interest to them.

2) Due to overwhelming demand (i.e. I guess lots of S'porean are indebted) and they are very careful to give approval to reduce their risk exposure ba.

 

[deadlockb]

Amt : 80K / Tenor 6yrs. The CS sound so confidence I will get. Haiz......Im thinking if BOC still dont call me by tmr, I need to try CCS as last resort already. Cos I would not want pay high interest every month.

are you existing customer of HSBC ?i dont know if it affects.
anyway...try other banks..may be can get easily.

 

[melbourne10]

Basically after reading so many rejections from this thread here, I feel that this plan is either

1) wayang cos the banks are force by ABS to come out this plan but they are not interested to approve existing customer who are already paying off high interest to them.

2) Due to overwhelming demand (i.e. I guess lots of S'porean are indebted) and they are very careful to give approval to reduce their risk exposure ba.

For #2, it is mentioned that there's quite a number of people who hit above the 12x monthly income in total... Maybe many are trying to apply in this time period.

For #1... Business is business la, hor. There was a report that mentioned only half of the applicants for RAS were successful.

 

[Taurusmay]

are you existing customer of HSBC ?i dont know if it affects.
anyway...try other banks..may be can get easily.

I am actually an exisitng customer with HSBC with long standing good record since 2003 leh. I guess must try banks where I do not have debts with.

 

[melbourne10]

are you existing customer of HSBC ?i dont know if it affects.
anyway...try other banks..may be can get easily.

U are an existing Citi customer right?

 

[Taurusmay]

U are an existing Citi customer right?

For Citibank I only have a checking account. No debts with them.

 

[melbourne10]

For Citibank I only have a checking account. No debts with them.

Maybe u wanna try Citi for ur next app instead of BOC, esp if BOC doesn't call you back

 

[Taurusmay]

For #2, it is mentioned that there's quite a number of people who hit above the 12x monthly income in total... Maybe many are trying to apply in this time period.

For #1... Business is business la, hor. There was a report that mentioned only half of the applicants for RAS were successful.

I did contact to CCS few days ago as backup, teofficer told me they no longer give out RAS. Now is DMP (Debt Management Plan)

 

[melbourne10]

Something to read if you are considering DMP.

https://unhypemydebts.wordpress.com

 

[deadlockb]

U are an existing Citi customer right?

yes...with 10+ yrs and good record.

 

[melbourne10]

Backup plan - register for CCS talk.

Bo bian la, owe $ pay $

 

[Carlingford]

Call up the customer service line & mention that you are interested in their DCP, they will transfer you to their sales team...Faster than leaving your contact at the website..Not too sure about applying at the branch

For SCB, apply at branch?

 

[aang1971]

the more i read, the more i feel i am blessed

 

[gongguan]

I did contact to CCS few days ago as backup, teofficer told me they no longer give out RAS. Now is DMP (Debt Management Plan)

quite lucky tt i am on RAS plan now. felt tt its much better den DCP. read up that ras can convert to DCP but felt that not worth it.

 

[Vygotsky84]

quite lucky tt i am on RAS plan now. felt tt its much better den DCP. read up that ras can convert to DCP but felt that not worth it.

but RAS is for amount > 12x monthly income right?

amount below 12x still subject to normal interest rate?

 

[Louis81]

how long citi take to call back? After call back they will email the application?