Debt consolidation Plan

[deadlockb]

RAS is much better den the DCP. your monthly repayment get lower every month if u paid everything on time

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But RAS is applicable to the amount over your 12XMonthly salary.

 

[deadlockb]

I applied dbs ... sent in some docs and they request afew latest one ..

what is DBS rate per year ?

 

[warboy85]

But RAS is applicable to the amount over your 12XMonthly salary.

ya. but at least interest is 5% pa n the repayment will decrease each month. but that one no more liao

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[Iwanttobehappy]

what is DBS rate per year ?

I think 10.99 ..

 

[Izumi8]

Just i dont understand one point , in what way DCP has negative impact on Credit Breaue report/Loan Application? Actually ,the borrower is clearing all loans( DCP bank is clearing on his behalf) that he owed and he is not defaulted.

Well, assume you have cleared all CC debts in 3 years (NO DCP), by the 4th years, your credit ratings become AA again as if nothing has happened. DCP is a different story, all the banks can still see the old stained records in the 6th year even if you have cleared everything on the 3rd year.....you left only ONE credit card with credit limit of one month salary (Remember all other banks credit card already closed, every other bank may just straight away reject your fresh CC application, pathetic isnt it? Why the bank will consider a DCP holder application when there are 96% of better candidates elsewhere?)

 

[deadlockb]

every other bank may just straight away reject your fresh CC application, pathetic isnt it? Why the bank will consider a DCP holder application when there are 96% of better candidates elsewhere?)

oh ic....is it the same case with those who took RAS, debt management program etc..?

actually people who took DCP are trying honestly to clear loans and dcp is a convenient mode of payment for them( only one installment for all loans).They are no way bad borrowers right..?

 

[Iwanttobehappy]

oh ic....is it the same case with those who took RAS, debt management program etc..?

actually people who took DCP are trying honestly to clear loans and dcp is a convenient mode of payment for them( only one installment for all loans).They are no way bad borrowers right..?

Agree bro !!! Well said ..

 

[BBCWatcher]

Well, assume you have cleared all CC debts in 3 years (NO DCP)....

That "rainbows and puppies" assumption would be lovely, but it's not common at typical 28% credit card interest rates and outstanding debt >100% of annual earnings. Bankruptcy is common in that scenario. You cannot repair what you cannot repair.

It is an extremely odd objection that the DCP "limits" the participant to one credit card if the alleged plan is to pay off all debt in three years. Why would any individual who carried such huge, high cost debt ever rationally want to do so again? Even one credit card might be one too many.

 

[Izumi8]

oh ic....is it the same case with those who took RAS, debt management program etc..?

actually people who took DCP are trying honestly to clear loans and dcp is a convenient mode of payment for them( only one installment for all loans).They are no way bad borrowers right..?

Yes, those took debt relieve program suffered too. Banks definitely do not care if you are clearing the loan 'honestly' or not. They love min payment high interest customers. If you are the banks, can choose to earn 28% consistently, why limit yourself to a person who has taken DCP ?

 

[leong25]

DBS interest is 6.99%, they just called me recently.

I haven't submit my application yet. As during this few month I have lost my job and currently doing ad hoc. Then this 3,4 mth suddenly my credit Record grade become HH. Previously was quite perfect. Wonder will it affect.
By right this program is suppose to help people clear debt, shouldn't be to rely on the credit report.
Now all my cc card I need to pay around 1k plus. With this plan. I might be able to pay $600 plus only

 

[Iwanttobehappy]

DBS interest is 6.99%, they just called me recently.

I haven't submit my application yet. As during this few month I have lost my job and currently doing ad hoc. Then this 3,4 mth suddenly my credit Record grade become HH. Previously was quite perfect. Wonder will it affect.
By right this program is suppose to help people clear debt, shouldn't be to rely on the credit report.
Now all my cc card I need to pay around 1k plus. With this plan. I might be able to pay $600 plus only

Icic .. I saw from website was 10.99% .. o mine is HH too .. but if conso all together I sure can pay on time monthly .. if they call u means high % will approve one ..

 

[SBC]

Is CC debt rising fast in SG now?

 

[BBCWatcher]

Is CC debt rising fast in SG now?

Yes.

 

[Izumi8]

DBS interest is 6.99%, they just called me recently.

Please state the DBS DCP Interest Rate of 6.99% you heard is calculated based on which method:
Flat Rate (similar to Car Loan/Personal Term Loan)
Reducing Balance (Housing Loan)
What is Effective Interest Rate (EIR)? (Different Tenure different interest rate)

Without this info, it will be impossible to compare the Interest Rate with other banks.

 

[delceer]

oh ic....is it the same case with those who took RAS, debt management program etc..?

actually people who took DCP are trying honestly to clear loans and dcp is a convenient mode of payment for them( only one installment for all loans).They are no way bad borrowers right..?

For you is not bad borrower but not others. Others see the person as incapable to manage the finance and don't have the capabilites to clear the debt. Credit bureau is to measure the probability whether the person will default on loan or not. If is good borrower, no need come to this step.

Sent from Samsung Note 7 using GAGT

 

[leong25]

Flat 6.99% no matter u choose 1 year or 8 year to repay. I got the application form with me

Please state the DBS DCP Interest Rate of 6.99% you heard is calculated based on which method:
Flat Rate (similar to Car Loan/Personal Term Loan)
Reducing Balance (Housing Loan)
What is Effective Interest Rate (EIR)? (Different Tenure different interest rate)

Without this info, it will be impossible to compare the Interest Rate with other banks.

 

[sneggg]

anybody alr on the plan ?

 

[multi]

Flat 6.99% no matter u choose 1 year or 8 year to repay. I got the application form with me

What's the EIR number? They will use the EIR to calculate the monthly payment

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[Vygotsky84]

From DBS page:

"Interest rates from as low as 9.8% p.a.(EIR)! To find out more click on "Contact Me" button below."

Annual rate shown is usually lower than EIR. Citibank EIR is 10.5% I think.

SCB has one of the highest EIR around:

"Applied / flat interest rate (from 6.88% p.a. to 8.58% p.a.)
EIR: Effective interest rate (from 11.51% p.a. to 15.53% p.a.)"

 

[Iwanttobehappy]

Actually i m thinking . Out of the so many banks , which bank will be more easier to apply ... as in not so strict ?