Debt consolidation Plan

[simoleon27]

i am also trying maybank and uob with HH. waiting for reply. hopefully good

good luck bro. i waiting to hear back also.

 

[tehoice82]

7 weeks , quite fast.

congrats for your approval

 

[simoleon27]

when you apply ? nv with CSO ?

most banks do not notify for unsuccessful only notify the sucessful ones

just to share i got a phone call update from OCBC saying my application has been rejected. asked if there was a reason why, but the CO mentioned the bank didn't provide one. but i think it's cuz of the HH rating. going to try HSBC and Maybank now.

 

[tehoice82]

just to share i got a phone call update from OCBC saying my application has been rejected. asked if there was a reason why, but the CO mentioned the bank didn't provide one. but i think it's cuz of the HH rating. going to try HSBC and Maybank now.

you can try UOB also

 

[tehoice82]

hi, do you mind to PM me your CSO contact in Maybank? thanks in advance

 

[tehoice82]

​

Did you have an account with MB prior to your application for DCP?

no need to have account

 

[tehoice82]

can someone tell me when the bank approves ur DCP already, do they SMS or send a letter?

and if u applied to the same bank that ur salary is credited into, will a new account appear under loans/liabilities?

hsbc will send you sms

other banks seems u need to ask them personally to get latest update.

ultimately bank will send u mail

 

[sneggg]

yes!! my dcp with uob approved!! only one working day!

so happy!!!

finally after trying citi,boc,hsbc and nb

hh 1685
debt 91k
income 90k

the CSO was extremely helpful

 

[tehoice82]

yes!! my dcp with uob approved!! only one working day!

so happy!!!

finally after trying citi,boc,hsbc and nb

hh 1685
debt 91k
income 90k

the CSO was extremely helpful

congrats. can PM me who is your CSO pls?

 

[regrettothemax]

yes!! my dcp with uob approved!! only one working day!

so happy!!!

finally after trying citi,boc,hsbc and nb

hh 1685
debt 91k
income 90k

the CSO was extremely helpful

Mind pm-ing me the contact please?

 

[ccssgm]

May i know what is the interest rate ?
DBS or UOB , which better ?

 

[sneggg]

Good income , managerial level?

yes bro but still owe money while can afford to pay monthly but principle amt doesn’t go down much.

really greatful for this!

i applied for a lot months alr with different banks.

the cso explained to me what will be looked at by the banks eg. sp bill telco bill etc although i don’t know if they played a part but i paid all on time lol

keep trying guys

 

[lork44]

Hi,

For those whom DCP been approved, I understand that all the credit facilities will be close.

If you still have rewards points / miles with the banks, would they arrange for you to redeem the rewards points?

Mainly I think it's the miles that was accumulated in Citibank PremierMiles card. I logged in online and saw that the miles that I had accumulated become 0!

Any way I can redeem those miles back into my Krisflyer? Otherwise very wasted!! I had accumulated so much miles points.

 

[kaypohchee]

I managed to get $800 worth of Cold Storage vouchers from AMEX just before I went ahead with my DIY Self-Bankruptcy filing under the old rules - all it took was a phone call - and maybe 1 week's grace period to get the vouchers posted out to me !

 

[lork44]

yes bro but still owe money while can afford to pay monthly but principle amt doesn’t go down much.

really greatful for this!

i applied for a lot months alr with different banks.

the cso explained to me what will be looked at by the banks eg. sp bill telco bill etc although i don’t know if they played a part but i paid all on time lol

keep trying guys

I'm in the same situation as you. Can pay monthly but principle forever stays there.

I've managed to apply to UOB, Citi and HSBC but UOB approved first.

 

[kaypohchee]

why do you do that ? bankruptcy is hard to get out.

1. Already 2nd P(ME) Retrenchment & My Age & Present Realities
------> Possibility of getting another similar job 99% impossible !

2. Owed >>100k & Jobless
- so all the Non-Bankruptcy Options NOT possible
= No other choice
= Last Best Resort here [don't want family to be disturbed/bothered with Creditor Hassling or WSS or Debt Collectors' Nonsense]

3. With bankruptcy here
- only need to pay up like 20% of Total Debt in 5 years to get a discharge
(which I'll do IF I tio 2nd-top Toto {n go for 100% Debt Payment for an Annulment from Bankruptcy leaving no trace if tio 1st top Toto})
- otherwise just remain as an undischarged jobless bankrupt paying the OA my Monthly Contribution of $10/mth GIRO .... survive on mom etc feeding me for the next 5 years till I reach 65 when I can then use my monthly CPF drawdowns for my own monthly survival lor
- only 'inconvenience for me as a bankrupt' is needing to get the OA's prior approval before any travelling BUT since I've ALREADY done LOTS of YOLO Travelling before I'm now contented with mere Armchair Travel
(I STILL am able to enjoy my weekly Spa Body Massages etc as these were all ALREADY Pre-Paid YEARS back too....)
- so now just enjoy another stint of Involuntary Early Retirement & focus on Better Health by reading up n cooking up some Low Carb recipes etc ....

 

[tian_cai007]

Go for DCM as the first option

Hi All,

Here is my experience:

Debt: >100k
Income: 80K

I own alot of money due to margin trading. That was back in May/June. My cbs rating was CC back in June. I applied for DCP with HSBC online and everytime i called, they said the DCP was still processing. About 1 mth after i applied, I got fed up and cancel my application. I then applied for May Bank but was rejected as my ratings dropped to FF due to inconsistent payment to the banks.

Disappointed, I applied to Citibank. They too took 1 mth to process and they told me my case will be special and will be on the priority queue but ended taking 1 mth to know the got rejected as well. Fed up, i reapplied to HSBC but was rejected after another 1 mth of ding-dong as my credit rating dropped to HH.

I then went to CCS talk and applied for DCM. Went for the 1st counselling, now my case is pending. CCS officer told me got 90% chance of approval.

My take is: if you apply for DCP and still waiting for result, dont wait further, quickly register for CCS talk and submit DCM at the same time. Some banks are out to play you... They promise you have good chance of approval and priority queue but drag for weeks to get result (probably they want to earn that 24% interest from you). If you have been rejected once or twice, then most likely you get rejected again. Just go for CCS for help instead of waiting for the banks to approve DCP. I had wasted a good 5-6 mths to clear my debts. Speaking from my own experience.

Hope this helps anyone.

 

[Jaychou1309]

Yap! They just submitted my application today!

Can also check how much is your loan tenure? My debt is 43k and im applying for 5 year loan. They suggested 7 year loan to me. Im afraid it will affect my application

Try maybank. I got approved with HH and 1721 rating

 

[Jaychou1309]

Good luck to you!

good luck bro. i waiting to hear back also.

 

[tehoice82]

Good luck to you!

rejected by UOB. no reason given