Debt consolidation Plan

[tehoice82]

Thankfully, DCP approved by Maybank

Waiting time: 5 working days
CBS: HH 1685 at the time of application.

 

[licious]

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

I took 7 years. Debts $69k after 5% buffer.

 

[Izumi8]

Snp indices is not hard but u need to do it ft and wait for days and weeks for pa to come to the price to reverse , it works same principles as the bubble . Everyday bulls when bears come the pa will boom one day

Nikkei has just completed a 16 straight session of gains until Oct 24. This has never happened before. It could be once in a lifetime event. 2017 will be remembered in history book as an "unprecedented" bull for major markets such as US, German or Japan with record high almost every week.

 

[sneggg]

Thankfully, DCP approved by Maybank

Waiting time: 5 working days
CBS: HH 1685 at the time of application.

congrats bro

 

[deadend*]

After attending the clearance session, I start to pay the banks next day based on repayment schedule but most banks still say they’ve not gotten the update but I’ve already taken this as my first repayment instalment for Nov payment. I won’t have extra funding if they required more upon approval.

May I know can SCB pay via AXS app? What should I choose cause tried to key the account number as credit card, it got rejected?

Appreciate any of your advice.

 

[dean1989]

hi guys,

i need to check, if i apply DCP, will affect my credit score? Because im applying for renovation loan. I dont know if it will affect my reno loan processing.

 

[zxq2008]

Dear bro and sister,

I applied DCP @BOC on 18 Oct 2017, approved on 25 Oct 2017.

BOC yet to disburse fund until today. So for those who got approved from BOC, How long will they pay to other banks?

By the way CSO who handle my case is quite helpful , who need contact ,can PM me .

 

[oceanicmanta]

hi, may i know how long for dmp to approve after the first appointment. eg 16 Nov

first appointment meaning the compulsory talk or the 1-on-1 session with Counselor ?

 

[revospeed]

Hi there, can anyone advise on other mode of solution other than DCP if i do not meet their requirement. I am just below the "exceed 12X salary" requirement.

I have also approached CCS for help for the time being. I just can't bear the interest.

 

[oceanicmanta]

for dmp what are the chances of getting approved. my ** is D-D , i have credit limit over flow liao. will affect my dmp ?

1-on-1 session with Counselor

no one can tell u the chances. what i can say is they will do their best to help.

after 1-1, CCS would have prepared proposal for their internal review.

IF CCS decides your case can support, within next 1-2 weeks, you would be informed to attend the group Clearance Session. You will be asked to acknowledge the proposed payment plan, etc etc which CCS will then submit to the Banks for approval (CCS says banks take 1 week to decide).

Your first DMP payment will be within 2-3 weeks after Clearance Session.

So, once you get to Clearance Session, likely your DMP would be approved eventually by the banks.

 

[seeklightsoon]

After attending the clearance session, I start to pay the banks next day based on repayment schedule but most banks still say they’ve not gotten the update but I’ve already taken this as my first repayment instalment for Nov payment. I won’t have extra funding if they required more upon approval.

May I know can SCB pay via AXS app? What should I choose cause tried to key the account number as credit card, it got rejected?

Appreciate any of your advice.

For SCB, just do a FAST transfer to the account. It is a savings account and as such, can only do a FAST transfer or via the Cash Deposit Machine at SCB Branch.

After clearance session, it will take around 3 days for CCS to send the proposal to the Banks. After that, Banks may 1 week to approve or decline proposal. During this period, once they have obtained the majority of Banks acceptance, CCS will write to you to inform you. Some banks will reach out to you very quickly to advise on payment details. Others will take a long time. Regardless, pay based on what CCS proposal has written until you obtain a confirmation from the Bank.

During this interim period, some Banks may issue Letter of Demand to you as your payment will be lesser than their desired minimum payment. If you do receive such letters, do inform them nicely that the plan has been accepted. If they ignore you, take down the details of the party that you have spoken to and inform CCS. CCS will help to inform them to expedite the processing and not to continue with the legal actions, given that your DMP has already been approved.

Best of luck and hope that you will be debt free in no time!

 

[seeklightsoon]

for dmp what are the chances of getting approved. my ** is D-D , i have credit limit over flow liao. will affect my dmp ?

From my observation, CCS looks at primarily your ability to repay. They will examine your salary, monthly expenses and the left-over amount to see if you can afford to repay all Banks. Maximum tenor is generally 8 years. In addition, if you demonstrate that you are prepared to cut down on your unnecessary expenses (e.g. dining at restaurants, owning a car which is not essential for work) and committed to paying off the debt, your chances of success will be higher.

Secondary factors will be the reasons that you landed yourself in such a big debt.

Best of luck.

 

[seeklightsoon]

Letter of Demand sounds very nasty, is it a lawyer letter we have to pay?

You are right. Letter of Demand is a generally a letter prepared by lawyer to request you to pay the stated amount (usually the overdue amount) by the next few days, failing which they may proceed with other legal mode to recover debt.

The legal fee associated with the letter will be debited from your credit card account with the Bank.

 

[deadend*]

Many thanks @seeklightsoon for the great info and well wishes. Truly can’t wait to be debt free soon.

Yes, currently am paying per CCS repayment schedule but banks are still calling me for the minimum sum and some are indeed rude. Really irritating...hopefully soon I’ll hear an answer from CCS on banks approval.

Glad that SCB still can pay by FAST transfer if not is so troublesome to keep going to the bank for cash deposit.

 

[hwaa]

for dmp what are the chances of getting approved. my ** is D-D , i have credit limit over flow liao. will affect my dmp ?

u dont have much choices right? instead of worrying abt chances of approval, why not make the first move?

 

[seeklightsoon]

Many thanks @seeklightsoon for the great info and well wishes. Truly can’t wait to be debt free soon.

Yes, currently am paying per CCS repayment schedule but banks are still calling me for the minimum sum and some are indeed rude. Really irritating...hopefully soon I’ll hear an answer from CCS on banks approval.

Glad that SCB still can pay by FAST transfer if not is so troublesome to keep going to the bank for cash deposit.

Based on what I have observed, once CCS has put forth the proposal to the Banks, it means that internally they are comfortable that you are able to repay in accordance to the proposal. As such, the success rate is very high, unless you have very bad history with the Banks (e.g. you keep making promises to pay and yet don't make any payment). The Banks need a valid reason to give CCS for rejecting the proposal.

The Banks will still call you and some will just say that they don't really care even if you have gone to CCS. Stay calm and explain that this is the proposed amount that you have been told to pay by CCS. Remember, if your proposal has been submitted to the Banks, it is generally less than 2 weeks that you will get a formal approval. So during these 2 weeks, just stay calm and once the Banks call, just explain to them that your proposal has been sent to the Banks and you are waiting for the approval from CCS.

The critical thing you need to do now is to follow the CCS proposal strictly. Some banks will actually approve after they see the "first" payment as per the plan. I have banks who eventually sent me the approval letter with something along the line like "We noted that you have made the last payment of $XXX in accordance to plan, and the next payment of $YYY will be due on XXXX". As such, it seems that they want to assess your sincerity before approval.

The initial few weeks or even months can be very tough as you need to watch your expenditure very closely to make sure you have enough to pay the Banks. Example, I will bring a bottle of water from home so that I can save around $2 on drinks during lunch. Once you have gotten to the routine, you will realise that it is not that difficult to cut down expenses. However, we are all humans and may tend to indulge once a while. Just need to watch out for these and make sure you don't overspend. Once you have missed a payment, you will get a query from CCS.

When ANZ was transferred to DBS, they only allow me to make payment via GIRO and the GIRO takes forever to approve, resulting that I am not able to pay the ANZ account with DBS. I think the late payment record was transmitted to CCS and they sent me a query to check if I have been making payment and to provide them with my last 3 months payment records.

Hope you will find these tips and information useful. Meanwhile, stay calm and be strong. You will make it through.

 

[seeklightsoon]

i think its 300$ per letter. if the banks are nasty , they want to pay immediately after finding out ccs is going to thrash their interest rate. for dcp is dont have such things ?

So far, based on the two banks that I have received the letters, it is around $30 - $50 per letter.

It doesn't matter whether u go on DMP or DCP. Under the credit card agreement, Banks have all the rights to recall the facility based on their internal credit review. As such, whether to go on DMP or DCP depends on your preference and your eligibility. I think it has been discussed in quite length here in the forum.

Summary is available in a newspaper article:
http://www.straitstimes.com/business/invest/spotlight-on-debt-repayment-programmes

 

[deadend*]

@seeklightsoon - I’ve ANZ with DBS now and is of the highest outstanding amount. Am now just paying to that “ANZ DBS” credit card account per CCS repayment schedule as it is still pending for banks approval so I just pay to 1 account so now that the ANZ transfer is completed, still have payment issue to DBS? Going to pay over the counter is super troublesome man. I’ve already paid most banks except for SCB, I called them then they said have not converted to term loan and I still have to continue to pay my card. I don’t want to get stuck when formal approval come in & I’ve already have the amount paid to card and they do not acknowledge that as 1st payment.

 

[dean1989]

. U applying from banks ? I got my hle before I apply for my dmp. Just enough time to get my home

Hi leadss,

HLE for me is approved long time ago, but my reno loan is from bank. i scared got problem.

 

[oceanicmanta]

hi i have a credit limit over for my dbs , i have not enough to pay this month. my ccs first appointment is on 16 Nov 1 on 1. will it affect my chances ? or die die i have to pay means need borrow from money lender ....

DO NOT borrow more to make payment

Pay what u can, $10, then tell bank that's all you have

Call CCS to request to bring forward your 1on1 session, citing your urgency.