Debt consolidation Plan

[Chefjoe]

Thanks for your reply. Will do.... hopefully I will get my approval soon.... I just hope all these can help me to put my life back on track again....

All the best to u!! Everyone here trying to find solution to clear and provide better for our family

 

[Adelineljy]

as the dmp is for strictly for people who wants to avoid bankruptcy. for cbs A-D can forget about applying as the report shows you are still able to make the min payments every month.
for 50k dmp , is about 600$ monthly for 5 years
so your pay A - 600$ - expenses = C (your C cannot be big number)

if your pay A - Min PAyment B - expenses = neg (also not confirmed approve)

remember banks hated dmp , ccs can only help to neg with banks showing your monthly balance sheet to bank showing you really not able to pay

Thank you for the info! I have worked out the expenses part, so is up to ccs to count my dmp already. Actually i got 2 cashlines account soon to be cleared. Not sure if clear already how ccs calculate the balance. I decided to go for dmp because of 2 reno loans too. Hopefully bring down more so I can pay off better

 

[seeklightsoon]

Thank you for the info! I have worked out the expenses part, so is up to ccs to count my dmp already. Actually i got 2 cashlines account soon to be cleared. Not sure if clear already how ccs calculate the balance. I decided to go for dmp because of 2 reno loans too. Hopefully bring down more so I can pay off better

Hi

Generally, CCS will use the outstanding balance that is listed on your CBS report to compute the outstanding amount and usually that is one to two months outdated. Do note that CCS does not want customers to "abuse" as DMP offers much lower interest than the prevailing market interest rate that Banks charge. As such, if your income - reasonable level of expenditure > Current minimum amount due to Banks, they may not accept the case as you will be able to pay off with certain level of discipline.

If your case is accepted, during the briefing session, they will make you go through the outstanding figures and to make changes, if difference in the current outstanding amount is <> $1k of the stated amount.

All the best!

 

[Brian811]

Hi

Generally, CCS will use the outstanding balance that is listed on your CBS report to compute the outstanding amount and usually that is one to two months outdated. Do note that CCS does not want customers to "abuse" as DMP offers much lower interest than the prevailing market interest rate that Banks charge. As such, if your income - reasonable level of expenditure > Current minimum amount due to Banks, they may not accept the case as you will be able to pay off with certain level of discipline.

If your case is accepted, during the briefing session, they will make you go through the outstanding figures and to make changes, if difference in the current outstanding amount is <> $1k of the stated amount.

All the best!

Hihi just asking in terms of cc debts, which bank is the most lenient as in can close one eye?

 

[Kenix2000]

All the best to u!! Everyone here trying to find solution to clear and provide better for our family

No luck, I just chat with her and she told me that need at least with score HH 1650 only can be approved by UOB and I only get score 1387. Anyone know which bank get approve with such score? Please advise and thanks in advance for your help.

 

[Adelineljy]

Hi

Generally, CCS will use the outstanding balance that is listed on your CBS report to compute the outstanding amount and usually that is one to two months outdated. Do note that CCS does not want customers to "abuse" as DMP offers much lower interest than the prevailing market interest rate that Banks charge. As such, if your income - reasonable level of expenditure > Current minimum amount due to Banks, they may not accept the case as you will be able to pay off with certain level of discipline.

If your case is accepted, during the briefing session, they will make you go through the outstanding figures and to make changes, if difference in the current outstanding amount is <> $1k of the stated amount.

All the best!

Everything mailed out today to CCS! Waiting game now

 

[Adelineljy]

Hihi just asking in terms of cc debts, which bank is the most lenient as in can close one eye?

From what I know, you pay the minimum amount every month they will already close one eye. Less than minimum amount sure call you

 

[seeklightsoon]

From what I know, you pay the minimum amount every month they will already close one eye. Less than minimum amount sure call you

That's right.. However, there are banks who will also call you even if you have made the necessary minimum amount, if it exceeds the credit limit during statement date (e.g. due to interest charges, annual fees levied on account)

 

[seeklightsoon]

Everything mailed out today to CCS! Waiting game now

All the best. Based on experience, around 1 week from date of submission by hand to their counter, you will receive a call acknowledging that your package is received, and inform you of the expected wait-time based on the number of cases that they are handling.

If they inform you that it will takes around 2-3 weeks to meet up with a counsellor, generally you should receive a call within the next 2 weeks to fix up an appointment for the following week.

Good luck!

 

[OngHuatHuat]

Good luck everyone, I need to work very hard to clear my debt.

 

[simoleon27]

anyone here under a DCP plan with Maybank?

Can you let me know how have you arranged to pay the loan back each month? Do you add the DCP account number as a 'payee' as per normal into the bank account you are paying the loan from?

Also, I realise the DCP letter does not actually tell you when payment is due every month. I called the bank, and the person on the phone said it's the same date your credit card is due – but she didn't sound very confident in my opinion. Anyone else can help clarify this?

 

[Sea Island]

anyone here under a DCP plan with Maybank?

Can you let me know how have you arranged to pay the loan back each month? Do you add the DCP account number as a 'payee' as per normal into the bank account you are paying the loan from?

Also, I realise the DCP letter does not actually tell you when payment is due every month. I called the bank, and the person on the phone said it's the same date your credit card is due – but she didn't sound very confident in my opinion. Anyone else can help clarify this?

There will be an account number (16 digits). Enter just like you pay CC bill in AXS.

The due date is the same as your CC.

 

[Adelineljy]

you are wasting time if u still can make min payment. ccs will not accept such cases as u are abusing the system.

Which part of my comments here tells you I can make minimum payments? I am rejected by all DCPs and my credit score is hz at the moment, which means I can’t fulfil minimum payments to the all unsecured balances that I owe. That is why I resorted to DMP by CCS. If I have a solution I wouldnt even be here. So if you got nothing nice to say or not getting any facts right, don’t give this kind of comments -.-

 

[Brian811]

Good luck everyone, I need to work very hard to clear my debt.

Hi yyhwin thought you have a six digit stock portfolio?

 

[licious]

anyone here under a DCP plan with Maybank?

Can you let me know how have you arranged to pay the loan back each month? Do you add the DCP account number as a 'payee' as per normal into the bank account you are paying the loan from?

Also, I realise the DCP letter does not actually tell you when payment is due every month. I called the bank, and the person on the phone said it's the same date your credit card is due – but she didn't sound very confident in my opinion. Anyone else can help clarify this?

For DCP they will sent you mthly statement...credit card issued to you statement will only be via e-statement... for my case both my dcp and credit statement due dates are different.

 

[bozoka86]

just to check. if apply DCP. will my parents get to know the DCP?

 

[hclee01]

just to check. if apply DCP. will my parents get to know the DCP?

Nope, unless you chose to let them know or that they happen to open your mails or saw your credit bureau report.

 

[bozoka86]

hi all. does loan amount inclusive of 5% buffer?
example own 80k. 5% of 80k is 4k. 80+4=$84k. so 84k × interest x loan tenure years right?

 

[sgman88]

Thank you for the info! I have worked out the expenses part, so is up to ccs to count my dmp already. Actually i got 2 cashlines account soon to be cleared. Not sure if clear already how ccs calculate the balance. I decided to go for dmp because of 2 reno loans too. Hopefully bring down more so I can pay off better

Careful, what u r gg to talk during the interview. If u tell the counsellor what u have type here, then good luck to you. Think and Plan well the type of questions u might be asked n the answer u gg to give. If u r lucky and go through the counselling session but banks can still reject the application. Once rejected, the only way is bankruptcy.

 

[Jojodespo]

Yes correct. Are you applying? My CSO from SCB told me that SCB is more lenient in approvals now as they just changed an internal policy to take on more DCP applications to help those above 12x. Just make sure no late payments and no overlimit for SCB.

Only thing bad abit SCB is one of the highest interest rate bank.

I applied today, hope for good news.

hi all. does loan amount inclusive of 5% buffer?
example own 80k. 5% of 80k is 4k. 80+4=$84k. so 84k × interest x loan tenure years right?