Debt consolidation Plan

[reggaez]

My approving bank is SCB, 7 years tenor at 1.1k monthly.

66k loan amount (including 5% buffer).

My credit score is FF-1768. I had maxed out all my cards/cashlines/loans etc. until citibank disabled my credit card.. UOB called me up to threaten to make me pay the full sum if i have another late payment.

Guys out there, hang in there. Even if your credit score is HH, maintain your minimum payments, and pay a little extra too.. e.g pay $10,$20 extra helps ALOT. Especially when your approving bank sees that you're making an effort to pay slightly more than minimum. Your credit score makes a huge difference between a HH and FF. Once you're FF and above, they don't really look at your credit score but more towards your payment history and risk.

For my case, I was pretty nervous because my approving bank called me to inform that i had an overlimit amount... apparently, once I cleared this amount, on the same day (today), my application was approved. My CSO told me my strong point was that I ALWAYS paid my minimums and slightly higher to this bank on the day my statement was out (I used recurring transfer for this bank *PHEW*). My weakest point was that I had a few cards with overlimits... including SCB.. @_@

Some important points to note (and i learnt from this journey)
1. Remember to submit ONLY the documents that will keep your BTI above 12x. If it goes anywhere below 12, application immediately rejected.
2. Always pay minimums up to date, don't have default, don't have outstandings. They can CHECK.
3. If you're applying DCP with a local bank, do note that they have access to a huge range of services that can check your payment history e.g telco, hospital bills, income/property tax, SP services etc. Foreign banks don't have these checks so they are stricter on the BTI as well as your payment history WITH the bank you're applying for.
4. This forum, never abandon this forum. Everyone's here to help, even those that were approved 6,8 months ago still come round here to help those in need... so always know that all of them (and now including myself), will be around to help everyone out. We all came from there, we know how it feels, and we want you to succeed and be debt free!

congrats bro! time to start afresh ! your FF rating definitely helped your case. SCB outright rejected my case as I am a HH1673. only UOB took me in after Maybank rejected me as well.

the next thing you should focus is to monitor all the payments into your various loan , cashlines, credit cards. once payment in, call the banks to cancel the cards/cashlines and get the balance refund. they wont do it automatically for you!

also if they ever do send you a letter chase you for the outstanding interest, please call them up and they should waive it for you.

alas, lets help other bros/sis who are lost in the DCP application. I will always be here to help as well =)

 

[Jojodespo]

Yeah man!!!! Thanks yeah CSO said my FF also helped because They wouldn’t have entertained anything below FF. Glad UOB took you!!

I have got 2 loans to monitor, HSBC and OCBC.

And I have quite a few credit cards to monitor. Should I cancel or suspend the cards and withdraw the cash? I read here that some of them kept the cards in suspended mode cos in future can still retain the card.

Also, what do you mean by outstanding interest? Do I need to look out for anything in my letter box?

Thanks so much for helping!

congrats bro! time to start afresh ! your FF rating definitely helped your case. SCB outright rejected my case as I am a HH1673. only UOB took me in after Maybank rejected me as well.

the next thing you should focus is to monitor all the payments into your various loan , cashlines, credit cards. once payment in, call the banks to cancel the cards/cashlines and get the balance refund. they wont do it automatically for you!

also if they ever do send you a letter chase you for the outstanding interest, please call them up and they should waive it for you.

alas, lets help other bros/sis who are lost in the DCP application. I will always be here to help as well =)

 

[Jojodespo]

Hey there,

There are banks that take HH. Some banks will look at the score e.g UOB won’t take 1670 and below etc.

Maybank
HSBC
UOB
BOC
CITIBANK

It’s hard to get approved, but it’s possible.

Ensure the following
1. Always make at least minimum payments before due date and don’t have any B’s in the first row of your CBS payment history
2. If you wish to try with a better score, keep paying minimums with slightly more and retrieve your cbs in 3 months time.
3. Apply for DCP in this order - Maybank, UOB, HSBC. The trend is that HSBC will usually approve if there are a few rejections by other banks (usually HSBC is quite lenient)
4. Last but not least, make sure your BTI is above 12x. Below 12x instant rejection.

No bank will take in HH rating?
Die liao

 

[Jojodespo]

Bro, just to check. Is your cbs still reflecting a HH, or a HZ?

Also, your payment history, are they reflecting BBBB?

And lastly, do you have any outstandings on your Cbs?

If you’re having difficult settling minimum payments, I’d suggest that you quickly register for The ccs talk session to find out what choices you have. You mostly likely will qualify as long as you have a stable income, no guarantee.

The waiting time however, will be about 2 months until DMP approval which is why you should check for the earliest slot.

You can also concurrently apply for DCP with a few banks quickly, and also attend the DMP talk session stay strong bro, we’re here to help.

Thx bro for the reply.
I already reached a stage where I cannot fulfil all the minimum payment, defaulting every now and then.
I guess I gone case. I feel it seem pointless for me to even try for DCP

 

[Jojodespo]

Bro, your rating of 1723 is still ok to try with the banks I listed. There are quite a number of Bros and sis here with HH and got approved.

It’s good that you didn’t see any BBBB. Basically for

Personal loans, you will see 1 line of AAAAAAA,

For balance transfer and credit cards, you’d see 3 lines like
AAAAAAA
NNNNNNN
NNNNNNYN

As long as the first line is all AAAAAA, then no issue. If you have a B,C,D or F, then it’s not so good.

The only issue you would have is the outstanding amounts in your cbs. You will need to get them cleared and retrieve your next months CBS only after you’ve cleared your outstanding amounts for all cards. Sorry but this is the only way to apply for DCP. DCP banks won’t accept anything if they see outstanding in the column.

How about trying to cut some spending to clear off some outstandings? Hopefully the amount isn’t too big.

Let me know how it goes for you bro.

Yes bro, reflect HH rating 1723.
Payment history I don know how to see, but I did not see any BBBBBBB
Yes because of my inability to service all the minimum payment, I saw those outstanding figure on the report

 

[Jojodespo]

I know this isn’t very good advice but how about letting your family members know that you need a small sum of money and quickly pay off your outstanding, tahan 1 more month. Get your cbs in Feb and quickly apply DCP. At the same time now, go to CCS talk session and get ready your statements and expenditure listings.

I am not going to tell you to go to legal money lenders because that’ll drown you in more interest. Try to live within your means, call up some banks to tell them to delay payment by abit. At least let them know you’re willing to work something out with them. I managed to waive off 2 months interest with Maybank. Little things like this do help a lot. Check all your cards to see if any annual fees were charged, then call bank ask them waiver so they credit your account. That way you don’t have to pay much minimum sum this month.

Unfortunately, I am unable to clear those outstanding so reflected in the report. Really dun know what to do next now

 

[hwaa]

Thx bro for the reply.
I already reached a stage where I cannot fulfil all the minimum payment, defaulting every now and then.
I guess I gone case. I feel it seem pointless for me to even try for DCP

then i suggest u not to waste any more time, just approach ccs for help.

 

[Redrum88]

I see some sound worried. It's not the end when you are rejected DCP. Just save up a sum of money, go apply for bankruptcy. Then go in DRS, pay within 5 years n be free again. Isn't it better than all those beyond 5 years repayment plan?

Totally agree with u. Y people keep going for dcp where u have to pay a very high intrest while u can get a good side of drs where u pay zero percent interest. At the end of the day, ur cbs report will be back to normal once u complete the drs repayment dis banks are to much sucking ppl out of the ridiculos interest under dcp/ras/drp. Dis is from my point of view.

 

[Jojodespo]

Sorry to ask bro, are you the same person as sgman88? lol

Totally agree with u. Y people keep going for dcp where u have to pay a very high intrest while u can get a good side of drs where u pay zero percent interest. At the end of the day, ur cbs report will be back to normal once u complete the drs repayment dis banks are to much sucking ppl out of the ridiculos interest under dcp/ras/drp. Dis is from my point of view.

 

[Redrum88]

Sorry to ask bro, are you the same person as sgman88? lol

Nope! Hahahaha!! Different person.. no time to handle two accounts

 

[reggaez]

Yeah man!!!! Thanks yeah CSO said my FF also helped because They wouldn’t have entertained anything below FF. Glad UOB took you!!

I have got 2 loans to monitor, HSBC and OCBC.

And I have quite a few credit cards to monitor. Should I cancel or suspend the cards and withdraw the cash? I read here that some of them kept the cards in suspended mode cos in future can still retain the card.

Also, what do you mean by outstanding interest? Do I need to look out for anything in my letter box?

Thanks so much for helping!

my personal advice is to cancel all the cards and withdraw the cash, in my case, OCBC is the most unethical credit card bank. i have a credit card/cashline with every bank in SG except for BOC. all returned my balance without any issues or complains , only OCBC still dared to charge me interest after my credit card is suspended and refused to refund me to credit balance.

the DCP will normal do a 5% markup of what your total balance with the credit card issuing bank . best is to refund those overpaid balances.

for me i dont intend to keep those cards. it will only invite trouble again. for those perks and cashbacks, i rather use cash now. its really pleasing to see i have excess balance left in the bank account before payday.... lol

 

[Jojodespo]

Anyway if anyone is keen to apply with SCB, I can recommend my CSO. Very efficient, fast and she gives her personal contact number to contact at any time during your “waiting period”... I literally kept spamming her asking her on my status Everyday, she still answered me nicely and told me not to worry. She even made sure my application was followed up, even told me to reconfirm my address and to pay overlimit amount before approval.

Hope you guys can give SCB a try, they’re not a bad bank afterall. Haven’t seen many SCB approvals here yet, I’m probably one of the few with SCB approval.

 

[Jojodespo]

Ah, thanks for the insights!!!

When I call them to return my balance and close the credit card accounts/cashlines, do I also try asking them to waive some interest fees?

**** I have ocbc 365 and easicredit with them... Guess it’s gonna be hard to get my credit balance back? Did you manage to eventually get it back? I have a savings account with them so maybe they’d just transfer to my savings?

my personal advice is to cancel all the cards and withdraw the cash, in my case, OCBC is the most unethical credit card bank. i have a credit card/cashline with every bank in SG except for BOC. all returned my balance without any issues or complains , only OCBC still dared to charge me interest after my credit card is suspended and refused to refund me to credit balance.

the DCP will normal do a 5% markup of what your total balance with the credit card issuing bank . best is to refund those overpaid balances.

for me i dont intend to keep those cards. it will only invite trouble again. for those perks and cashbacks, i rather use cash now. its really pleasing to see i have excess balance left in the bank account before payday.... lol

 

[Jojodespo]

Applied with SCB, 7 years tenor for 66k loan (include 5% buffer)
Income documents used - 3 months payslip $4617 monthly
Credit rating at time of application FF - 1768

22 Dec’17 - Submitted application to CSO, CSO informed that most likely application will be routed to account checks on 27th Dec’17 as it’s holiday season
28 Dec’17 - CSO called to update address as address for card and application are different
28 Dec’17 - Bank checked CBS
29 Dec’17 - Received SMS on update of address
29 Dec’17 - CSO called to inform that case has been routed to approvals Queue, but cannot proceed further as the account has an overlimit of $220. Was told to quickly make payment and send her receipt. Most likely will be routed back to approvals again on 2nd Jan’18 as it’s New Years holiday
2 Dec’17 - Bill payment into SCB not yet reflected in account yet, CSO will wait until payment is reflected to route case back to approvals Queue
3 Dec’17 - Check SCB account in morning and saw bill payment. Informed CSO that overlimit is clearer. CSO proceed to route to approvals Queue
3 Dec’17 - CSO informed unofficial approval on DCP as SCB is updating DCP registry to Ensure no other banks can add their case in DCP registry. CSO informed to give SCB about 5 working days to dispense outstanding to all banks. After dispensing to all, then approval letter with instalment amount and card will be sent

Total working days from application to approval: 4 days
(Excludes public holidays, Christmas and new year)

 

[Jojodespo]

Went into my OCBC ibanking and on my credit card page, it shows as “Your credit card is suspended, please call 1800 363 3333.”

Guess this means it’s officially approved? Haven’t got msg or letter of approval yet, abit skeptical. Hmm.

 

[leong25]

Any successful application through self employment?

 

[Jojodespo]

Saw a few in this thread. Gotta show NOA and CPF. Credit history and payments need to be strong too.

Any successful application through self employment?

 

[Youandme8888]

congrats bro! time to start afresh ! your FF rating definitely helped your case. SCB outright rejected my case as I am a HH1673. only UOB took me in after Maybank rejected me as well.

the next thing you should focus is to monitor all the payments into your various loan , cashlines, credit cards. once payment in, call the banks to cancel the cards/cashlines and get the balance refund. they wont do it automatically for you!

also if they ever do send you a letter chase you for the outstanding interest, please call them up and they should waive it for you.

alas, lets help other bros/sis who are lost in the DCP application. I will always be here to help as well =)

Hi, I want to apply for DCP and my HH rating is 1538, now I am at 12x of my salary. Understand that Job approve you, can you give me more advise? Thanks

 

[Jojodespo]

If I’m not mistaken, UOB accepts rating of 1650 and above only.

1538 is a little hard to approve, but better than HZ or HX. Are you certain you are at 12x? Do you have your profile?

monthly gross salary -
NOA -
Total outstanding -

1538, Maybank might approve you IF your payment cycles are still ok.

What about your risk factors affecting your CBS, in your Cbs, you will see something like

Delinquency presence
Too many enquiries
Credit exposure
Default payments

Etc etc.

Hi, I want to apply for DCP and my HH rating is 1538, now I am at 12x of my salary. Understand that Job approve you, can you give me more advise? Thanks

 

[Youandme8888]

If I’m not mistaken, UOB accepts rating of 1650 and above only.

1538 is a little hard to approve, but better than HZ or HX. Are you certain you are at 12x? Do you have your profile?

monthly gross salary - 3000
NOA -46036
Total outstanding - 42000

1538, Maybank might approve you IF your payment cycles are still ok.

What about your risk factors affecting your CBS, in your Cbs, you will see something like

Delinquency presence - moderate increase risk
Too many enquiries - greatly increase risk
Credit exposure - marginally increase risk
Default payments - marignally increased risk

Etc etc.

I have input the data