Debt consolidation Plan

[Celine201]

Tomorrow go to amusement cruise to win money , faster way to pay off debt , no need to scratch head bcoz no money , i always see the cashier counter thick thick of cash note , simply take few stack from them , 100k debt also can pay off .

Just curious, now the hot topic is on bitcoin.

If you have the extra cash to go amusement cruise, why not you invest in bitcoin even though i do not know how true is it to be able to earn 1,000 in just less than 24 hrs

 

[Jojodespo]

You would be able to earn 1000 in less than 24 hours only if you have a huge number of capital invested in them... think there’s a crypto currency thread somewhere in the moneymind forum.

It’s true that they can earn lots, but it’s high risk and you can lose everything as well.

I don’t think this gambling guy is a good example what we should do with extra cash. He is a total risk taker, which would either end you up rich, or poor until we need to go onto DMP or DCP. But isn’t life about taking risks haha

Just curious, now the hot topic is on bitcoin.

If you have the extra cash to go amusement cruise, why not you invest in bitcoin even though i do not know how true is it to be able to earn 1,000 in just less than 24 hrs

 

[relief]

Hi bro/sis,
I was silent reader and have benefited a lot from all of your postings.
Here is my contribution.
Started application to MBB on 27 Dec 17. But, complete docs were submitted only on 3 Jan 18.
MBB asked me to submit online CPF contribution on 5 Jan 18.
I guess my application was approved last night, 11 Jan 18 as I saw my CC available balance increased to 100k+++.
NOA: 75k
Debt: 123k
CBS rating: DD
1st time application.

Jiayu everyone and wish you all good luck.

 

[Jojodespo]

Congrats!!!

Now next step is to check your ibanking for your various banks to see if the funds are transferred in, then call them up to request for all sorts of waivers.

Request for

- late charge waivers
- annual fee waivers
- interest fee waivers
- overdrawn interest waivers
- early repayment fee waivers (probably can’t)

Easy banks for me to get waivers: SCB, UOB, Citibank, OCBC

Hard to get waivers: HSBC, DBS

Hi bro/sis,
I was silent reader and have benefited a lot from all of your postings.
Here is my contribution.
Started application to MBB on 27 Dec 17. But, complete docs were submitted only on 3 Jan 18.
MBB asked me to submit online CPF contribution on 5 Jan 18.
I guess my application was approved last night, 11 Jan 18 as I saw my CC available balance increased to 100k+++.
NOA: 75k
Debt: 123k
CBS rating: DD
1st time application.

Jiayu everyone and wish you all good luck.

 

[relief]

Congrats!!!

Now next step is to check your ibanking for your various banks to see if the funds are transferred in, then call them up to request for all sorts of waivers.

Request for

- late charge waivers
- annual fee waivers
- interest fee waivers
- overdrawn interest waivers
- early repayment fee waivers (probably can’t)

Easy banks for me to get waivers: SCB, UOB, Citibank, OCBC

Hard to get waivers: HSBC, DBS

Thanks, bro Jojodespo.
I noticed you are very very helpful here..
Great work!

I don't have any late fee.. may be ask to waive interest.
Just want to check with you.
Did your DCP bank pay extra 5% to all the other banks?
Thanks.

 

[Jojodespo]

You’re welcome just doing my best to help those here, like how the others helps me back then.

Waiving interest would be doable only for credit cards or cashlines. Not for personal loans

Yes my DCP bank paid 5% to all other banks. They’ve finished paying everything now. 5% was right to the dollar.

Thanks, bro Jojodespo.
I noticed you are very very helpful here..
Great work!

I don't have any late fee.. may be ask to waive interest.
Just want to check with you.
Did your DCP bank pay extra 5% to all the other banks?
Thanks.

 

[relief]

You’re welcome just doing my best to help those here, like how the others helps me back then.

Waiving interest would be doable only for credit cards or cashlines. Not for personal loans

Yes my DCP bank paid 5% to all other banks. They’ve finished paying everything now. 5% was right to the dollar.

So, you will have excess $$$ back from these banks.
I noticed my outstanding balance is now even lower than amount before adding 5% as I paid some bills.

 

[Wilinson]

Hi, can I check with your which other banks beside Citi approved rating of HH.

Hey there, saw your posts.

There are plenty of members here who approved with HH. If you look back at the 8000+++ posts, you’ll find that majority of us here have bad credit records. Some good ones at AA or BB also get rejected.

Rating is not only due to not paying the Min sum more than 30 days. There are a lot of other reasons that contribute to your rating such as:

High credit exposure - example: your unsecured credit limit across all banks is 50k, and your total unsecured outstanding is 48k. Close to the max of the total credit limit. Another reason that contributes to this would be snowballing your credit every month and not paying in full.

Too many enquiries - example: applying too many unsecured credit facilities at one time would make banks see that you’re credit hungry. Also contributes to your rating and risk

Delinquency presence - example: making late payments past 30 days due, or having a voluntary or involuntary closure of your account. Also if you have default. Instantly you will Be HX.

Feel free to PM if you need more advice on DCP. I got approved with SCB with an FF. Yes you’re right that SCB won’t accept HH, as they will only accept FF and above. GG is very hard. However, there are other banks that accept HH.

 

[Jojodespo]

Yup I did have excess $$$$ and additional interest waived.

Oh you paid some bills before you submitted your latest statements? Same case for me. I ended up with more $ than what I originally thought I’d be getting. Using it to pay a few months of installments.

So, you will have excess $$$ back from these banks.
I noticed my outstanding balance is now even lower than amount before adding 5% as I paid some bills.

 

[Jojodespo]

Other banks that approve HH are

Maybank
HSBC
UOB
BOC

Hi, can I check with your which other banks beside Citi approved rating of HH.

 

[relief]

what is your loan repayment like ?

Actually, MBB don't even officially informed me yet.
Loan: 7 years
Interest: 4.71% [EIR: 8.48%]

 

[relief]

Yup I did have excess $$$$ and additional interest waived.

Oh you paid some bills before you submitted your latest statements? Same case for me. I ended up with more $ than what I originally thought I’d be getting. Using it to pay a few months of installments.

Yes, bro. I think going get extra $10k, may be.

 

[Jojodespo]

Whoah bro I thought you’re here to offer advice. Didn’t know you landed yourself in this state as well..

Can’t answer that sorry..

Got my first lawyer letter from banks. Miss 2 months . How to negotiatie with banks for less payment ?

 

[Wilinson]

May I check the CBS rating when you applied for the DCP with Maybank.?

Actually, MBB don't even officially informed me yet.
Loan: 7 years
Interest: 4.71% [EIR: 8.48%]

 

[Wilinson]

You will need to call the bank credit collection dept to nego a sum that you can pay and settle the minimum sum for the CC account you are holding. I nego mine with the CSO and paid up half of the outstanding balance, after which they stop the legal action further.

Got my first lawyer letter from banks. Miss 2 months . How to negotiatie with banks for less payment ?

 

[Jojodespo]

Your monthly installment will be something like this

Total interest paid for 7 years = $123*105% X 4.71% X 7 = $42,580.76

Total outstanding + total interest = $123,000 + $42,580.76 = $165,580.76

Monthly installment = $165,580.76/84 = $1,971.20.

You’d be paying about $1,971 a month.

Actually, MBB don't even officially informed me yet.
Loan: 7 years
Interest: 4.71% [EIR: 8.48%]

 

[Jojodespo]

His rating was DD

May I check the CBS rating when you applied for the DCP with Maybank.?

 

[Wilinson]

I understand that they will not return the excess in cash, it will just offset the monthly DCP payment from the DCP account till you need to pay back cash after. Correct me if I am wrong.

Yes, bro. I think going get extra $10k, may be.

 

[Wilinson]

Thanks, just to check is the CBS rating best is AA till lowest HH right.? Does is skip any alphabet in between.?

His rating was DD

 

[Jojodespo]

Actually, the 5% buffe will be paid out to your respective banks from the DCP bank. You will then be able to make a withdrawal of the excess from the respective banks after your outstanding has been cleared with them.

You will need to pay $ into the DCP account separately.

I understand that they will not return the excess in cash, it will just offset the monthly DCP payment from the DCP account till you need to pay back cash after. Correct me if I am wrong.