Debt consolidation Plan

[Jojodespo]

Any reason why you choose BOC? Hardly see approvals for them as well.

Pick a bank that requires the use for monthly salary only. If you use CPF, there’s surely bound to be issues with the calculation and that’s where some of us got rejected.

But for your case, I think if use CPF, will be 19+ BTI. Difficult to approve in most banks. Only heard of UOB Approve more than 18 times BTI.

i wan apply boc. but they use cpf calculate. my noa is 80k. if based on noa 80000/12=$6666. still got chance not to exceed boc 16.5 . but the officer say need use cpf because i work in sales where most of ny salary came from commission which he calculate about 5.6k per month based on cpf contribution for past 12 months

 

[bozoka86]

Any reason why you choose BOC? Hardly see approvals for them as well.

Pick a bank that requires the use for monthly salary only. If you use CPF, there’s surely bound to be issues with the calculation and that’s where some of us got rejected.

But for your case, I think if use CPF, will be 19+ BTI. Difficult to approve in most banks. Only heard of UOB Approve more than 18 times BTI.

thought maybank or hsbc approve more than 19-24 times?

 

[Anonymous0000]

Hey guy!

Just to check if i had overlimit on one of my cards could i apply for dcp?

 

[bozoka86]

Hey guy!

Just to check if i had overlimit on one of my cards could i apply for dcp?

try pay the overlimit first. or else will have a bad record in cbs

 

[Jojodespo]

It actually depends. If the overlimit is with the bank which you’re applying for DCP, you need to clear it.

If the overlimit is with another bank, you have a choice if you want to clear it or not. For my case, I had 2 over limits, I didn’t clear them and submitted my application still.

Hey guy!

Just to check if i had overlimit on one of my cards could i apply for dcp?

 

[Jojodespo]

Sorry for the late reply bro, was out of town.

Yes they also approve more than 18x, however only saw Maybank. Didn’t see HSBC approve more then 18x. Saw a few UOB approvals tho.

thought maybank or hsbc approve more than 19-24 times?

 

[bozoka86]

Sorry for the late reply bro, was out of town.

Yes they also approve more than 18x, however only saw Maybank. Didn’t see HSBC approve more then 18x. Saw a few UOB approvals tho.

ok thanks for the reply! happy CNY to you!!!

 

[Anonymous0000]

It actually depends. If the overlimit is with the bank which you’re applying for DCP, you need to clear it.

If the overlimit is with another bank, you have a choice if you want to clear it or not. For my case, I had 2 over limits, I didn’t clear them and submitted my application still.

Thanks for the clarifications! Did you had any success on the application?

 

[bozoka86]

Thanks for the clarifications! Did you had any success on the application?

yes he succeeded with scb

 

[Jojodespo]

Hehe thanks for replying for me! And happy cny to you too!

yes he succeeded with scb

 

[bozoka86]

check with all bro and sis. usually the 5% buffer for dcp should have excess money to take back right? anyone have cases 5% buffer not enough still need top up?

 

[lork44]

Sharing my own experience here hope can help / give some of you here some glimpse of light.

I had been drown in credit card debts / overdrafts / personal loans for many years since 2007.

Initially I'm still able to cope with the monthly payment but when the wants gets more desirable, the expenses increased and debts increase tremendous.

Even so, I'm still able to pay off most of my credit cards / personal loans / auto loan / over draft minimum payment every month.

However, I could never see the principle amount getting lower or lesser. Even when I get bonus, I would pay up a lump sum and it just seems like the principle dropped just abit only.

Last 2 years, I kept receiving the previously called RAS (Repayment Assistance Scheme) from all the banks but I thought it doesn't help me as I really need a properly credit card due to my expenses and travel needs. So I just kept on paying the monthly minimum.

My credit report that I had downloaded from CBS ranges from DD initially, to EE, then GG and finally HH all the way.

Last year, i had decided to put a stop to all these and found out about the revised debt repayment scheme Debt Consolidation. It was like a calling from heaven and it fits my need as it also give a credit card for urgent expenses. Thanks to this thread I've received alot of information and knowledge on Debt Consolidation Plan.

I went on to apply for HSBC as everyone suggested and had a hard time submitting all the statements / documents as I had held on to alot of credit facilities (estimated 20). At the same time i submitted to UOB, SCB and Maybank.

Finally, UOB response was much faster and easier than the rest. I pushed it through together with my UOB Financial Consultant and my DCP was approved in a week! I got my approval in Nov 2017.

Then all the payments came in, with all the hassle of calling up banks to confirm on the credit cards / overdrafts / personal loans payment and refund of the additional amount (5%) back to me. It took almost 2 months to settled that.

3 months down, I more careful with my spendings, using debit card for all my expenses and purchases. If I need to use credit card, I would make sure I pay full amount the next day or when pays come in. Hopefully I can push on with this habit

I did a Home Loan enquiry application today, not sure if anyone can get a good loan amount on DCP. I went in to check if the bank review my Credit Report so that I can get a free download. Indeed, the bank had reviewed and I'm able to download the Credit Report. I went in to download and check that my ratings had upgraded to AA!! I've never had AA rating before.

So to everyone there, do press on if you are under debts and want to be clean from it. I've still got 6 years of repayment but I'm comfortable with the payment amount.

Jiayou!

 

[lork44]

Loan amount is $115K. Monthly instalment is $2100.
For 6 years.

 

[ObsidianL]

Can I get DCP if my debt is only 4x of my monthly salary? does courts installment count as well?

 

[bozoka86]

Loan amount is $115K. Monthly instalment is $2100.
For 6 years.

mine loan about same as you. uob offer 4.99%?

 

[sgman88]

Sharing my own experience here hope can help / give some of you here some glimpse of light.

I had been drown in credit card debts / overdrafts / personal loans for many years since 2007.

So to everyone there, do press on if you are under debts and want to be clean from it. I've still got 6 years of repayment but I'm comfortable with the payment amount.

Jiayou!

You finally made up your mind to go for dcp after you had consistently paying minimum sum for 10years? And now you took up the 6 years dcp? If you accept bank RAS when they called, maybe now you already no more in debt.

 

[bozoka86]

You finally made up your mind to go for dcp after you had consistently paying minimum sum for 10years? And now you took up the 6 years dcp? If you accept bank RAS when they called, maybe now you already no more in debt.

past is past. no point bring this topic back again. lets look forward

 

[lork44]

RAS has alot of restrictions and not able to hold a credit card is a problem as work requires me to travel. Most hotel only accepts credit card instead of debit card.

 

[lork44]

mine loan about same as you. uob offer 4.99%?

Yes its the same

 

[Bacon2018]

Sharing my own experience here hope can help / give some of you here some glimpse of light.

I had been drown in credit card debts / overdrafts / personal loans for many years since 2007.

Initially I'm still able to cope with the monthly payment but when the wants gets more desirable, the expenses increased and debts increase tremendous.

Even so, I'm still able to pay off most of my credit cards / personal loans / auto loan / over draft minimum payment every month.

However, I could never see the principle amount getting lower or lesser. Even when I get bonus, I would pay up a lump sum and it just seems like the principle dropped just abit only.

Last 2 years, I kept receiving the previously called RAS (Repayment Assistance Scheme) from all the banks but I thought it doesn't help me as I really need a properly credit card due to my expenses and travel needs. So I just kept on paying the monthly minimum.

My credit report that I had downloaded from CBS ranges from DD initially, to EE, then GG and finally HH all the way.

Last year, i had decided to put a stop to all these and found out about the revised debt repayment scheme Debt Consolidation. It was like a calling from heaven and it fits my need as it also give a credit card for urgent expenses. Thanks to this thread I've received alot of information and knowledge on Debt Consolidation Plan.

I went on to apply for HSBC as everyone suggested and had a hard time submitting all the statements / documents as I had held on to alot of credit facilities (estimated 20). At the same time i submitted to UOB, SCB and Maybank.

Finally, UOB response was much faster and easier than the rest. I pushed it through together with my UOB Financial Consultant and my DCP was approved in a week! I got my approval in Nov 2017.

Then all the payments came in, with all the hassle of calling up banks to confirm on the credit cards / overdrafts / personal loans payment and refund of the additional amount (5%) back to me. It took almost 2 months to settled that.

3 months down, I more careful with my spendings, using debit card for all my expenses and purchases. If I need to use credit card, I would make sure I pay full amount the next day or when pays come in. Hopefully I can push on with this habit

I did a Home Loan enquiry application today, not sure if anyone can get a good loan amount on DCP. I went in to check if the bank review my Credit Report so that I can get a free download. Indeed, the bank had reviewed and I'm able to download the Credit Report. I went in to download and check that my ratings had upgraded to AA!! I've never had AA rating before.

So to everyone there, do press on if you are under debts and want to be clean from it. I've still got 6 years of repayment but I'm comfortable with the payment amount.

Jiayou!

Thanks for bringing some light for my case. I just got rejected by dbs for my dcp application. Can u share ur contact for uob? Thanks