Debt consolidation Plan

[Probie]

Congrats bro!!!!! Now wat for payments to be made to your accounts, then call for waivers!

Thanks. Can you advise what is this waiver thingy?

 

[reggaez]

Thanks. Can you advise what is this waiver thingy?

your DCP will cater 5% more for interest or misc charges to be paid to your existing C.C banks.

soon , u will find that the bank will need to refund you credit balances in your existing credit card accounts.

do call in asap once you see there is a positive amount in your existing card account (e.g your credit limit is 10K but u see 10.7K ) hence u need to request refund of the $700.

waivers like interest charge , late charge etc are also to be done asap.

 

[Satanchild666]

About 8 months ago Citibank approved my DCP loans. And been paying for 8 months already.

Citibank was fast and efficient, however on downside after compared with many banks out there I realized citi is one of the highest interest.

To cut the story short, last week I got a call from DBS, prior to that I also received pamphlet via airmail from DBS, about their DCP. And after studied them, I found out they have quite low interest compare with Citi. Not sure about other banks. The CSO told me I can refinance and port over to them. Their interest is low of course, and now they having 3k cash back for those who taking 75k and up 2k for those below 75k.


Quite tempting, after reviewing, and of course the amount I’ve to pay is much lower than what I paying to Citi. But the downside I have to fork out (not sure how many %) of the remaining amount to be paid to Citi for early termination. Dbs cso told me, for dbs is 5%, not sure how much is Citi. Assuming Citi also 5%, that would be 1.5-17k cash.

Asked dbs to lump the early termination fees into the loan that I’m going to take, however they can’t do that. And they have 99 bucks for processing fee

Anybody actually jump over to other bank? Care to share the experience.

 

[liondomo]

About 8 months ago Citibank approved my DCP loans. And been paying for 8 months already.

Citibank was fast and efficient, however on downside after compared with many banks out there I realized citi is one of the highest interest.

To cut the story short, last week I got a call from DBS, prior to that I also received pamphlet via airmail from DBS, about their DCP. And after studied them, I found out they have quite low interest compare with Citi. Not sure about other banks. The CSO told me I can refinance and port over to them. Their interest is low of course, and now they having 3k cash back for those who taking 75k and up 2k for those below 75k.


Quite tempting, after reviewing, and of course the amount I’ve to pay is much lower than what I paying to Citi. But the downside I have to fork out (not sure how many %) of the remaining amount to be paid to Citi for early termination. Dbs cso told me, for dbs is 5%, not sure how much is Citi. Assuming Citi also 5%, that would be 1.5-17k cash.

Asked dbs to lump the early termination fees into the loan that I’m going to take, however they can’t do that. And they have 99 bucks for processing fee

Anybody actually jump over to other bank? Care to share the experience.

Hi bro,

like u i was with Maybank since July 16 and paying for around 8 months. i realised that their interest was bit high so i submitted n refinance from HSBC.
got call from cso last fri n said approved.... coming week will furnish more details.
im getting worried now reading your post cos if the penalty will not be covered.

any bros can reaffirm?

Thanks!

 

[liondomo]

Hi bro,

like u i was with Maybank since July 16 and paying for around 8 months. i realised that their interest was bit high so i submitted n refinance from HSBC.
got call from cso last fri n said approved.... coming week will furnish more details.
im getting worried now reading your post cos if the penalty will not be covered.

any bros can reaffirm?

Thanks!

sorry i meant july 2017

 

[ORELLE]

Hi bro,

like u i was with Maybank since July 16 and paying for around 8 months. i realised that their interest was bit high so i submitted n refinance from HSBC.
got call from cso last fri n said approved.... coming week will furnish more details.
im getting worried now reading your post cos if the penalty will not be covered.

any bros can reaffirm?


Thanks!

Hi bro, do u think its worth it to port over to other bank since Maybank help you in the 1st place? No doubt its higher interest but u may risk paying more due to penalty.

 

[liondomo]

Hi bro, do u think its worth it to port over to other bank since Maybank help you in the 1st place? No doubt its higher interest but u may risk paying more due to penalty.

honestly bro, im not too sure now.... i got lots questions for the cso next week

 

[Satanchild666]

Hi bro,

like u i was with Maybank since July 16 and paying for around 8 months. i realised that their interest was bit high so i submitted n refinance from HSBC.
got call from cso last fri n said approved.... coming week will furnish more details.
im getting worried now reading your post cos if the penalty will not be covered.

any bros can reaffirm?

Thanks!

Hi bro

Thanks for the reply. Maybe you can check with HSBC and get back to us. I tried to talk to the CSO from DBS, she put on hold for awhile probably do some checks with her superiors, and she told me can’t include the early termination fees into the loan I’m going to take. And she told me the cash back which getting she can fasten the process from 60 days to 30 days but subject to the bank aprroval. She will feedback the concern to the product manager. I asked her to call me again two weeks from now. Maybe if hsbc can lump the early termination fees, then I’ll choose hsbc instead.

 

[Satanchild666]

Hi bro, do u think its worth it to port over to other bank since Maybank help you in the 1st place? No doubt its higher interest but u may risk paying more due to penalty.

So we need to find out with bank now has the lowest interest and include in the early termination fees into the loans. But before port over Better to do the maths. E.g if the termination fees cost about 2K, and over the years you paying less cause of the Low interest rate I think it’s worth. IMO

 

[Satanchild666]

Yes, I have just refinance with BOC at 4.7 percent from UOB which previous was 7.7 percent. BOC Lump the compensation amt of 2.5k into the Dcp. Im not sure if other bank does or not but I understand that Maybank doesnt lump the penalty but hv to pay back the penalty yrself

Thanks for the reply bro.

So Bank of China will include the early termination fees into the DCP loan.

So next maybe will wait for the HSBC.

Another concern is what’s the probability of getting DCP from other bank, assuming they willingly to include the early termination fees into ithe DCP loans. But of course no as worried as those who haven’t got their DCP approve. However if the chance of getting approve is high, I think many banks who have high interest would like to review their interest rate, hence less people will port over. IMO.

 

[Satanchild666]

Chances of approval is subject to bank and of course rating is important too.

I believe the rating will be revert back to AA after your first DCP being approved and no default payment on the DCP loans. I’m might be wrong. Care to share what’s yours rating?

 

[liondomo]

Hi bro

Thanks for the reply. Maybe you can check with HSBC and get back to us. I tried to talk to the CSO from DBS, she put on hold for awhile probably do some checks with her superiors, and she told me can’t include the early termination fees into the loan I’m going to take. And she told me the cash back which getting she can fasten the process from 60 days to 30 days but subject to the bank aprroval. She will feedback the concern to the product manager. I asked her to call me again two weeks from now. Maybe if hsbc can lump the early termination fees, then I’ll choose hsbc instead.

hi bro,

I am still not getting any answers from my 'sotong' cso from HSBC. Called her today and question her about the penalty and as usual the answer is she will check and get back to me(shake head).
The problem i am facing now is that Maybank actually calculated the whole 8 years interest and amount is shown as a total......funny thing is i have to point this out to my cso who seems to be not very good at what shes doing, sign.

Will update here once i get more confirmations.

 

[Obscurity]

I guys I have counted and my income is abit higher from my total outstanding balance.

Income as i counted from the past 12 months in cpf is $46k my total debt now is $43k. Will they consider my case?

How do they count the income isit just basic or with bonus?

 

[gobbie]

Has anyone with BTI <12 months got approved for DCP?

I'm struggling to pay off monthly repayments but my BTI is around 9.1. Ratings CC thou...trying to see if i meet DCP criteria..

Abit hard to spend an additional 7k just to bump by BTI to above 12 and no guarantee of approval somemore..zzz.. tried taking personal loan from banks all kanna rejected

Quite frustrating coz based on requirements, I can't qualify for DCP and I'm struggling to clear off existing debts.

 

[Obscurity]

What is BTI and DTI.

How do banks determine your annual income? Income tax or cpf?

If follow income tax my debt is higher than 12x. But if follow cpf is lower.

 

[Anonymous0000]

Finally get approval by maybank!
Need to ask what kind of waives do i need to do after approval?

 

[zaskarace]

Finally get approval by maybank!
Need to ask what kind of waives do i need to do after approval?

Er you can read up earlier replies

 

[zaskarace]

What is BTI and DTI.

How do banks determine your annual income? Income tax or cpf?

If follow income tax my debt is higher than 12x. But if follow cpf is lower.

Different banks work differently..best to check with banks CSO themselves. Go for banks that can only calculate basic income to be safe. Like Citibank or UOB.

 

[Jojodespo]

Congrats bro! On your way to financial freedom!

For your credit cards, get late fee waivers, annual fee waivers, interest fee waivers, as much as you can!

For personal loans, get late fee waivers, and if possible, waive off early prepayment fees. Usually cannot.

For Cash line / balance transfers, get late fee waivers, interest fee waivers and annual fee waivers. Tho very few will let you waive interest fee.

Hope this helps!

Finally get approval by maybank!
Need to ask what kind of waives do i need to do after approval?

 

[Jojodespo]

Best to provide the document that makes your BTI above 12. If a document will make your BTI fall below 12, DO NOT let the bank see it. If they submit it by accident, your application is gone and gotta wait for 4-6 months to resubmit.

Banks also use your monthly payslip as well. I submitted 3 months payslip to SCB and was approved.

What is BTI and DTI.

How do banks determine your annual income? Income tax or cpf?

If follow income tax my debt is higher than 12x. But if follow cpf is lower.