Debt consolidation Plan

[Jojodespo]

Only cases that are really close to 12 e.g 11.7, 11.8 will be approved. Otherwise it’s impossible. Some CSO will ask you to spend on your credit card until your BTI goes over 12. But that’s not a good idea, especially since you’re already in debt.

Another way you can try is to do your own personal “DCP”, get a balance transfer to pay off your loans and credits, and make monthly payments into your cash line account. Be responsible and don’t snowball this or you end up in more debt.

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.

 

[Daddies86]

Hi guys, im new here. Im here bcos currently stressed out over dad’s debts. Anyone here who knows the max age limit for DCP? My dad is 62 this year, but im thinking of getting 10years loan tenor for him. I think his salary is ard 3k(before cpf). Debt is ard 45k to date(Anyone knows where to check total debt on latest ** report? Is it under the section that shows aggregate outstanding balances, total unsecured balances interest bearing?)

 

[Satanchild666]

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.

Maybe she’s new. Give her sometime. IMO don’t pressure her too much. Unless she totally incompetent to do your stuff.

Or maybe you would like to call HSBC to make general enquiries?

 

[Satanchild666]

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.

This is my opinions you may or may not follow. Similarly like you, last two years ago, I tried to ask for ocbc bank loans, as you know CC interest is higher than normal loans, so I trying to clear the cc and at same time tie with ocbc for 5 years of loan. I got immediate rejected from ocbc despite my rating is BB at that point of time reason, that I already maximise the loan that I eligible to take. And so I thought ocbc is strict, went for ANZ and ST. Both failed. So I thought got no choice but to pay the CC slowly. But i realised I got another CC to use.


It’s like cover this hole open next hole. End up I also max out the last CC.

Thought that’s it end of world. But after reading thru this forum, I decided to go for DCP. And my first try for DCP approved without any major obstacles. Just lacking some paper here and there. Therefore, why not you just try apply DCP first, assuming fail, then you probably know the reason why. Still lack of the 7K, so maybe you can spend 7K and try to reapply again, or go to several banks and apply DCP at the same time.

Cheers.

 

[Satanchild666]

Hi guys, im new here. Im here bcos currently stressed out over dad’s debts. Anyone here who knows the max age limit for DCP? My dad is 62 this year, but im thinking of getting 10years loan tenor for him. I think his salary is ard 3k(before cpf). Debt is ard 45k to date(Anyone knows where to check total debt on latest ** report? Is it under the section that shows aggregate outstanding balances, total unsecured balances interest bearing?)

Accompanied my colleague for bank loan, not a DCP. He is somewhere around your dad age. He only got 4 years loan tenor.

 

[Daddies86]

Accompanied my colleague for bank loan, not a DCP. He is somewhere around your dad age. He only got 4 years loan tenor.

icic... hmm, hoping that dcp will get him a longer tenor somehow. Frankly speaking, getting a longer tenor is more practical bcos if one day my dad is unable to commit payment anymore, the lower monthly instalment is at least easier for me and my brother to help him continue to tide over.. Anyway, thks for sharing. Anyone else's care to share similar situations?

 

[Obscurity]

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.

Thanks for the tips

Anyone knows which other banks look at basic pay only?
Or how can I find this information out.

 

[Probie]

Thanks for the tips

Anyone knows which other banks look at basic pay only?
Or how can I find this information out.

For my application with SCB they only request for latest payslip.

 

[Jojodespo]

SCB looks at basic pay. But remember to get a payslip that does not show your full gross annual salary.

Thanks for the tips

Anyone knows which other banks look at basic pay only?
Or how can I find this information out.

 

[RebornMyLife88]

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

Hey how long did you wait to get approval?

 

[Daddies86]

icic... hmm, hoping that dcp will get him a longer tenor somehow. Frankly speaking, getting a longer tenor is more practical bcos if one day my dad is unable to commit payment anymore, the lower monthly instalment is at least easier for me and my brother to help him continue to tide over.. Anyway, thks for sharing. Anyone else's care to share similar situations?

Morning guys! I have been following this thread for a long time but wasnt sure the correct questions to ask.. cos im pretty bad with all these bank terms and figures. But seeing my dad’s debts has escalated to a unmanageable state, im getting all worried and panicky for him alr. Anyone care to enlighten me on the probability of my dad (62years old) getting a dcp loan with a long tenor? Please share your experiences. Apologize in advance for my upcoming queries, if any. Thank uu!!

 

[Sysedit]

Morning Guys/Bro... i new need some help on dcp. i am on the 11x mark thinking to get 1 more loan to get the dcp plan.

which bank will be able to help me or which bank will be easy to apply for dcp....

 

[gobbie]

This is my opinions you may or may not follow. Similarly like you, last two years ago, I tried to ask for ocbc bank loans, as you know CC interest is higher than normal loans, so I trying to clear the cc and at same time tie with ocbc for 5 years of loan. I got immediate rejected from ocbc despite my rating is BB at that point of time reason, that I already maximise the loan that I eligible to take. And so I thought ocbc is strict, went for ANZ and ST. Both failed. So I thought got no choice but to pay the CC slowly. But i realised I got another CC to use.


It’s like cover this hole open next hole. End up I also max out the last CC.

Thought that’s it end of world. But after reading thru this forum, I decided to go for DCP. And my first try for DCP approved without any major obstacles. Just lacking some paper here and there. Therefore, why not you just try apply DCP first, assuming fail, then you probably know the reason why. Still lack of the 7K, so maybe you can spend 7K and try to reapply again, or go to several banks and apply DCP at the same time.

Cheers.

Thanks for the advice.

Was your BTI also <12 months when you apply for DCP?

I'm still able to service my debts to each card, just that it is quite suffocating due to the interest. Maybe i should follow your method, just apply if pass good if fail then look for other alternative.

 

[lork44]

Morning Guys/Bro... i new need some help on dcp. i am on the 11x mark thinking to get 1 more loan to get the dcp plan.

which bank will be able to help me or which bank will be easy to apply for dcp....

If your BTI is below 12, usually most banks will not accept. Unless if you are able to prove that your BTI over 12 using CPF contribution instead of payslip or whichever reflects lower contribution, then you will have higher chance.

 

[Sysedit]

If your BTI is below 12, usually most banks will not accept. Unless if you are able to prove that your BTI over 12 using CPF contribution instead of payslip or whichever reflects lower contribution, then you will have higher chance.

BTI = total amount loan to the bank (Cc and personal loan) ?

i would say...yes coz base on what count and + new loan i just apply.
my credit bureau report still not yet updated.. atill show my old record. can i still apply? or die die wait for 2mth for it to update to have better chance

 

[Satanchild666]

Thanks for the advice.

Was your BTI also <12 months when you apply for DCP?

I'm still able to service my debts to each card, just that it is quite suffocating due to the interest. Maybe i should follow your method, just apply if pass good if fail then look for other alternative.

I think it’s below 12 or coming to 12. Yes I agree with you. The interest is the killer.
Cause of interest, hence I made up my mind to apply the DCP.

I think your work and ** rating also plays apart. Last 10 years I have not change my job. So my cpf contribution stable. And I never had any default from any banks before. So when I applied Citi for first time, even without submitting the documents, the CSO told me, I stand a good chance.

 

[Satanchild666]

Just to update.

Received a call from DBS again. She told me the cash back for 6 years tenure and up now shorten to 2 weeks instead of 60 days.

And spoke to her further. If I were to switch bank, I need to pay the early termination fees plus extend my duration, and also I felt like “bo wa” cause the different is only 50 bucks per month. But now coming to a year with Citi, if I were to switch bank, I need to start all over again.

Cause if I were to shorten my years, then I’m not eligible to get the 2K cash back from DBS.

 

[Satanchild666]

BTI = total amount loan to the bank (Cc and personal loan) ?

i would say...yes coz base on what count and + new loan i just apply.
my credit bureau report still not yet updated.. atill show my old record. can i still apply? or die die wait for 2mth for it to update to have better chance

IMO just apply first. And I think non of us are very sure on such things.

 

[Obscurity]

Why i buy credit bureau and nothing came out?

Anyone knows how the report will come to you if u pay by direct debit payment?

 

[Handsome_guy]

How come no one apply HLB 3.5%?

Isn't interest rate the lower the better?