Debt consolidation Plan

[Anewhope]

Hey there hows everyone doing? Im into my 9th month dcp now with CITI. Juz did a partial repayment on my study loan. Foresee i can clear my study loan by end the year and then can focus completely on my dcp. 4 years plus to go. So now i have slightly more savings than i can ever imagine.

To the rest dun give up ! We're in this together. Onwards to debt free

 

[Youandme8888]

I called. They launched on 6 Jan this year. Late into the party

I had also called, the agent say the approval rate is low. Maybe for those who want refiance could try

 

[Obscurity]

I have made 3 queries to DBS, HLbank and SCB.

So far SCB service is superb. HL bank also not bad. I'm very tempted by their rate but I'm not sure if i can get approved.

Im delaying the SCB application though. Hoping the HL bank rates will approve me.

Anyone on SCB can share your interest rates?

 

[Ferlone]

hi all, just finish reading all 576 pages. I have CBS score of GG. NOA 77K total debts 68k. I tried DBS(instant reject), BOC asked me to try again in 2 weeks due to GG score. Only Maybank still take the effort to try for me. Really hope.i can get it. Comparing BOC and Maybank, BOC seems.to offer lower rates at 7.7% EIR compared to Maybank's 8.8%

Just for fellow bros to share info. Cheers!

 

[Ferlone]

Anyone using Maybank's DCP? Care to share processing time and view of Maybank?

 

[vinddy]

Hi anyone had approved from SCB. I applied DCP on wednesday. CSO called me today and ask me to pay the overdue amount. Is there any chance of approval?

 

[coastisclear]

Within 2 wks, their lawyers will send u letters to demand payment. But they will call u. Talk to them to explain, offer alternative?

When the bank will sue me? I defaulted payment to citibank 100+ & uob 100+ on my dmp this month , very worry , but now no money to pay , wait for salary.

 

[coastisclear]

For hardship cases where you can't even make min payments. Need to attend mandatory talk, counselling. Much lower interest. Allows more than 12x of monthly salary.

Can you share more on dmp?

Is it more troublesome than dcp? Since you need to deal with so many banks.

 

[RebornMyLife88]

Hi guys, I think I just got my DCP approved today. I saw an account indicating "Credit Card". Available balance 100K. What should I do or what can I expect now? This shows my DCP confirm approve liao right?

 

[RainbowGalaxy]

Hi, appreciate that u read all the pages... I’m in the same shoe as you last year... unlike others who come in and stir ****.

my DCP approved by UOB in 2days.
UOB interest is quite high... compared to other bank.
But as long as a bank approve the loan... your stone can put down liao
This mth will be my 5/72

Dont give up... jia you!!!

hi all, just finish reading all 576 pages. I have CBS score of GG. NOA 77K total debts 68k. I tried DBS(instant reject), BOC asked me to try again in 2 weeks due to GG score. Only Maybank still take the effort to try for me. Really hope.i can get it. Comparing BOC and Maybank, BOC seems.to offer lower rates at 7.7% EIR compared to Maybank's 8.8%

Just for fellow bros to share info. Cheers!

 

[Satanchild666]

But i only owe citi 6k+ and uob 7k+ , they can't sue me bankrupt right?

Doubt so they can. If I’m not mistaken read on somewhere, the amount must be 15K and up.

Fret not, as Long you got income and tell them you willingly to pay, I don’t think so can sue you to bankruptcy. One to become a bankruptcy not easy too. Need some process. Again I might be wrong.

 

[Satanchild666]

Hi guys, I think I just got my DCP approved today. I saw an account indicating "Credit Card". Available balance 100K. What should I do or what can I expect now? This shows my DCP confirm approve liao right?

First sign of approval is to get call from the bank you took the DCP from. Thats the safest. Or maybe you would like to give a call to your CSO who handling your loans?

 

[Satanchild666]

Hi anyone had approved from SCB. I applied DCP on wednesday. CSO called me today and ask me to pay the overdue amount. Is there any chance of approval?

Don’t get what you meant? Overdue amount for which loan? If your DCP is approved, no need to pay anything, they will do the bank to bank liaising, and will settle all what you own them.

Similarly like me, when I applied the DCP, I still haven’t pay the min amount to the banks that I owned. I asked the one who handled my DCP, and she told me don’t need to pay, probably she knew that the approval rate is high for me, and also Citi approved my DCP like 4-5 days, if remember correctly after submission of all the required documents. And that particular month I got quite a lot of excess money to spend, cause no need to pay the loans that I owned them, plus the 5% extra and plus the waiver of whatever fees I can get.

 

[Probie]

Hi anyone had approved from SCB. I applied DCP on wednesday. CSO called me today and ask me to pay the overdue amount. Is there any chance of approval?

No guarantee that it will approve. Are you referring to overdue as in you never make payment at all to your last statement or it's over limit?

When I applied for SCB 2 weeks ago I had the case of over limit for my CC as the statement for April is out. So was told by the CSO to make a payment to bring my outstanding down to within my credit so that they can process the application. Seems like when there's a over limit in your account, SCB will not process your DCP application.

 

[vinddy]

No guarantee that it will approve. Are you referring to overdue as in you never make payment at all to your last statement or it's over limit?

When I applied for SCB 2 weeks ago I had the case of over limit for my CC as the statement for April is out. So was told by the CSO to make a payment to bring my outstanding down to within my credit so that they can process the application. Seems like when there's a over limit in your account, SCB will not process your DCP application.

That was a overlimit chages which i paid and update him yesterday

 

[Elegant75]

Hi, would like to ask if anyone has done a refinance to their DCP with another bank? Mine is coming close to a year and would like to do a refinance but not sure if it will work out a lesser monthly repayment. Need some advice here. thanks

 

[Satanchild666]

Hi, would like to ask if anyone has done a refinance to their DCP with another bank? Mine is coming close to a year and would like to do a refinance but not sure if it will work out a lesser monthly repayment. Need some advice here. thanks

Yes, DBS did called me. Prior to that I received a broucher from them. Their rates are quite interesting, but I got my reservation.

1. To refinance I need to pay early termination fees, which is about 5% or more, not sure what’s Citi early termination fees. Assuming it’s 5%, so I need to pay about 2.5K cash.

2. Only 6 years tenure and up is eligible to get there cash back, 2K for below 75K and 3K those above 75K. So after paying nearly to a year, I need to reset back to 6 years. I tied with Citi for 5 years. Now left roughly about 4 and a half years to go. If port to DBS need to add another 1.5 years of misery.

3. After some rough calculation, assuming I’m porting over to DBS, I need to pay about 70-100sgd lesser than what I’m paying to Citi now. So ya, if do the maths I think not worth it.

However some mentioned they did the refinance with BOC. Yet to call BOC regarding about this.

 

[Obscurity]

I'm in the process of application with HLB. The CSO is quite persistent after i send my documents half way. After reading this clause I wonder what is their interests rates offered to me as they don't have a specific table like other banks do..

Interest: The interest rate shall be within the range of a minimum of 3.5000% per annum (effective interest rate of 6.6310% per annum) to 8.3000% per annum (effective
interest rate of 13.9260% per annum) calculated on Rule 78 basis or such rate as we may from time to time at our discretion specify by notice to you. Interest shall be
payable with effect from the Debt Consolidation Date and shall be payable before as well as after judgment.

THe lowest interest is very attractive however the up to 8.3000% per annum (effective
interest rate of 13.9260% per annum) calculated on Rule 78 basis kinda make it ponder when will I get to know what interest am I eligible for. lol.

Where as SCB had a specific table for me to refer to.
Depending on your loan amount and tenure, the applicable interest rate for Debt Consolidation Plan Loan Account is
as follows:
Tenure (years) Applied / Flat Interest Rate (% p.a.) Effective Interest Rate (% p.a.)
3 4.98% 9.55%
4 5.68% 10.64%
5 5.68% 10.48%
6 5.68% 10.34%
7 5.68% 10.20%
8 6.00% 10.57%
9 6.88% 11.77%
10 6.88% 11.61%
For illustration purpose, effective interest rate is calculated taking into consideration a one-time joining fee of $199 (charge at 1st statement) and based
on the average approved loan amount of $50,000.
Interest is calculated based on the ‘front-end add-on” method by multiplying the principal loan amount with the applicable interest rates for the full
tenure of the loan.

Which one should I submit?

 

[Youandme8888]

I'm in the process of application with HLB. The CSO is quite persistent after i send my documents half way. After reading this clause I wonder what is their interests rates offered to me as they don't have a specific table like other banks do..

Interest: The interest rate shall be within the range of a minimum of 3.5000% per annum (effective interest rate of 6.6310% per annum) to 8.3000% per annum (effective
interest rate of 13.9260% per annum) calculated on Rule 78 basis or such rate as we may from time to time at our discretion specify by notice to you. Interest shall be
payable with effect from the Debt Consolidation Date and shall be payable before as well as after judgment.

THe lowest interest is very attractive however the up to 8.3000% per annum (effective
interest rate of 13.9260% per annum) calculated on Rule 78 basis kinda make it ponder when will I get to know what interest am I eligible for. lol.

Where as SCB had a specific table for me to refer to.
Depending on your loan amount and tenure, the applicable interest rate for Debt Consolidation Plan Loan Account is
as follows:
Tenure (years) Applied / Flat Interest Rate (% p.a.) Effective Interest Rate (% p.a.)
3 4.98% 9.55%
4 5.68% 10.64%
5 5.68% 10.48%
6 5.68% 10.34%
7 5.68% 10.20%
8 6.00% 10.57%
9 6.88% 11.77%
10 6.88% 11.61%
For illustration purpose, effective interest rate is calculated taking into consideration a one-time joining fee of $199 (charge at 1st statement) and based
on the average approved loan amount of $50,000.
Interest is calculated based on the ‘front-end add-on” method by multiplying the principal loan amount with the applicable interest rates for the full
tenure of the loan.

Which one should I submit?

What is your credit rating and score? SCB dont take in under FF

 

[pipipapipoo52]

Hi all, been lurking for a while, finally decided to ask here because I'm at a bit of a loss.

Basic 4k, total outstanding is currently @ 42k. Citibank called me to offer DCP, but CSO was like 'ok I can't help you byebye' when I told her these figures. I think my records with them still reflects my lower income from back when I applied for their cards years ago.

Spoke to a more helpful CSO from SCB, he told me the total unsecured credit MUST be above 12x monthly income for the DCP application to even be valid.

Credit report rating is currently HH. Used to be GG, but hit HH when I tried to apply for a personal credit line with another bank. I currently do not have any other credit facilities, and my current ones are all at their credit limit. Tried to do a credit limit review with banks that I'm holding facilities with currently also, but all failed.

I believe my credit rating is not gonna get me any more unsecured credit, so I'm stuck with a roughly 10x BTI and no feasible solutions for reducing the interest rates to one that doesn't kill So many regrets from my younger days.

Borrowing from relatives isn't an option for me, unfortunately. Anyone has any suggestions? For the record, I haven't actually submitted any DCP applications after the CSO told me of the 12x BTI requirement. I don't want to risk hurting my terrible credit rating any further.

Edit: just stumbled across this article https://www.channelnewsasia.com/news/singapore/borrowing-rules-unsecured-credit-debt-mas-9500890
In a nutshell, this means it's going to be impossible for me to hit 12x BTI. Doesn't seem like taking up an instalment loan to create my own DCP of sorts is going to be do-able. Ah..... should I be considering CCS now?