Debt consolidation Plan

[Satanchild666]

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.

Have you max out your credit facilities? Try to max it out, so you can hit the 12X monthly income. I nearly max out mine. My salary isn’t that much either, slightly above yours. Applied with Citi, and the CSO who helped me out, was very active.

Yesterday after comparing, I realized DBS interest somehow lower than many banks.

Last year, I went to HSBC, walked in, the one who attended me seems very unfriendly, so walked out and went to Citi, they gave me DCP phamplet, straight away called and within a week plus, I got mine approved.

 

[lork44]

Can try do balance transfer? Then you'll get some money e.g. $10K which you can use to pay off some of your credit card bills.

While you have the balance transfer money, your total debt will be $10,000 more which might be able to bring your BTI above 12x?

In any case that you can't get DCP approved, you still can use the $10,000 to pay up your credit card bills.

 

[Jojodespo]

This method will only be temporary. Ultimately, due to the constraints, the debt will snowball even further and eventually, when it comes to 2019 when the regulation cuts unsecured borrowing limits to 12x, its gonna be a massive headache.

Someone i knew had a similar issue, went to do balance transfer and maxed all his cards. Because of the credit exposure, his rating dropped to FF and no banks approved DCP. He had no choice but to go CCS. :/

Can try do balance transfer? Then you'll get some money e.g. $10K which you can use to pay off some of your credit card bills.

While you have the balance transfer money, your total debt will be $10,000 more which might be able to bring your BTI above 12x?

In any case that you can't get DCP approved, you still can use the $10,000 to pay up your credit card bills.

 

[Freeofdebt]

Yesterday i went for my clearance session wif CCS.. the stage where they has proposed budget amt to be submitted to the creditors for approval. My MI date is on 18 Apr.
This morning i rcvd call fr this particuar bank insist wanted me to pay $xxx in order for them to approve my DMP

I cant afford to pay that amt thats y i seek CCS for help. My Qs is shd i pay the bank tat particular amt coz Im afraid they wont approve my DMP. Pls help

 

[Freeofdebt]

Yes..yes i got the call fr Citibank. He said if i didnt pay the bank will reject. Thank you

 

[sgman88]

No need to fu@k them , dmp approval base on banks majority vote , 1 bank disagree will hv to accept if the rest approve yours. Last time mine also citi f@cking foreign cos ask rude ask me pay certain amount i also no f@ck.

Yes, majority wins. Just follow what ccs officer say and if nothing gone wrong, u will be on the road to debt free in time to come.

 

[Youandme8888]

This method will only be temporary. Ultimately, due to the constraints, the debt will snowball even further and eventually, when it comes to 2019 when the regulation cuts unsecured borrowing limits to 12x, its gonna be a massive headache.

Someone i knew had a similar issue, went to do balance transfer and maxed all his cards. Because of the credit exposure, his rating dropped to FF and no banks approved DCP. He had no choice but to go CCS. :/

Got source in the 12x?

 

[FreedomL]

Hi I’m new here.
I approached UOB before but the person told me better don’t take DCP as it’s alike almost to bankrupt and all the credit card facilities that I have currently will be terminated.
Wonder any impact if take up DCP. Really exhausted keep paying the interests.

 

[lork44]

Hi I’m new here.
I approached UOB before but the person told me better don’t take DCP as it’s alike almost to bankrupt and all the credit card facilities that I have currently will be terminated.
Wonder any impact if take up DCP. Really exhausted keep paying the interests.

Maybe the SE wants you to take up personal loan which brings better comm to him / her.

Not true at all that DCP is alike bankrupt. It is actually a savior to be NOT in bankruptcy.

Termination of credit card facilities helps to ensure you that you don't fall deeper into spending more of the "future" money and get yourself into more debts.

And when you get your DCP approved, you are still be given a 1x your monthly salary revolving credit card which helps you in the case where you do need a credit card for your daily usage.

Other than that, you are still eligible to apply for secured loans e.g. Home loan, Car loan etc.

 

[Jojodespo]

Hey bro, for your info when my DCP got approved, my credit card facilities did NOT get terminated. All the banks told me they will just be put on suspended status, if there are annual fee, they will be waived. After DCP is over, the card can be unsuspended. Then your cards can be used again.

However, after DMP finishes, there’s no guarantee that you can get your new credit cards again.

DCP is not like bankruptcy. It’s in fact much better than any other option. Try to get DCP as much as you can, less dent on your CBS.

Hi I’m new here.
I approached UOB before but the person told me better don’t take DCP as it’s alike almost to bankrupt and all the credit card facilities that I have currently will be terminated.
Wonder any impact if take up DCP. Really exhausted keep paying the interests.

 

[Obscurity]

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

my credit rating i BB

 

[Youandme8888]

my credit rating i BB

I think it might be a risk in taking HL Bank at the moment, cos once they submit your case to the registry,you had to take up whatever interest rate they offer you. There are no known cases of ppl getting DCP over here too.

Imho HSBC or BOC will be a better choice then HL Bank.

 

[Youandme8888]

Hi I’m new here.
I approached UOB before but the person told me better don’t take DCP as it’s alike almost to bankrupt and all the credit card facilities that I have currently will be terminated.
Wonder any impact if take up DCP. Really exhausted keep paying the interests.

It's not easy to declare bankruptcy in sg or the government won't want ppl to go into bankruptcy. DCP was introduced for this reason, try to secure a DCP before June 2019.

 

[FreedomL]

Maybe the SE wants you to take up personal loan which brings better comm to him / her.

Not true at all that DCP is alike bankrupt. It is actually a savior to be NOT in bankruptcy.

Termination of credit card facilities helps to ensure you that you don't fall deeper into spending more of the "future" money and get yourself into more debts.

And when you get your DCP approved, you are still be given a 1x your monthly salary revolving credit card which helps you in the case where you do need a credit card for your daily usage.

Other than that, you are still eligible to apply for secured loans e.g. Home loan, Car loan etc.

Thanks for the reply.
May I know if I can submit application to different banks and see which bank will approved? Or I should apply one by one?

 

[FreedomL]

It's not easy to declare bankruptcy in sg or the government won't want ppl to go into bankruptcy. DCP was introduced for this reason, try to secure a DCP before June 2019.

Thank you for your advise.
I been applied for personal loan from 2 banks after the UOB gal’s advise and both banks rejected me. Wonder will or not make my CBS report worse (before application is HH)?

 

[Freeofdebt]

Hi
Thanks for the reply.

 

[Anonymous0000]

Hey how long did you wait to get approval?

It quite fast maybe around 10 days

 

[Youandme8888]

Thank you for your advise.
I been applied for personal loan from 2 banks after the UOB gal’s advise and both banks rejected me. Wonder will or not make my CBS report worse (before application is HH)?

Will drop abit on your score, what I can suggest to you is to try to pay on time or alittle bit more than the minimum.

If you have difficulties keeping up with the payment, maybe you can try CCS

 

[Handsome_guy]

I think it might be a risk in taking HL Bank at the moment, cos once they submit your case to the registry,you had to take up whatever interest rate they offer you. There are no known cases of ppl getting DCP over here too.

Imho HSBC or BOC will be a better choice then HL Bank.

Then if HL decide to give you 8% interest then you are worse off than going to other banks.

Look like must think carefully.

 

[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?

just an update in case anyone was wondering... signed up for CCS talk already. having searched for two weeks for possible solutions, it seems that my best course of action is to approach CCS and hope that they can work out a DMP for me.

fingers crossed. sigh... mood has been very down recently because of this. the worst part is that voice of the back of my mind that keeps saying 'your own fault, you had it coming'. but trying my best to stay positive!