Debt consolidation Plan

[AprilChoo]

So is DCP better or DMP better?

dmp is for people who unable to make the min payment. Banks do not like that thus not everyone is eligible. if you think your 50% of your salary is gone to debt repayment and the principal doesnt reduce , then you might consider dmp.

 

[reboot2018]

Application with HSBC unsuccessful with annual salary more than 120k, will try others.

This is MAS rule for this DCP product launched. Who dare to break?

 

[reboot2018]

And guys, unless no other options, keep HL to b ur last try.
1. Promo rate from 3.5%, actual rate approved near 8%!
2. 1.5% processing fee. Many banks will waived off or giving cash back to offset.
3. Dumped your whole of 5% buffer with your owing banks. You got to call up these banks one by one to get back the excess portion. Other banks will follow MAS to keep and refund you instead.
4. No partial repayment allowed. Do not give you chance to lower your debts or monthly layout.
5. If fully settled before end of loan tenor ie early settlement, you need to pay 3% penalty.
6. On top, interest rebates based on rule of 78.

 

[bighead9n]

Before anyone declared bankrupt or going to dcp. You should really consider the options available first. Maybe can give 小弟 a chance to help.

Hahaha. You got alot of cashs to help ah?

 

[huathuat888]

that link you read is half incorrect! I am bankrupt so I know

Well this thread is where one help each other, I got mine, thus it’s my turn to contribute something to someone who needs help.

I did read online about becoming a bankruptcy. For your case you eligible cause anything above 15K sgd you able to become a bankruptcy. But not that simple. Here’s the link that I read:

https://dollarsandsense.sg/happens-file-bankruptcy-singapore/

After reading it, I absolutely won’t advocate you to go for bankruptcy, there’s many things a bankruptcy can’t do.

IMO, you should change job or probably do some part time job to sustain your living. Your current salary is to pay your debts, and your part time job salary to sustain your living. Sounds hard, but once you adopt to it, matter of time you will get use to it. Otherwise try to look job which can give you like your previous salary drawn.

Remember don’t give up, there’s always a hope if you keep on fighting. I know it’s not easy, but don’t lose hope. We all here to listen to your plights if you want to share.

 

[huathuat888]

Hi
You got the wrong information. I am not trying to promote people to go bankrupt... just want to correct some misconceptions and incorrect information!

Bankrupt IS NOT LIKE JAIL in SG! CAN go overseas holiday (just need to apply), CAN take cab, uber, grab, CAN change job of course provided the employer wants you. Cannot go to casino locally but overseas ok.

You think the OA will follow you day in day out? Follow you to see if you take cab? Follow you when you go Malaysia to make sure you do not go to casino?

Honestly, I felt so good after declaring bankrupt because I no longer received calls from banks and creditors. I am no longer afraid to see postman at my doorstep. I am still working and no longer living on deficit! I can apply to discharge from bankruptcy after paying the target contribution given to me from the 3rd year to 5th year. I still have HDB and have a roof over my head!

Each month I pay $100 to OA and will save some money from my salary. Then I will give a lump sum to the OA to apply for discharge when the time is due (3 years later).

So NO! Being bankrupt in Singapore is not like going to JAIL! Have not felt so liberated after declaring bankrupt since I was in debt for 20 over years!

Bankruptcy like jail in sg , can't go oversea holiday , biz trip can but need to apply , can't go casino , can't take cab , can't change new job .....many restrictions.

 

[Kenkel]

Hi Bros,

Need advise for those who got approval from BOC. i am getting a re-finance from BOC, and was approve on 04-Apr-18 by BOC.Till today, no approval letter recieved. Funds have not been disperse to my previous bank Citibank.CSO keep telling me will receive within few days, but this is not happening at all.
Called up the hotline this morning, and was shock that the hotline CSO told me will only disperse funds nearer to the billing cycle which 3rd of May.This is their usual practise. OMG, BOC will take almost a month to disperse funds after approval??Now my previous DCP have already due and have to pay late payment fee, which i really feel WT****.
So need advise from those bro who got approval from BOC. Is this happening to you guys as well??

 

[AprilChoo]

1)bankruptcy is NOT a crime, you are better off with people committing breach of trust , theft ,etc
2)lots of famous millionaires are went poor before they grow rich , eg , chris sacca, Daymond John

the downside is some application/course cannot be bankrupt .

 

[AprilChoo]

those taking debt relieve programs beginning with D , cannot take up more bank loans . money lender some can some cannot.

 

[huathuat888]

Local celebrities like Jaceyln Tay, Nanz chong (one.99 shop), Stella Huang (singer) also declared bankrupt! But they are all doing fine now! I think going to jail for whatever reasons are worse than being bankrupt. Being haunted by banks and loan sharks and live in anxiety is another story altogether.

Life is as per normal and it all depends on how you perceive it and how you want to continue to lead your life. Some people just cannot get over it and hence fall into depression. But I see it differently. I am so much happier now! No more waking up from anxiety. Even if I lose my job... I can just get by by doing part time jobs...

1)bankruptcy is NOT a crime, you are better off with people committing breach of trust , theft ,etc
2)lots of famous millionaires are went poor before they grow rich , eg , chris sacca, Daymond John

the downside is some application/course cannot be bankrupt .

 

[huathuat888]

You know the Malay police officer that robbed the Kovan father and son but killed them instead? He was on the brink of bankruptcy. If only he just declared bankrupt. Now he faced the death penalty.

1)bankruptcy is NOT a crime, you are better off with people committing breach of trust , theft ,etc
2)lots of famous millionaires are went poor before they grow rich , eg , chris sacca, Daymond John

the downside is some application/course cannot be bankrupt .

 

[Showhand82]

Hey.. congrats that u got an approval. Do u mind sharing ur credit rating and score?

finally i got a call from UOB with my DCP approved. Total apply for 5banks. Now can relax abit lao. Dont lost hope guy.

total got few nice cso helping me along the way.

 

[liondomo]

Hi Bros,

Need advise for those who got approval from BOC. i am getting a re-finance from BOC, and was approve on 04-Apr-18 by BOC.Till today, no approval letter recieved. Funds have not been disperse to my previous bank Citibank.CSO keep telling me will receive within few days, but this is not happening at all.
Called up the hotline this morning, and was shock that the hotline CSO told me will only disperse funds nearer to the billing cycle which 3rd of May.This is their usual practise. OMG, BOC will take almost a month to disperse funds after approval??Now my previous DCP have already due and have to pay late payment fee, which i really feel WT****.
So need advise from those bro who got approval from BOC. Is this happening to you guys as well??

yes indeed bro, to all bros/sis getting re-finance i suggest you think twice.
I believed i am screwed by HSBC.... having got approval for refinance then they tell me they do not cover the early repayment penalty(in my case around 5.3k) Signz.....seems worse off than not doing refinance.
Plus they only know how to approve and I need to go down Maybank branch to apply for redemption letter myself while they call and pester me as to when I can get it.

Very frustrated indeed!!!!!

 

[iamintrouble]

i am having difficulty paying my Citibank DCP , $1500 every month. started from last year Oct , so far haven't defaulted yet. but it's taking a toll on my monthly expenses. Are there any other ways to reduce my monthly DCP installment ?

i am thinking of taking a plunge to try get Debt Repayment Scheme from Insolvency Office by engaging a debt management agency to help me file a Self Petition to the court.

Appreciate any inputs , thank you in advance !

 

[huathuat888]

Hi
Do not engage debt management agencies to help you file! How much do they charge? The ones I checked with charged $1500 - $2000+. Which I think is ridiculous! On top of that you have to pay $1850 to post office and $200+ at supreme court. Total you will have to pay $4000+ to do it?

Some of these debt mgt agencies think they know a lot but do not give correct advice. My friend spent $2000+ to get his bankruptcy done and the lady never advised him to withdraw the money from his bank and it got wiped out by the OA! If in doubt, call minlaw!

If you need help with the paperwork, you can call minlaw to ask how to download the forms to fill up. If not you can go to Blessed Social Services and look for Shirley to help you with the paperwork. They charge $300 for it.

i am having difficulty paying my Citibank DCP , $1500 every month. started from last year Oct , so far haven't defaulted yet. but it's taking a toll on my monthly expenses. Are there any other ways to reduce my monthly DCP installment ?

i am thinking of taking a plunge to try get Debt Repayment Scheme from Insolvency Office by engaging a debt management agency to help me file a Self Petition to the court.

Appreciate any inputs , thank you in advance !

 

[AprilChoo]

if you go for drs , your ** rating will have to go to Hx. and remember not to make any referral payment during the course of application as you have made your oats.

i am having difficulty paying my Citibank DCP , $1500 every month. started from last year Oct , so far haven't defaulted yet. but it's taking a toll on my monthly expenses. Are there any other ways to reduce my monthly DCP installment ?

i am thinking of taking a plunge to try get Debt Repayment Scheme from Insolvency Office by engaging a debt management agency to help me file a Self Petition to the court.

Appreciate any inputs , thank you in advance !

 

[Kenkel]

yes indeed bro, to all bros/sis getting re-finance i suggest you think twice.
I believed i am screwed by HSBC.... having got approval for refinance then they tell me they do not cover the early repayment penalty(in my case around 5.3k) Signz.....seems worse off than not doing refinance.
Plus they only know how to approve and I need to go down Maybank branch to apply for redemption letter myself while they call and pester me as to when I can get it.

Very frustrated indeed!!!!!

Agree, is really a frustrating process. Took more than a month to get the refinance approve.

 

[Kenkel]

i am having difficulty paying my Citibank DCP , $1500 every month. started from last year Oct , so far haven't defaulted yet. but it's taking a toll on my monthly expenses. Are there any other ways to reduce my monthly DCP installment ?

i am thinking of taking a plunge to try get Debt Repayment Scheme from Insolvency Office by engaging a debt management agency to help me file a Self Petition to the court.

Appreciate any inputs , thank you in advance !

Will advise you to get refinace from other banks for longer period as to bring down monthly payment. For me i got my refinance from BOC, monthly payment down by almost $700 per month.BOC will pay for early repayment penalty as well, they lump everything in. Their interest rate is also one of the lowest at 8.6%.Citi interest is 10.5% if i am not wrong.

 

[bozoka86]

i wonder anyone got approved by dbs under GG grading.. i think my chances are slim

 

[iamintrouble]

Will advise you to get refinace from other banks for longer period as to bring down monthly payment. For me i got my refinance from BOC, monthly payment down by almost $700 per month.BOC will pay for early repayment penalty as well, they lump everything in. Their interest rate is also one of the lowest at 8.6%.Citi interest is 10.5% if i am not wrong.

can share or pm yr previous dcp amt and installment and current boc arrangement ?