Debt consolidation Plan

[reboot2018]

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 !

You can refinance your DCP and go for longer loan tenure. Citibank max 7yrs repayment right? HSBC and HL bank can repay up to 10yrs. By extending the 3yrs, your monthly repayment should be down by a good few hundreds even if its at a higher interest rate.

 

[xinlingfeng]

DCP

Hi,

anyone under DCP got problems with Housing Loan?

 

[Joefeugo]

Dcp

Guys should I liquidate my insurance prulink protectiion to pay off my insurmountable debts?

 

[solarius88]

Quick question to those with dcp plan.
I just noticed that my OCBC cards are suspended via the mobile app, which means the dcp / consolidation process is kicking in.

So I did not include my cimb and Amex cards in to the DCP application as the they are either 0 spends or less than $500.
Will these cards get suspended?

 

[lork44]

Quick question to those with dcp plan.
I just noticed that my OCBC cards are suspended via the mobile app, which means the dcp / consolidation process is kicking in.

So I did not include my cimb and Amex cards in to the DCP application as the they are either 0 spends or less than $500.
Will these cards get suspended?

All your credit facilities get suspended. Including all the credit cards, personal loans etc.

 

[lork44]

Hi,

anyone under DCP got problems with Housing Loan?

Some banks like DBS and UOB straight away reject the IPA if they know you are on DCP.

I had luck in getting IPA with OCBC and HSBC. You can get these 2 banks a try.

 

[solarius88]

This means I’ll need to pay in full for the unsecured facilities that I did not indicate on the dcp application right?

Or as and when that bank bills me?

Am I going to receive any letter from the suspended credit facilities?

Anything else I should expect?
I’m relieved the dcp is approved but I’m not sure what to expect now or what I should do.

Any advise helps

All your credit facilities get suspended. Including all the credit cards, personal loans etc.

 

[lork44]

This means I’ll need to pay in full for the unsecured facilities that I did not indicate on the dcp application right?

Or as and when that bank bills me?

Am I going to receive any letter from the suspended credit facilities?

Anything else I should expect?
I’m relieved the dcp is approved but I’m not sure what to expect now or what I should do.

Any advise helps

Yes, as long as those unsecured facilities not indicated inside DCP application you would need to make payment in full. I believe upon your approval, your DCP bank will send you a summary of the credit facilities that they will make payment into and how much.

How come you did not include those unsecured credit facilities in your DCP application?

 

[Jojodespo]

Bro you still have a chance to apply with either Maybank, UOB or HSBC. Other banks no hope. They won’t entertain HH rating.

Best try Maybank first. Don’t forget to ensure your BTI is above 12x as if it’s below 12x, instant rejection and you wasted an application.

You may wanna PM me your current outstanding and monthly salary etc, then can roughly compute what’s the best options e.g take 3-7 years, which bank best interest amongst the 3 accepting HH ratings.

Cheers! No obligations! Btw, I’m on DCP with SCB for about 4 months already, every month I used to pay about 2.9k just to cover CC and BT bills. Now I’m paying 1.1k monthly for 6 years, better than nothing!

guys i am rating 1653, HH. in bad shape. where can I apply for DCP? anyone kind enough to offer advice?

 

[solarius88]

My Amex card balance less than $500 so I’ll just pay it off this cycle so I left it out.

Cool I’ll wait for the summary then.

Yes, as long as those unsecured facilities not indicated inside DCP application you would need to make payment in full. I believe upon your approval, your DCP bank will send you a summary of the credit facilities that they will make payment into and how much.

How come you did not include those unsecured credit facilities in your DCP application?

 

[Obscurity]

Anyone with dbs dcp? May i check how long they approve? Or reject?

 

[Inamess]

Hi guys , sorry just some noobs question , on early march 2018 I submitted for cimb dcp plan , and I printed my credit burea report it was 1665 and but after 2 week they never approve and I still thought I don't have to pay my current outstanding , then proceed to submit to uob and found out my rating have drop till around 1500 and receive a lawyer letter from HSBC to demand 1.5k and on March I went to pay up all bank on the outstanding balance , but I just print my credit burea report is still 15++ . And my officer from uob bank say have to wait at least 1 month for them to bring up the scores . I owe around 70k , having a monthly of 4.5k , 24 years old but my pay is commission base recently have a hard time paying $3k per month any advices?and most importantly the due date for all my card is coming up and I really having a hard time paying the amount .

 

[JuniorLion]

Guys should I liquidate my insurance prulink protectiion to pay off my insurmountable debts?

I would do it if I were you.

ILP is not the best use of your monies. Being debt free is your top priority. Alternatively, if you have any endowment/savings/life policies, I will be glad to purchase it from you and pay you a HIGHER price than surrender value. If it is beneficial to help you to be debt free, do let me know.

 

[paurusu]

Last time i up temporary credit limit to all the card , then went to leisure world swipe cash to fight for last chance but lost all , later i went ccs ask for dmp , so before going to last step like dmp drs or bankruptcy, don't be so nice to bank , just up all the temporary limit and whack out till burst.

Give other people a break la... let them really find way to clear their debt.
This kind of advice basically teach people to sink in s**thole deeper.

 

[xinlingfeng]

Some banks like DBS and UOB straight away reject the IPA if they know you are on DCP.

I had luck in getting IPA with OCBC and HSBC. You can get these 2 banks a try.

I felt abit kena cheated by DCP when it say will affect the loans application

 

[Sysedit]

I felt abit kena cheated by DCP when it say will affect the loans application

From what i know, each bank access to ur ** report it do have some affect...... so long dcp approve it good lao.




btw all bro.... anyone luke to share the bank u got approved n ur rating. at lest maybe it can help other.

so far look like UOB approve GG n HH rating.
for me i got approve by uob.. (not it approve using my old rating of GG or latest rating of HH)



Bro got DCP approve by bank for (GG or HH)
- UOB, Sysedit.

 

[xinlingfeng]

i checked my record on my ** report, my rating is DD which got approved by UOB. Now looking at re-finance DCP because their interest is high

 

[Sysedit]

i checked my record on my ** report, my rating is DD which got approved by UOB. Now looking at re-finance DCP because their interest is high

oh... what is your interest? when u got approved?
is it old plan?

mine is 4.5%.... eif 8.22%
i thought uob is the mid tier range not high not low.
not like ocbc/sc about 5.x to 6%

btw how long they took to dispur the fund to the rest of the bank

 

[melbourne10]

Refer http://aegeanparadisecruise.com/
for more detail , very safe one no worry , everyday many ppl go , ferry never sink, win 100k also no body rob u and throw u into sea, their counter u see also scared , the cash they hv even u bring few luggage also can't fill in all, simply take home few stack enough to settle 100k debt with bank.

This fellow again lol

 

[xinlingfeng]

Mine is 11.53% (EIR), way too high...once approved it took about 2 weeks to settle all the outstanding with other banks. another pointer, is if you decide to re-finance it near future...you got fork out the early settle amount on your own. The bank that you re-finance will not help you pay.