Debt consolidation Plan

[Satanchild666]

Now my Citibank credit have extra 500+, DBS Cashline extra 700+ and Uob Cashplus have 500+ extra inside. My question now for those who had RCP approved, how do i get those extra money out instead of just leaving it inside? I tried to withdraw via ATM or credit cards at ATM, but ATM will.ahow account suspended. Do i have to go and close the accounts or can i just walk to bank branches to get the extra money out?

Lastly, to fellow in debt bros. Dont give up. Try till the very last bank. But every mobth, i would suggest try 2 banks. If 1 rejected, the other still can carry on. Dont be lazy. Keep and collect all statements monthly till u have a bank that approve your DCP. Good luck!

First of all grats on your DCP. Welcome to DCP group.

You got good CSO who willingly to go extra miles, hence yours got approved by them. Similarly like you I’m too, got good CSO from Citi who helped me when I’m lacking of statements etc etc.

Upon your approval, all your cards will be suspended. In my case I called them, and told them I’m on DCP, actually on their hand they knew you on DCP. Call them after SCB do the disbursement. And ask the bank to waive off 1 month of the interest, at same time inform them you on DCP. Normally they will approve, and you can proceed to the bank to close your account with them. But bank like Uob will send you cheque. Managed to get cash from the counter for HSBC. Uob sent me cheque which took quite awhile. About 1 month or so from the date that I asked for it.

 

[Sysedit]

First of all grats on your DCP. Welcome to DCP group.

You got good CSO who willingly to go extra miles, hence yours got approved by them. Similarly like you I’m too, got good CSO from Citi who helped me when I’m lacking of statements etc etc.

Upon your approval, all your cards will be suspended. In my case I called them, and told them I’m on DCP, actually on their hand they knew you on DCP. Call them after SCB do the disbursement. And ask the bank to waive off 1 month of the interest, at same time inform them you on DCP. Normally they will approve, and you can proceed to the bank to close your account with them. But bank like Uob will send you cheque. Managed to get cash from the counter for HSBC. Uob sent me cheque which took quite awhile. About 1 month or so from the date that I asked for it.

wow bro, that is a good tips to waive 1mth interests, but this one is on CC/Personal loan? i don't even know this... i think i will try tomorrow.

 

[Satanchild666]

wow bro, that is a good tips to waive 1mth interests, but this one is on CC/Personal loan? i don't even know this... i think i will try tomorrow.

Managed to get mine waived off for cc and loans as well. No issue at all. Most of them will give if your amount is huge. Anyway remember they ate your money a lot also. What’s one month of interest to them. Hehe

For loan wise I think you can close via counter plus get back whatever your DCP bank disbursed access to the banks that you owned. Good luck.

 

[Ferlone]

Firstly, i want to thank all postera from page 1 to this last page. Many like me, read and learnt from all your experiences, success and failures before applying for DCP. I am just so relieved that end of 5 years, finally all debts be cleared. I never post much. But i learnt a lot from u guys. Thank u from bottom of my heart.
To fellow forum bros who kena rejected, dont give up. Wait 1 month, collect and keep all the statements for the following month amd try again with another bank. Dont be discourage because 1 bank rejectnyou due to HH ranking. I am HH ranking and also got it. Just keep trying and most importantly, keep a positive mindset. Keep paying minimunlm to the best u can. Its hard. I know. i miased my reno loan payment a few times to pay cc and line of credit also. But reno.loan wont affect my credit bureau ranking so much. Good luck to all!

 

[Ferlone]

How much do you owe?

i owe 70k. My mo th basic is 3950.

 

[Sysedit]

try calling SCB.... is the rejection or suspension? coz when my DCP got approved my CSO call me...then the next few day i got an sms from hsbc say i account kena suspended due to my DCP approved. if not tey apply other bank u know u can apply a few bank at the same time. if ur ranking is GG or Hh it will take longer

 

[Executor 84]

hey all, just a random question.

If I already have a DCP and wish to loan about 2 k from another bank, and can made full repayment on October, will it be approved or it will auto reject as I already under DCP?

 

[Jojodespo]

Hi bro! May I know how Long ago did you apply for your DCP with SCB? Usually they take 2 weeks to send rejection letter. Btw, it seems to be that your DCP was rejected.

May I know your CBS rating and total outstanding?

Hi Bro and Sis. I’m new t this forum. I’ve applied a DCP with SCB recently but haven’t got a reply from my CSO. But i’ve received an application rejection letter stating for credit card/loans/dash application have been rejected alongside with a free retrieval of ** report. Apparently i’ve not applied for any of those facilities mentioned above and would like to know is that a rejection of my DCP?

 

[Jojodespo]

Hmmm..... that shouldn’t have been a problem. What is your monthly take home, are you self employed?

Also, do you have outstanding payments not in the bank itself e.g phone bills, income tax, property tax, fines etc.

Was told by my banker that some banks not only look at CBS, but a few other ratings that have your bills etc.

I just applied last Monday. Rating FF. 56k

 

[Jojodespo]

Hi bro, it will automatically be rejected. Please don’t try as it will hurt your rating.

You could do a credit line withdrawal on your DCP credit card. If you’ve used that credit fully, then I’d suggest you borrow from family, relatives or friends. If not... legal money lender as the last resort. They also run a business and they are governed by MLAW. PM me if you need contact as I can’t put it here.

hey all, just a random question.

If I already have a DCP and wish to loan about 2 k from another bank, and can made full repayment on October, will it be approved or it will auto reject as I already under DCP?

 

[solarius88]

Since it is only 2k, why don’t u take an advance from the revolving credit that u have?
If it’s that urgent. You will have to pay the charges though.

hey all, just a random question.

If I already have a DCP and wish to loan about 2 k from another bank, and can made full repayment on October, will it be approved or it will auto reject as I already under DCP?

 

[Executor 84]

thanks both.

want to check, if I withdraw cash using my card.

but I am only able to pay minimum + interest and till August then can manage to pay full, is it okay??

for DCP, am paying full every months so for DCP is fine.

 

[solarius88]

From the pains of being in debt paying in full is recommended.
But I’m sure this is like an emergency of sorts.
Paying the minimum is fine as with any credit cards.

thanks both.

want to check, if I withdraw cash using my card.

but I am only able to pay minimum + interest and till August then can manage to pay full, is it okay??

for DCP, am paying full every months so for DCP is fine.

 

[Jojodespo]

Yes this is right. But be prepared to pay 28% p.a of interest. Don’t let it snowball and be sure to pay it off in August.

From the pains of being in debt paying in full is recommended.
But I’m sure this is like an emergency of sorts.
Paying the minimum is fine as with any credit cards.

 

[reboot2018]

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?

SOP wise you need to submit Credit Bureau Report. It will be mentioned in there whatever credit facilities you have had.

No runaway.

 

[reboot2018]

Good news guys. After i kena rejected by SCB, due to HH ranking and less than 12 month BTI, I appealed and it got approved! Apparently, a good CSO will use ur monthly instead of your NOA as monthly x 12 will be lower. Hence, will be eligible for DCP.
I highly recommend SCB. Higher interest, but good customer service feom the CSO. Now my Citibank credit have extra 500+, DBS Cashline extra 700+ and Uob Cashplus have 500+ extra inside. My question now for those who had RCP approved, how do i get those extra money out instead of just leaving it inside? I tried to withdraw via ATM or credit cards at ATM, but ATM will.ahow account suspended. Do i have to go and close the accounts or can i just walk to bank branches to get the extra money out?

Lastly, to fellow in debt bros. Dont give up. Try till the very last bank. But every mobth, i would suggest try 2 banks. If 1 rejected, the other still can carry on. Dont be lazy. Keep and collect all statements monthly till u have a bank that approve your DCP. Good luck!

The extras in the various banks actually came from the 5% buffer allowance.
You just called into their customer service hotline and requested for a refund.
Tell them that this is balances after DCP settlement. They will know what to do. Do not go ATM to withdraw as even you are able to do so, they will again charge out withdrawal fee.
But then, these are just gross amount maybe. In their latest statements, they will catch up the interest from last statement date till the date where DCP settled your outstanding.
Hope this helps.

 

[reboot2018]

Guys, for those who are having pain to get your DCP approved, I would suggest to try with HL bank. They are new to this product and hence will need customer base. So chance of getting approved is higher. The only setback will be the high interest rate of max 8.5%. On the other side HL bank was one of the few banks that offer repayment up till 10 years. So this will really help you to reduce your monthly repayment by quite substantial amount.

For those if you find that you are going to struggle even with a DCP approved, then it will be best to go for an arranged meet up session to come to some repayment plan. It will be best not to go into DCP else you are just pushing yourself into the real dead end. As now you may owed a few or many banks with smaller amount of debts. It will be easier to nego with individual bank with some re-arranged repayment plan. But once you consolidate all your debts with one bank and you can't meet that repayment commitment, you are gone. I do not think you can further nego as the outstanding will be huge and the bank got to reject based on risk assessment.

 

[Interglozx]

I don’t have any outstanding bills or taxes. I’m not self employed and take home $3.2k

How much you will have to fork out monthly?

 

[Interglozx]

Guys, for those who are having pain to get your DCP approved, I would suggest to try with HL bank. They are new to this product and hence will need customer base. So chance of getting approved is higher. The only setback will be the high interest rate of max 8.5%. On the other side HL bank was one of the few banks that offer repayment up till 10 years. So this will really help you to reduce your monthly repayment by quite substantial amount.

For those if you find that you are going to struggle even with a DCP approved, then it will be best to go for an arranged meet up session to come to some repayment plan. It will be best not to go into DCP else you are just pushing yourself into the real dead end. As now you may owed a few or many banks with smaller amount of debts. It will be easier to nego with individual bank with some re-arranged repayment plan. But once you consolidate all your debts with one bank and you can't meet that repayment commitment, you are gone. I do not think you can further nego as the outstanding will be huge and the bank got to reject based on risk assessment.

8.5 is the EIR or the IR?

 

[reboot2018]

​

8.5 is the EIR or the IR?

It is the IR. HL bank promo said FROM 3.5%. But if you read their fine print under terms and conditions, it can be from 3.5% to 8.5%.

So if you CR does not look good then probably they will charged you maximum then approved your DCP.

They have the upper hand as MAS stated that DCP once approved cannot be cancel. I don't know what logic is that.