Debt consolidation Plan

[Interglozx]

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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.

That's alot of money. lololol. i was referred to a brokerage firm by a friend that he can do a refinancing at 6.88% with SCB. and flat rate so no EIR. lol.

but cannot drag to 7 years, can only do to 5 years.

manz. idk what to do now as well.

 

[Satanchild666]

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.

Something new. What I knew for DRS yes, they required all this things like any outstanding bills for telcos and so forth. But DCP, not I know off.

I got outstanding with 3 telcos. The most is with M1 with 1k total amount cause I breached the contract many many years ago. Probably 8-9 years ago. Starhub and Singtel both around 150-200 each. And during I applied my DCP with Citi, she didn’t go further to such extend. What she just want is CBS report.

 

[Satanchild666]

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.

I maxed out the CC that the gave to me. Monthly been paying the min sum + the DCP loans.
Totally got no problem. As long you pay, it’s fine with them.

 

[ecstatic]

Hi.
I applied for DMP.
I was asked to make minimum payment for my CC (bank had no idea abt my application for DMP). CCS had send in the paper a day after UOB spoke to me about making payment.

Today I log into my ibanking, noticed that the CC details are no longer there, I believe, its suspended.

Any idea if I should still make payment?
Received the generated SMS reminder though.

 

[iamintrouble]

Hi guys, which bank is easy to apply for dcp refinance ? i am currently on citibank dcp. and citibank won't allow me to refinance. u guys got any experience with refinance of dcp with other banks ? i got try to contact boc to state interest ,but they never call me back.

 

[Executor 84]

Good job , don't give chance to bank , as long as got credit just max out and use, after that just pay min.

May i knw why is this so?
Am afraid will get into debt again. Been careful in what i spend but emergency issue happened.

 

[Executor 84]

I maxed out the CC that the gave to me. Monthly been paying the min sum + the DCP loans.
Totally got no problem. As long you pay, it’s fine with them.

I see, so long as i pay min till i got extra can pay all shld not b a problem?

I

 

[Executor 84]

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 for this helpful info

 

[Handsome_guy]

Someone told me dcp is just another pit for you to jump in, it won't solve your debt issue. Want to solve it once and for all, go for drs.

 

[tyc11]

Just got my DCP application rejected by DBS even after appeal. Never tell me what was the reason.... my rating is BB and BTI should be over 12 times, so dunno what's wrong....

I'm thinking of going to BOC (Bank of China) to try applying for their DCP. Any bros here have experience with them?

 

[Satanchild666]

I see, so long as i pay min till i got extra can pay all shld not b a problem?

Yup. No problem at all. As Long you don’t default payment. Shouldn’t be a problem. You can take your time to pay too. Presume your CC is capped at 4K, so what’s 4K compared to what we all used previously right.

 

[Satanchild666]

Someone told me dcp is just another pit for you to jump in, it won't solve your debt issue. Want to solve it once and for all, go for drs.

Not true. DCP actually works fine. The only problem is some banks has high interest rate but still better if you were to compare CC interest rate.

Been with DCP coming 8 months. Last time whenever got bonus can’t spend it all. Now whenever got bonus come in, I can spend it without need to worried unlike last time. Life feel better, and can see the debt amount slowly decreasing.

 

[Sysedit]

Just got my DCP application rejected by DBS even after appeal. Never tell me what was the reason.... my rating is BB and BTI should be over 12 times, so dunno what's wrong....

I'm thinking of going to BOC (Bank of China) to try applying for their DCP. Any bros here have experience with them?

have u try UOB, i got approve with GG/HH...
another bank is hsbc or maybank since ur rank is BB


kena reject can be any reason......
some cso maybe able to give hint

another bank is Citi,SCB or Ocbc?
these bank have a high interest rate...
of u want friendly cso i can intro.

 

[seeklightsoon]

Hi.
I applied for DMP.
I was asked to make minimum payment for my CC (bank had no idea abt my application for DMP). CCS had send in the paper a day after UOB spoke to me about making payment.

Today I log into my ibanking, noticed that the CC details are no longer there, I believe, its suspended.

Any idea if I should still make payment?
Received the generated SMS reminder though.

Have you gone for the DMP Proposal Session where they will provide you with the proposed repayment amount to be paid to each bank as well as the payment due date? If you have, then you should continue to pay the amount as provided in the proposal until the Bank contacts you to either confirm the proposal or provide you with a revised proposed amount and/or date as well as the mode of payment (e.g. AXS payment or via GIRO, etc).

Usually after you attend the session, CCS will send your proposal to the various banks within the next business or next few business days. Some banks will be fast to react on the status, while others may take up to a month to contact you, even when your proposal is accepted by all/most banks.

If you have not gone for the DMP Proposal Session, you are advised to try to make the minimum payment to avoid the late fees and/or lawyer letter. However, if you are not able to make the minimum payment, you should try to make at least some payment to show that you are trying your best to make payment.

 

[tyc11]

have u try UOB, i got approve with GG/HH...
another bank is hsbc or maybank since ur rank is BB


kena reject can be any reason......
some cso maybe able to give hint

another bank is Citi,SCB or Ocbc?
these bank have a high interest rate...
of u want friendly cso i can intro.

I trying UOB now. Maybe HSBC next, if UOB cannot. The DBS cso Alvin actually quite helpful with my application with frequent updates. He mentioned that "maybe" my BTI is less than 12, but I calculated, should be over, although a bit close (maybe 12.x)

 

[solarius88]

Hey guys anyone take up dcp to clear personal loan with HSBC?
Not sure if this applies to all the personal loans from other banks.
My repayment method is such that HSBC loan account will auto deduct from my HSBC personal account.

So my dcp bank (uob) transferred the amount to my HSBC personal bank account and I’m left with a chunk of money in that personal account without clearing the loan account.
Do I approach HSBC or uob regarding this?
I’m tempted to transfer everything out and call HSBC for a waiver of interest and clear it off.

 

[Jaychou1309]

SCB cdo told me they dont accept Hh rating

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!

 

[lork44]

Hey guys anyone take up dcp to clear personal loan with HSBC?
Not sure if this applies to all the personal loans from other banks.
My repayment method is such that HSBC loan account will auto deduct from my HSBC personal account.

So my dcp bank (uob) transferred the amount to my HSBC personal bank account and I’m left with a chunk of money in that personal account without clearing the loan account.
Do I approach HSBC or uob regarding this?
I’m tempted to transfer everything out and call HSBC for a waiver of interest and clear it off.

My DCP has been used to clear all my credit facilities including Personal Loan. I'm sure when you declare your facilities in your application that stated personal loan, the approving bank will take that into consideration and disperse the money directly to your personal loan bank to clear it.

I had a HSBC personal loan as well that is deducting from HSBC personal account. When DCP kicks in, my DCP bank pays directly to HSBC to settle the personal loan.

 

[extramanu]

Someone told me dcp is just another pit for you to jump in, it won't solve your debt issue. Want to solve it once and for all, go for drs.

DCP allows you to have some free cash / savings every month.
The interest is low compared to credit cards.
The DCP amount I paying now is only 60-65% of my credit cards last time.

 

[solarius88]

I’ll contact HSBC then, thanks

My DCP has been used to clear all my credit facilities including Personal Loan. I'm sure when you declare your facilities in your application that stated personal loan, the approving bank will take that into consideration and disperse the money directly to your personal loan bank to clear it.

I had a HSBC personal loan as well that is deducting from HSBC personal account. When DCP kicks in, my DCP bank pays directly to HSBC to settle the personal loan.