Debt consolidation Plan

[morningglory]

I would like to ask if anyone encounter this problem.
I have applied UOB DCP on 21/5/18 till now I never receive any notification so I assume it was rejected. Today I login to check my account my credit limit was reduced and my outstanding amount over limit. I called the credit card hotline to check they said its bank decision to reduced. if I do not clear the amount to the credit limit I will charge a overlimit fee on next statement.

Happened to me with Standard Chartered. Unfortunately, it's all up to their discretion to reduce the credit limit.

 

[leong25]

Both your car and reno loan from banks?

Yup. Rhb reno. Maybank car.

 

[leong25]

Usually CCS will tell you to sell your car before they will take up your case. Not sure if needing a car for your job is a reason they will accept. As for the topping up of cash to sell your car, they will include the sum into your debt amount when working out with the banks for your repayment plan

Ya coz I working as a sales. Requirement is to have a car. But the car I have my Wife as a guarantor

 

[leong25]

You may want to request for the maximum allowable DMP period, say, 8 yrs. Then your monthly payment maybe around 700, hence you will still have 2.5k a month to spend.

I also hope it can approve as between 500-800. DMP is from ccs right ?
I desperate till i book the 4 June appointment even though it’s in chinese

 

[Anewhope]

We made a costly mistake and we're all paying the price. An experience i hope we all can learn from. Whatever offer u get, i hope you guys juz go for it. I mean beggars can't be choosy and in all honesty, we are out of options. I've been on dcp with citi for the past 1 year and have 4 years more to go. Fortunately i was able to save at least 10 to 15 percent of my pay after all deductibles each month. I'm seriously contemplating on getting on a DRS due to family issues. Parents no longer working and not in the best of health either, so having to only pay an amount without any interest is highly favourable. So we'll see how it goes. Most prob i'll make my move near year end. Or i can refinance my DCP and pay lower than what im used to now. At least now i have a few options available.

As to those still trying.. go for it. Apply as many as you can and be nice to the person on the other end of the line. Stay strong and cheers !

 

[Jojodespo]

Something strange... I’m currently on a SCB DCP for months already.

Accidentally used my OCBC credit card to pay for a flight ticket on Expedia (as it was my saved card), and it went through successfully... means my card not blocked?? @@

 

[Christine81]

Hi,may I know what is the process for ccs? How many session we need to attend?

 

[iamnotlame]

talk is nothing one, just to get the application for 1 to 1 interview

I just had my counselling session with CCS today and was informed by the counsellor that my case will be submitted to the processing team. If/when processed and DMP is ready, will be called by the processing team for the clearance session within the next couple of weeks. The CCS blue form, request for DMP counselling, which I got from the Info Talk session and filled up was submitted on 14th May, so it was almost 3 weeks since submission till today's session with the counsellor.

By the way, I was the one who had more than 120k of annual earnings who tried to apply DCP with several banks but not fortunate to be approved, hence, going the route of DMP.

 

[iamnotlame]

We made a costly mistake and we're all paying the price. An experience i hope we all can learn from. Whatever offer u get, i hope you guys juz go for it. I mean beggars can't be choosy and in all honesty, we are out of options. I've been on dcp with citi for the past 1 year and have 4 years more to go. Fortunately i was able to save at least 10 to 15 percent of my pay after all deductibles each month. I'm seriously contemplating on getting on a DRS due to family issues. Parents no longer working and not in the best of health either, so having to only pay an amount without any interest is highly favourable. So we'll see how it goes. Most prob i'll make my move near year end. Or i can refinance my DCP and pay lower than what im used to now. At least now i have a few options available.

As to those still trying.. go for it. Apply as many as you can and be nice to the person on the other end of the line. Stay strong and cheers !

Yes, you are correct. A costly mistake and a hard lesson in life. But then again, lessons will be lesson until we learn from them

Good luck to all of those who are still applying. I am praying and hoping that my DMP application gets approved as well.

 

[iamnotlame]

Something strange... I’m currently on a SCB DCP for months already.

Accidentally used my OCBC credit card to pay for a flight ticket on Expedia (as it was my saved card), and it went through successfully... means my card not blocked?? @@

I thought when you are in DCP, all your credit facilities are suspended? Perhaps, a syste error from OCBC? You might as well verify if there will be complications of having used the card.

 

[iamnotlame]

just got call from ccs, see what they suggest,,,or else i need to apply another 20k to hit my 12x salary

Perhaps it would be better to wait after your session with CCS, that is, if your situation can still wait for that. Though CCS will definitely advise not to use the credit facilities anymore if you really want to get out of debts.

 

[Jojodespo]

Yes all supposed to be suspended... this card was also declared in my list of cards used and paid off by DCP... haha I should get it checked right lol

I thought when you are in DCP, all your credit facilities are suspended? Perhaps, a syste error from OCBC? You might as well verify if there will be complications of having used the card.

 

[Vl3101]

Hi, just want to check, anyone apply for HSBC dcp? How long does it take to approve?

My rating is HH, 45k owing amount, with a score of 1715. monthly salary is 3200. Anyone with same situation as me got approved?

 

[Anewhope]

DUH

Yes all supposed to be suspended... this card was also declared in my list of cards used and paid off by DCP... haha I should get it checked right lol

Yeah all Should be suspended. Recently i got a charge on my maybank credit card stating its annual fee. So i called and i got them.to waive and also if possible to terminate the cards. And a few days later got a letter telling me the maybank cards have been succesfully terminated. Not too sure if it will affect my credit rating. So no news is good news?

 

[Izumi8]

Yes all supposed to be suspended... this card was also declared in my list of cards used and paid off by DCP... haha I should get it checked right lol

FOR OCBC, I think if your credit card got excess balance (meaning you have overpaid the credit card before), your card become Active and can be used until the excess balance become zero.

 

[Jojodespo]

Your BTI falls within the approval range. BTI of 14 is actually quite good. So your chances are pretty much 50/50. 1715 rating is not fantastic, but there are people with 16xx being approved as well. HSBC is known to be lenient.

Just to check, how many years tenor did you take up? For HSBC, heard they prefer longer tenors as makes you more likely to complete your DCP term than a shorter tenor.

All the best! You’ll know within 3-5 days. Can call your CSO on Tuesday or Wednesday to find the status.

Hi, just want to check, anyone apply for HSBC dcp? How long does it take to approve?

My rating is HH, 45k owing amount, with a score of 1715. monthly salary is 3200. Anyone with same situation as me got approved?

 

[Jojodespo]

Nope I don’t have excess balance. I transferred them all to my savings account with OCBC. I think it’s a system glitch. The card is somehow not suspended.

FOR OCBC, I think if your credit card got excess balance (meaning you have overpaid the credit card before), your card become Active and can be used until the excess balance become zero.

 

[sgman88]

Anyone CCS DMP finishing soon? How u know when to stop paying?

 

[coastisclear]

You were given some paperwork from each bank in the beginning. It should be stated. Also some banks issue monthly statements so u know the latest balances. For those that don't u can call the bank hotline to get latest balance.

Anyone CCS DMP finishing soon? How u know when to stop paying?

 

[OCBC Bank]

Yes all supposed to be suspended... this card was also declared in my list of cards used and paid off by DCP... haha I should get it checked right lol

Hi there,

When customers apply for debt consolidation plan, all unsecured facilities (credit cards, EasiCredit) will be suspended.

However, you are still able to use your debt consolidation card if there is still a surplus under the card facility,ie. credit balances.

If you find any discrepancies or would like to check on the status of your card, feel free to drop us a PM.

^CC