Debt consolidation Plan

[Anewhope]

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?

Mine a year ago was same scenario as yours. In fact pay slightly lower. But gotten approval from citi. Applied for 6 years but ended up with 5 after being coerced. Lolx

 

[Anewhope]

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

Wah sey.. didn't know got 'spy'. So how, can help us?

 

[lennyberg]

Just want to share that I just had my DCP approved by MBB. About 1 year ago, I tried multiple banks and was rejected. Banks include MBB Citi, SCB, BOC, HSBC. I believed it was due to TDSR and DTI(almost 20x). TD was around $110k then with income of only $5k. I went on to drive Uber part time to make up for the shortfall. I drove more than 50 trips on friday nights after work and 12 hrs on saturday. I even took leave and mcs at times just to drive more. I did bring back additional 1.5-2k just by doing that.

Last August I managed to get a job with almost 50% increment. I still drive on weekends as the $$ was too good to ignore. I did sacrifice family time for this. I had to stop driving a couple of months back as I was travelling alot more due to work, so family time became even more important.

FYI I am already on RAS but as you all will know RAS on finances 50% of total debt then so I am still laden with 28% on 50% of my cards.

Total debt now is $87K with GG rating (1731) and I am so happy that MBB approved my DCP. I can now save more monthly.

So guys dont give up. Keep trying.

 

[lennyberg]

Anyone can tell me how long does Maybank takes to pay off the debts?

 

[Gabriel_78]

This is very informative people, thank you.

 

[Jojodespo]

Thank you for being the only bank with an extra service to help out those around here be it ether existing or potential customers.

My credit card belongs to OCBC, but I have a DCP with SCB. I will follow up with the CSO separately, much thanks!

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

 

[bozoka86]

feel relieved. maybank cso just called me that my dcp approved. first attempt on dcp and approved. amazing is how efficient is maybank. got all my bank statement ready and courier pick up. then processing team 2 bank need more detail so suggest I go ibanking and screenshot and whatapps the details to the friendly cso who help me. btw his name is derrick. very fast and efficient. after send docs. about 3-4 days it is approved! ultra efficient.

my cbs rating FF
outstanding 120k
loan tenure 7 years

will be a ultra tough 7 years. hope I can pull through!

 

[iamnotlame]

feel relieved. maybank cso just called me that my dcp approved. first attempt on dcp and approved. amazing is how efficient is maybank. got all my bank statement ready and courier pick up. then processing team 2 bank need more detail so suggest I go ibanking and screenshot and whatapps the details to the friendly cso who help me. btw his name is derrick. very fast and efficient. after send docs. about 3-4 days it is approved! ultra efficient.

my cbs rating FF
outstanding 120k
loan tenure 7 years

will be a ultra tough 7 years. hope I can pull through!

Congratulations! You are on one of the first steps of being debt-free.

 

[bozoka86]

Congratulations! You are on one of the first steps of being debt-free.

long long journey. count down 84 months

 

[tien_0606]

Guys, i have been following this thread for awhile and want to share some good news for fellow brothers here.

I got my DCP approved by SCB on my first attempt. I was very surprise as i thought my chance of approval is low.

My total outstanding is $66k. I'm a full commission earner, latest NOA is $63k. ** rating GG. On top of this I have a car loan of $70k with a finance company. SCB required me to give my latest 6 months payslip (avg around $5k/month) on top of my NOA. DCP was approved within 3days after submitting all docs.

Less than a month after getting my DCP, i applied for a reno loan for my new house joint-name with my wife. Wife is earning $3.8k fixed salary. I applied for $30k but was approved only $20k but i am happy enough.

I believe one of the approving factor is you must be able to consistent pay for the min outstanding for all the credit cards on time. I've been doing so for the past 2 years. Monthly amount was huge at about $3k++ just to settle the minimum payment but i stay discipline to pay even if it means leaving nothing much left.

Jiayou to all here and dont give up! Slowly but surely we can all get out of this debts!

 

[reboot2018]

Guys, i have been following this thread for awhile and want to share some good news for fellow brothers here.

I got my DCP approved by SCB on my first attempt. I was very surprise as i thought my chance of approval is low.

My total outstanding is $66k. I'm a full commission earner, latest NOA is $63k. ** rating GG. On top of this I have a car loan of $70k with a finance company. SCB required me to give my latest 6 months payslip (avg around $5k/month) on top of my NOA. DCP was approved within 3days after submitting all docs.

Less than a month after getting my DCP, i applied for a reno loan for my new house joint-name with my wife. Wife is earning $3.8k fixed salary. I applied for $30k but was approved only $20k but i am happy enough.

I believe one of the approving factor is you must be able to consistent pay for the min outstanding for all the credit cards on time. I've been doing so for the past 2 years. Monthly amount was huge at about $3k++ just to settle the minimum payment but i stay discipline to pay even if it means leaving nothing much left.

Jiayou to all here and dont give up! Slowly but surely we can all get out of this debts!

I shared the same thoughts as you bro. In the credit bureau report, what usually matter most to DCP FI will be wether you are a good and prompt pay master. Next then they will come to your ability to repay via DCP.

This also explain why you got your renovation loan too. Of course the joint application from your wife help too.

 

[reboot2018]

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

The facts I have encountered from OCBC bank was

1. My credit facilities were being "suspended" without me being informed. How I get to know of such suspension was when I logged in to my internet banking and saw the statement of "your account has been suspended..." mentioned on the respective account. I have called up OCBC CSO to double confirm that this was due to my DCP. My DCP bank was not OCBC bank. But HOWEVER I can still able to processed transactions on these unsecured credit facilities via internet banking. Suspended? Really?
2. Out of all other FIs only OCBC bank still sent me reminder letter telling me that my interest bearing has exceeded 18 months and my unsecured credit facilities may be SUSPENDED! I thought they were already being suspended upon full settlement and notification by my DCP FI?

Speaking formalities is always easy. The question is did you guys really follow and deliver?

 

[OCBC Bank]

The facts I have encountered from OCBC bank was

1. My credit facilities were being "suspended" without me being informed. How I get to know of such suspension was when I logged in to my internet banking and saw the statement of "your account has been suspended..." mentioned on the respective account. I have called up OCBC CSO to double confirm that this was due to my DCP. My DCP bank was not OCBC bank. But HOWEVER I can still able to processed transactions on these unsecured credit facilities via internet banking. Suspended? Really?
2. Out of all other FIs only OCBC bank still sent me reminder letter telling me that my interest bearing has exceeded 18 months and my unsecured credit facilities may be SUSPENDED! I thought they were already being suspended upon full settlement and notification by my DCP FI?

Speaking formalities is always easy. The question is did you guys really follow and deliver?

Hi there,

Could you drop us a PM with your contact details? We will check on this, and arrange for our service executive to call and advise.

^DG

 

[sgman88]

feel relieved. maybank cso just called me that my dcp approved. first attempt on dcp and approved. amazing is how efficient is maybank. got all my bank statement ready and courier pick up. then processing team 2 bank need more detail so suggest I go ibanking and screenshot and whatapps the details to the friendly cso who help me. btw his name is derrick. very fast and efficient. after send docs. about 3-4 days it is approved! ultra efficient.

my cbs rating FF
outstanding 120k
loan tenure 7 years

will be a ultra tough 7 years. hope I can pull through!

Wah that's to say, it works out to be roughly around 1.6k a month? 7 yrs is extremely long but as time pass, your salary increases through getting job promotion, u might be able to cut down the repayment period.

 

[knightcover]

Guys, i have been following this thread for awhile and want to share some good news for fellow brothers here.

I got my DCP approved by SCB on my first attempt. I was very surprise as i thought my chance of approval is low.

My total outstanding is $66k. I'm a full commission earner, latest NOA is $63k. ** rating GG. On top of this I have a car loan of $70k with a finance company. SCB required me to give my latest 6 months payslip (avg around $5k/month) on top of my NOA. DCP was approved within 3days after submitting all docs.

Less than a month after getting my DCP, i applied for a reno loan for my new house joint-name with my wife. Wife is earning $3.8k fixed salary. I applied for $30k but was approved only $20k but i am happy enough.

I believe one of the approving factor is you must be able to consistent pay for the min outstanding for all the credit cards on time. I've been doing so for the past 2 years. Monthly amount was huge at about $3k++ just to settle the minimum payment but i stay discipline to pay even if it means leaving nothing much left.

Jiayou to all here and dont give up! Slowly but surely we can all get out of this debts!

How did you get into so much debt and still could think of getting a car?

Sent from Samsung Note 8 using GAGT

 

[World Greatest Idiot]

I want to share with you guys on my DCP experience.

I submitted my application on Wednesday, and it was approved two days later.

Before I received news on the approval, I have already contacted the sales that morning to request to put my application on hold. Because after talking to my friend about this plan, I realised she did not mention to me things like how I will not be able to take up a loan in future until I have cleared a certain sum of money, and how it will affect my credit ratings and all.

I didn't research on this plan before meeting the sales officer up, and I am not a financial-savvy person to begin with. I am not having any difficulties in paying off my loan, so she took another approach by convincing me that it is so much easier and convenient to consolidate all my loans into one account. So as I have not reached the 12x mark, the sales officer told me to get a cash advance from my CC, and even encourage me to draw extra for standby because money would be tight afterwards. To which, I agreed and proceeded.

I'm a born scatterbrain, and I tend to realise what's happening only after a long while.

My bank loans were only 31K (if I were to pay off after the five year tenure), and my CC (including the cash advance I was asked to take) was about 9K. Which means to say that after paying off my loans with interest and all, I would only have to pay a total of 34+K for my bank loan, and I was going to pay off my CC bills with my bonus next month. I wasn't told, and did not occur to me to ask how much I would be paying at the end of my DCP tenure (which is 53+K by the way). It doesn't make sense.

When the sales officer finally got back to me, she told me things like she is on leave, and can't help me with it until she returns on Monday. But when I called her office to see if anyone could help me with it, I was transferred back to her. And she told me she's worried about my case, so she went back to office to settle it. Maybe she was genuinely concern, but I am skeptical about people in the sales industry, especially when her boss called me up a couple of minutes after we hang up, to tell me my application has been approved.

So now in order to cancel this DCP plan, I have to pay a 5% cancellation fee, which is about 2.1K. Expensive lesson learnt, but beats having to pay an additional 10K interest.

 

[Deadpool20]

Hi anyone have credit rating of HX?

 

[Youandme8888]

I want to share with you guys on my DCP experience.

I submitted my application on Wednesday, and it was approved two days later.

Before I received news on the approval, I have already contacted the sales that morning to request to put my application on hold. Because after talking to my friend about this plan, I realised she did not mention to me things like how I will not be able to take up a loan in future until I have cleared a certain sum of money, and how it will affect my credit ratings and all.

I didn't research on this plan before meeting the sales officer up, and I am not a financial-savvy person to begin with. I am not having any difficulties in paying off my loan, so she took another approach by convincing me that it is so much easier and convenient to consolidate all my loans into one account. So as I have not reached the 12x mark, the sales officer told me to get a cash advance from my CC, and even encourage me to draw extra for standby because money would be tight afterwards. To which, I agreed and proceeded.

I'm a born scatterbrain, and I tend to realise what's happening only after a long while.

My bank loans were only 31K (if I were to pay off after the five year tenure), and my CC (including the cash advance I was asked to take) was about 9K. Which means to say that after paying off my loans with interest and all, I would only have to pay a total of 34+K for my bank loan, and I was going to pay off my CC bills with my bonus next month. I wasn't told, and did not occur to me to ask how much I would be paying at the end of my DCP tenure (which is 53+K by the way). It doesn't make sense.

When the sales officer finally got back to me, she told me things like she is on leave, and can't help me with it until she returns on Monday. But when I called her office to see if anyone could help me with it, I was transferred back to her. And she told me she's worried about my case, so she went back to office to settle it. Maybe she was genuinely concern, but I am skeptical about people in the sales industry, especially when her boss called me up a couple of minutes after we hang up, to tell me my application has been approved.

So now in order to cancel this DCP plan, I have to pay a 5% cancellation fee, which is about 2.1K. Expensive lesson learnt, but beats having to pay an additional 10K interest.

Which bank and what's your rating?

 

[tien_0606]

How did you get into so much debt and still could think of getting a car?

Sent from Samsung Note 8 using GAGT

I am in the sales line and had to travel a lot. I make sure I do grabhitch everyday to different appointments and sometimes I will drive grab GrabCar if I have no appointment. The money earn from here can usually cover the full monthly car loan installment of $760 + petrol, sometimes even with surplus.

 

[World Greatest Idiot]

Which bank and what's your rating?

Applied to UOB. Credit rating is BB