Debt consolidation Plan

[Anewhope]

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!

Congrats and God willing you'll pull through !!!

 

[bozoka86]

Congrats and God willing you'll pull through !!!

thank you very much

 

[JayChou07]

Just to motivate whoever in the same situation. After close to 1 year from $95k DCP with HSBC, with consistent monthly repayment, now it has drop to $80K, still a long journey ahead but do not give up, there will be a day to walk out from DCP.

 

[momosisoko]

If your card account is closed due to payment defaults, will you still be able to apply DCP with other banks?

 

[reboot2018]

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

Hi,
If for the discreet suspension, I have already called up and resolved long time back. Similarly for the retrieval of the excess payment via internet banking as well as waiver of additional bank charges.

But for the warning letter on exceeding 15 months interest bearing, I have no interest to call taking up my personal time in it. You guys should have known that my accounts are already suspended and on DCP. So why do you guys still sending me warning letter then?

 

[leong25]

Hi everyone, my dcp finally got approved by citibank. MB rejected my twice application, uob rejected, dbs rejected. I can say Citibank got very good CSO she help me to appeal my application thought my rating is HH with really Low chance of approving.

Don’t give up ,apply all the bank as u can until it got approved.

Able to share the cso contact ?

 

[CK12345]

Hi,
If for the discreet suspension, I have already called up and resolved long time back. Similarly for the retrieval of the excess payment via internet banking as well as waiver of additional bank charges.

But for the warning letter on exceeding 15 months interest bearing, I have no interest to call taking up my personal time in it. You guys should have known that my accounts are already suspended and on DCP. So why do you guys still sending me warning letter then?

I had the same problem. Received a letter from OCBC informing of suspension of account due to over limit. Problem is i called to CANCEL the card 1 MONTH ago. Apparently the teams in OCBC don't communicate and someone didn't get the memo. How do you "threaten" to suspend a cancelled card?

 

[DyingLiao]

Anyone have experience with HSBC DCP?

 

[signfor]

Hi all, first post here.

Was browsing for info on DCP and happened to find this thread.

Just want to share that I have recently gotten approved from DBS for DCP application. Total amt plus interest for the loan coming to 110k. I regret not taking this plan up earlier last year, thinking that i still can managed and as long as i pay the minimum and dnt charge any new amount then eventually i will be able to clear my debts. But after a year, i have to LL admit that i am those kind of swipe-first-think-later person, and it landed me to where i am today. Managed to get a 8 year loan so gotta live with it. Painful mistake, but at least i took starting steps to remedy it before it gets out of hand. Just tell myself i bought an invisible car with no scrap value at the end.

 

[purplerane]

PSA: Just in case anyone's wondering - HX rating will remain on your record for 3 years w.e.f the day you've cleared up your loan/ concluded the case. On HX rating, you will not be able to get a credit card or any other unsecured loans. Even for secured loans, you'll very likely need to appeal like siao to get it.

 

[reboot2018]

I had the same problem. Received a letter from OCBC informing of suspension of account due to over limit. Problem is i called to CANCEL the card 1 MONTH ago. Apparently the teams in OCBC don't communicate and someone didn't get the memo. How do you "threaten" to suspend a cancelled card?

Thanks for sharing bro. So now I know I am not the only one that received such letter from OCBC.

I have my debts cleared with Citibank, DBS, HSBC and UOB too. Only OCBC sent me such letter.

So if the OCBC rep still reading our posts here, you should now know where I am coming from.

 

[Celine201]

Advice needed

Need some advice.

I have a colleague who is same like me under the DCP plan but recently she run into some issue and owe someone 15K

After she max out the amount in her credit card and borrowing whatever she could borrow, she is still short of around 6K.

Is there any way that she can borrow some loan or something. She is already at her dead end.

I also not sure how to help her becoz i understand once you in DCP, you would not be able to take up other loan anymore

 

[sgman88]

Need some advice.

I have a colleague who is same like me under the DCP plan but recently she run into some issue and owe someone 15K

After she max out the amount in her credit card and borrowing whatever she could borrow, she is still short of around 6K.

Is there any way that she can borrow some loan or something. She is already at her dead end.

I also not sure how to help her becoz i understand once you in DCP, you would not be able to take up other loan anymore

Either take from her husband or go to licensed money lender but the interest rate is very high.

 

[BigMonkey]

Can try to sign up hp lines... get the hps to sell. But every month have to pay a few hundred for the lines. Get 2 iphoneX can fetch 2 to 3k?

hello yhs123, welcome back

 

[paurusu]

Need some advice.

I have a colleague who is same like me under the DCP plan but recently she run into some issue and owe someone 15K

After she max out the amount in her credit card and borrowing whatever she could borrow, she is still short of around 6K.

Is there any way that she can borrow some loan or something. She is already at her dead end.

I also not sure how to help her becoz i understand once you in DCP, you would not be able to take up other loan anymore

If have life policy with cash value may consider taking policy loan for time being too

 

[sgman88]

If have life policy with cash value may consider taking policy loan for time being too

I can roughly remember a few yrs back for DMP u cannot have insurance at all. For dcp I am not sure, maybe that's the advantage of dcp over DMP?

 

[Celine201]

Either take from her husband or go to licensed money lender but the interest rate is very high.

She is not married yet and she do not have insurance policy as she was from low income family.

She is already at her wit end. i also dunno how to help her.

Have to ask her to try money lender liao

 

[sgman88]

She is not married yet and she do not have insurance policy as she was from low income family.

She is already at her wit end. i also dunno how to help her.

Have to ask her to try money lender liao

Wah under DCP and max out her one n only credit card??? U still ask her go ML to borrow for the shortage of 6k? Then have u ever think how she gg to pay the credit card, the dcp instalment and more importantly the ML loan amount? Think carefully, one step wrong, it's very jialat one. We have gone through the mistake, that's y we landed up in dcp/dmp. Plan carefully, don't wanna end up another mistake.

 

[ft7001]

Hi guys. Just chanced upon this thread and thought of asking for opinions.

Pretty much cleared all my debts from bank loans and other credit cards.

I now have 1 last cc card with an outstanding of $7000+-.

My question is:
Better to clear this amount on a monthly basis?
(Worked out my sums and can pay off 1K monthly. But will feel tight. But needless to say, the interests incurred by the end of the 7th month would be quite a lot of $$$.)

Or is it better to apply for DCP for this amount? At least the interest won’t be that high & I won’t feel so cash-tight.

More than happy to hear some opinions.

Cheers

PS: phew... it’s been a Long journey and this last 7K would be my final sprint to freedom.

 

[seeklightsoon]

Hi guys. Just chanced upon this thread and thought of asking for opinions.

Pretty much cleared all my debts from bank loans and other credit cards.

I now have 1 last cc card with an outstanding of $7000+-.

My question is:
Better to clear this amount on a monthly basis?
(Worked out my sums and can pay off 1K monthly. But will feel tight. But needless to say, the interests incurred by the end of the 7th month would be quite a lot of $$$.)

Or is it better to apply for DCP for this amount? At least the interest won’t be that high & I won’t feel so cash-tight.

More than happy to hear some opinions.

Cheers

PS: phew... it’s been a Long journey and this last 7K would be my final sprint to freedom.

The amount of $7K is not that large. If your credit rating is not too bad, why not consider taking up a personal loan or 1-year low interest balance transfer? The interest rates are much lower than the typical 25% pa and so long as you are disciplined, you will be able to clear them within the year or 2 years.