Debt consolidation Plan

[paurusu]

One important qn on DMP & dcp. If say, u constantly paying for the instalment already 4 yrs, halfway through the 8 yrs programme for your 100k debts, u run into deep trouble and couldn't pay any further, so the qn is, u r consider still owing 100k or 50k?

Dcp technically doesn't have reduction of initial outstanding. It is repackaged loan with lower interest. So if u break Dcp I believe technically you should be left with whatever unpaid balance. How banks see it, I am not sure though.

For dmp, it came with balance reduction? I have no idea where it will stand there.

 

[Needanewlife86]

Don't panic, give ccs a call n ask them for advice. They are very experienced n I believe they will give u some advice. Don't give up.

Thank you sgman88. Going for the CCS info talk on debt management today. Thereafter, will check wt them on the counselling part. Hope there is a ray of hope

 

[hclee01]

Any bro here knows?
Assuming someone in the family always get into debts, anyway to know how many unsecured lending facility the person hold? Beside asking the person
And can we close the account on behalf of the family member?

Due to banking secrecy, you will not be able to know unless you happen to open his card statements (provided he is not enrolled into electronic statement) or you have his SingPass ID and Password and HP or Token to buy the Credit Bureau Report to check. I don't think the Bank will take instructions from family member (unless the family member is deceased).

 

[Crabx321]

Debt consolidation plan all “Banks only” debt need to be at least 30k+ thn is eligible. My case around 10k + they don’t allow

 

[CHENG8733]

Hi,

Does anyone know when we are in dcp, paying promptly every month with a AA credit bureau rating, can we still apply for car loan under secured loan? Appreciate advice will be much appreciated. Thank you

 

[Proton4051]

Thank you sgman88. Going for the CCS info talk on debt management today. Thereafter, will check wt them on the counselling part. Hope there is a ray of hope

Hi bro CCS want us to approach them and if u sincere need their assistant,they will help..trust them

 

[kenzai79]

Hi,

Need advise from bros here.

If I start seeing bank cc and credit line being suspended after dcp application,is it a sign of dcp approval coming along?

 

[CK12345]

Hi,

Need advise from bros here.

If I start seeing bank cc and credit line being suspended after dcp application,is it a sign of dcp approval coming along?

Normally yes. But there could be a variety of reasons. I think now if exceed 8 times BTI, banks will suspend the card? At least that's what OCBC mentioned in their letter to me prior to my dcp approval.

It's safer to "wait for the letter". Though you should can also call the CSO and confirm with him

 

[money88]

Hi bro CCS want us to approach them and if u sincere need their assistant,they will help..trust them

just to check, after clearance session the approval rate is high??

 

[reggaez]

Hi,

Does anyone know when we are in dcp, paying promptly every month with a AA credit bureau rating, can we still apply for car loan under secured loan? Appreciate advice will be much appreciated. Thank you

can, i just gotten my COE renewal loan last month approved by Hong Leong while on DCP.... best if u can try multiple banks

 

[CHENG8733]

can, i just gotten my COE renewal loan last month approved by Hong Leong while on DCP.... best if u can try multiple banks

Thank you. Much appreciated. Hope I can get ithe approval.

 

[kenzai79]

Normally yes. But there could be a variety of reasons. I think now if exceed 8 times BTI, banks will suspend the card? At least that's what OCBC mentioned in their letter to me prior to my dcp approval.

It's safer to "wait for the letter". Though you should can also call the CSO and confirm with him

Thanks for the reply, bro. Keeping my fingers crossed.

 

[money88]

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

hi, how she tide over???

 

[leong25]

I also going for my clearance At 9 July for DMP. Don’t know the approval chance is high anot ?

 

[morningglory]

I also going for my clearance At 9 July for DMP. Don’t know the approval chance is high anot ?

I went for the clearance session on 14/6. The sent my dmp proposal to banks on 19/6. Yesterday, 26/6 received letter saying my dmp proposal has been accepted by the banks. According to the CCS officer, the approval rate for dmp is 90% thereabouts. Good luck!!!

 

[lork44]

Hi,

Does anyone know when we are in dcp, paying promptly every month with a AA credit bureau rating, can we still apply for car loan under secured loan? Appreciate advice will be much appreciated. Thank you

Yes you can.

 

[sgman88]

I think dcp/dmp is can only approve once in a lifetime for the same debtor. So if complete already and then get into debt, again, the only way is bankruptcy. Anyone knows?

 

[Izumi8]

I think dcp/dmp is can only approve once in a lifetime for the same debtor. So if complete already and then get into debt, again, the only way is bankruptcy. Anyone knows?

This is my thinking:
DCP can have credit card, can also "Refinance" the DCP to other banks, so once you cleared it, provided your credit ratings is good, you can always apply again in the future, just like another personal loan.

DMP totally cannot have credit card, also no such thing as refinance. even if you cleared it, unlikely can have any credit card anymore. some banks won't even allow DMP holder to open a new savings account! unlikely can get unsecured debts anymore.

 

[blackjazz84]

Had a call from HSBC for promotional rate 4.1% DCP and it took about 7 business days after I submitted my application. Approved at 120k at 7 years. Free processing fee and they arranged courier to pick my my documents. Credit bureau rating at DD with no default payment history. Hope this helps

 

[Jaychou1309]

Hi bros. Ive been trying for DCP since September last year but was never approved. Maybe coz of my rating HH or my BTI never hit 12x. Went to CCS and so happy that they’ve approved my proposal! Can heave huge sigh of relief now!

Dont be discourage if your DCP isnt approved! There’s always other way out! Fighting everyone!