Debt consolidation Plan

[sgman88]

Hi bro.. i totally understand ur predicament. The mental stress is real. Im working in the financial and banking sector. Dcp was approved last year june with rating of HH by Citi after several applications with other banks. Im actually considering to refinance or going thru DRS after i clear my study loan this year end.

The debt must be over 12mth of your annual income. But if lower than 12 mth, still can refinance?

 

[Anewhope]

The debt must be over 12mth of your annual income. But if lower than 12 mth, still can refinance?

Yes, can refinance since already on dcp. x12 is only for the initial application.

 

[Christine81]

Dcp loan $36600
Total pay out to all bank is $36000
There is an $600 access in the account.
Can we take out the extra $600?

 

[Jojodespo]

Weird how come will have excess hahah. Sorry mine didn’t have excess.. maybe just leave it inside so you can pay less on your first DCP payment?

Dcp loan $36600
Total pay out to all bank is $36000
There is an $600 access in the account.
Can we take out the extra $600?

 

[Christine81]

Weird how come will have excess hahah. Sorry mine didn’t have excess.. maybe just leave it inside so you can pay less on your first DCP payment?

Thanks jojodespo. Maybe first payment pay less. I m waiting for my first statement to come

 

[bioburden]

DMP

Hi Guys,

I am in my last 10 months of my CCS DMP programme.
In the last decade, I am always somehow always in debt.
Looking back, I would encourage people to take up DMP instead of DCP for the following reasons.

1) No Credit Cards / loan facilities
During this period I have no credit cards or credit facilities, hard at first but refreshing in the long run. There is no need to bother about paying for credit card bills every month, everything u spend is predictable. Debt will not increase. DCP allows you to hold 1 credit card.

2) Interest is fixed at 3% per year

3) CCS will follow up and make sure you are making the payments

4) They will ensure you have enough (after paying the DMP) to spend so that your life will not be too adversely impacted

 

[sgman88]

Hi Guys,

I am in my last 10 months of my CCS DMP programme.
In the last decade, I am always somehow always in debt.
Looking back, I would encourage people to take up DMP instead of DCP for the following reasons.

1) No Credit Cards / loan facilities
During this period I have no credit cards or credit facilities, hard at first but refreshing in the long run. There is no need to bother about paying for credit card bills every month, everything u spend is predictable. Debt will not increase. DCP allows you to hold 1 credit card.

2) Interest is fixed at 3% per year

3) CCS will follow up and make sure you are making the payments

4) They will ensure you have enough (after paying the DMP) to spend so that your life will not be too adversely impacted

Yeah congrats. U will be able to see the light at end of the tunnel when u in DMP, not like maintenance fee, totally no hope. But the thing is, how many are able to have it. And also the success rate.

 

[maddogkiller0]

Hi Guys,

I am in my last 10 months of my CCS DMP programme.
In the last decade, I am always somehow always in debt.
Looking back, I would encourage people to take up DMP instead of DCP for the following reasons.

1) No Credit Cards / loan facilities
During this period I have no credit cards or credit facilities, hard at first but refreshing in the long run. There is no need to bother about paying for credit card bills every month, everything u spend is predictable. Debt will not increase. DCP allows you to hold 1 credit card.

2) Interest is fixed at 3% per year

3) CCS will follow up and make sure you are making the payments

4) They will ensure you have enough (after paying the DMP) to spend so that your life will not be too adversely impacted

Hi Bro, there is a DMP tread set up, you may want to use that.

 

[maddogkiller0]

Yeah congrats. U will be able to see the light at end of the tunnel when u in DMP, not like maintenance fee, totally no hope. But the thing is, how many are able to have it. And also the success rate.

Hi Bro, there is a DMP tread set up, you may want to use that.

 

[dcpguy]

i have a HH with 1551. SCB told me not to bother applying until i improve the rating. Can anyone advice?

 

[Scaredboy]

Nervous dcp applicant

Hi I just applied for DCP from DBS

My total debt is 117k, monthly salary 8500

I haven't heard from them since my application last Friday (been a week), and is getting nervous.

Is it common to wait that long for the dcp application, and what is the chance I would be rejected? My cbs is currently BB

 

[Proton4051]

Hi I just applied for DCP from DBS

My total debt is 117k, monthly salary 8500

I haven't heard from them since my application last Friday (been a week), and is getting nervous.

Is it common to wait that long for the dcp application, and what is the chance I would be rejected? My cbs is currently BB

hi bro y not go ccs instead..it really helps ur situation..

 

[liondomo]

Hi I just applied for DCP from DBS

My total debt is 117k, monthly salary 8500

I haven't heard from them since my application last Friday (been a week), and is getting nervous.

Is it common to wait that long for the dcp application, and what is the chance I would be rejected? My cbs is currently BB

Hi bro,

You have a very good chance to get approval so do not give up. DBS is known to be slow in processing. Why don't you try HSBC pr Maybank?

Btw, just a note to those whos thinking of refinancing. Please check with the 2nd bank if they factor in the early redemption fees as well. If not once approved you still need to pay off the around 5% fees from your 1st DCP bank.

cheers!

 

[Anewhope]

The debt must be over 12mth of your annual income. But if lower than 12 mth, still can refinance?

Shouldnt be a problem right?

 

[leong25]

will be signing my clearance form on coming monday. Hopefully it will go through. bank keep calling for payment and also incur late charge already.
will the late charge been charge into our account even though it is approve?

 

[kruzeryo]

I thought of applying DCP. Total loan for credit card from two banks is $21K. Been paying $700 per month.

Will it be good to apply DCP for 6 years and then the monthly payment will decrease to $304.79.

Any bank to recommend? I’m so stress out. Interest kept coming in.

Any advise?

 

[iamfreeagain]

Hi guys, I try applying for DCP thru HSBC last year when product launch but rejected after BTI was below 12x. After that, has been following this thread for awhile. During this time, was always paying min to a few banks thinking as long I can meet the min payment, won’t have much issue but I was so wrong.

Every month like most Bros and sis here, after paying CC outstanding with some family expenses and daily expenses, saving is always empty. As a result, I have quit smoking and also cut down extensively on my expsenses.

Around end May, I decided to apply DCP and determine to be debt free once and for all!

I share with you guys my DCP application thru DBS last month.

NOA - 70k
Debt - 72k
Loan Tenture - 72 mths
CBS rating- EE (never late on paying my min sum and loans)
Interest - 6.99% (according to CSO AA to DD 3.98%, EE and below 6.99%)

3th June- applied DCP via DBS website.
4th June- CSO called and verify my eligibility.
6th June - submit all documents.
7th June - CSO called and say some documents was outdated.
11th June - resubmit some documents as was oversea since the last call from CSO.
13th June - CSO called and update he will be submitting my application as all documents are in order. CSO mentioned approval takes 5 to 7 working days.
20th June - CSO called and say my signature not tally as bank record and we did a phone verification to proceed with my application. (Some delay because of signature)
22th June - 5pm recieve SMS DCP approved at 5pm. Letter to follow in 2 to 3 working days.
26th June - Recieved letter informing me payment to other banks will take up to 9 working days.
28th June - payment to DBS personal loan cleared. Also recieved $800 cash back into my saving account.
4th July - recieve the CC for DCP and all CC fully cleared with excess balance.

Now I’m in the process at calling all the banks for interests waive and will ask for the excess balance to be send back to me.

After my DCP approved right on my payday, I’m finally able to save at least 1k for this month with some spare cash to buy a nice little gift for my kid today. I really regret I didn’t take up DCP earlier. I’m also quite lucky that I applied before the latest NOA arrived as latest NOA was 79K which I’m sure I will not be eligible for DCP again. I tell myself I will never ever again use these plastic cards.

Advice to bros & sis who need or applying DCP, don’t give up and keep trying. If you are having issue clearing your debt, apply DCP and go to dmp only if you can’t get DCP. Be discipline and never ever to go back to same old path be it overspending, gambling or use any future money. Always save for rainy days.

It’s always hard to take the 1st step to be debt free but if you never take the 1st step, you will never be free!

 

[iamnotlame]

Hi guys, I try applying for DCP thru HSBC last year when product launch but rejected after BTI was below 12x. After that, has been following this thread for awhile. During this time, was always paying min to a few banks thinking as long I can meet the min payment, won’t have much issue but I was so wrong.

Congrats and all the best! You are on your way to being debt-free.

 

[sgman88]

After my DCP approved right on my payday, I’m finally able to save at least 1k for this month with some spare cash to buy a nice little gift for my kid today. I really regret I didn’t take up DCP earlier.

Quite touching. Jiayou (add oil). Congra.

 

[Izumi8]

Hi Guys,

I am in my last 10 months of my CCS DMP programme.
In the last decade, I am always somehow always in debt.
Looking back, I would encourage people to take up DMP instead of DCP for the following reasons.

HI, I have some enquries, maybe you can PM me if you think it is confidential..
A) Your DMP payment period is for how many years? Do you think it is easy to stick to the payment plan for so long?

B) Do you think we can stack last month and this month together? That means last month never pay for the DMP installment, but pay both months together on the due date this month. Have you ever late for payments?

C) Do you think DMP holder can apply for Housing Loan?

D) Lets say if we have Card A and Card B from the ABC bank paying SGD150 each, total SGD300 every month for this bank ABC. If card A is cleared, it means we only pay SGD150 for card B going forwards? or we pay SGD300 to card B?