Debt consolidation Plan

[My0701]

Hi, newbie here... I see a new application under enquiry from scb under cbr, does it mean it will be approve for the dcp? Thanks in advance for replying...

 

[morningglory]

Hi, newbie here... I see a new application under enquiry from scb under cbr, does it mean it will be approve for the dcp? Thanks in advance for replying...

No, it just means that they've looked at your CBS.

 

[morningglory]

Care to share why you would like to clear faster than the repayment period other than saving on interest payments? Why in a rush?

Not really in a rush but if I'm able to clear earlier, why not right? Tired of living in debt lol but so so thankful I got on the DMP.

 

[Shalala-86]

Hi, newbie here... I see a new application under enquiry from scb under cbr, does it mean it will be approve for the dcp? Thanks in advance for replying...

You can call the bank tml or Monday to check on your status 8 called mbb 1 day aft they reviewd my credit burea report, n know my application got rejected. This morning met up with CSO from uob to apply. Hopefully I am given second chance.

 

[Stresses]

Can anyone tell me how long does dcp gets approved?

 

[iamintrouble]

50k plus...six years plus. My payment with BOC is long long way... 8 years

Do u need to oay early settlement fee to UOB ? and need to pay processing fee to BOC ? if yes how much cash need to fork out ?

 

[My0701]

You can call the bank tml or Monday to check on your status 8 called mbb 1 day aft they reviewd my credit burea report, n know my application got rejected. This morning met up with CSO from uob to apply. Hopefully I am given second chance.

Good luck to u and me too...

 

[milkncookie]

Will you being in DCP affect your loan w house and car?

 

[lork44]

Will you being in DCP affect your loan w house and car?

For home loan, it will affect your TDSR because banks will take into consideration your total debt servicing ratio. However, this doesn’t mean that you cannot get a home loan. Just that the loan amount might be lesser. Some banks immediately reject if they know you are on DCP. I know OCBC, HSBC does approve home loan even if you are on DCP. Personal experience.

For car loan, banks will look at your credit report to determine if they wants to approve your motor loan. There are other finance company like century leasing which are still pretty lenient with DCP as they only looks at credit report and doesn’t matter if you are on DCP or not. As long your credit report is decent DD and better then it should be quite old chance.

 

[iamnotlame]

Not really in a rush but if I'm able to clear earlier, why not right? Tired of living in debt lol but so so thankful I got on the DMP.

Cool! Yeah, you are right. As long as clearing earlier means not backsliding to the old ways of handling money, yes that is a laudable goal.

 

[raimbiwie]

guys. I need advice. my total debts is $60k. but only $25k are from credit cards and the rest($35k) are personal loans. usually person loan are lower interest than DCP.

I am unable to take up more personal loan due to BTI cannot exceed 18times.

1. I am not sure should I take up the DCP? is it worth it? cause the interest rate is higher than my personal loan but lower than credit card interest?

2. does DCP have to consolidate all the debts reflected in the credit bureau? cause personal loan from banks are reflected.

3. I am looking at SCB. interest 4.5% p.a, processing fee one time $199. $250 or 3/5% whichever is higher for early redemption. can't rem exact is 3 or 5%. any comments? good deal? or experience to share?

thanks

 

[milkncookie]

guys. I need advice. my total debts is $60k. but only $25k are from credit cards and the rest($35k) are personal loans. usually person loan are lower interest than DCP.

I am unable to take up more personal loan due to BTI cannot exceed 18times.

1. I am not sure should I take up the DCP? is it worth it? cause the interest rate is higher than my personal loan but lower than credit card interest?

2. does DCP have to consolidate all the debts reflected in the credit bureau? cause personal loan from banks are reflected.

3. I am looking at SCB. interest 4.5% p.a, processing fee one time $199. $250 or 3/5% whichever is higher for early redemption. can't rem exact is 3 or 5%. any comments? good deal? or experience to share?

thanks

If at any one point you can’t manage, you know you should take DCP. I’ll rather take DCP than to late pay or default a loan. I knew I needed a DCP the moment my personal loans expire and I wasn’t able to save.
Yes they consolidate all your loans from all FIs to one FI. So every month you’re paying that FI. Check out HSBC, it’s better.

 

[lork44]

I would go for DCP too. Instead of every month paying bits and pieces to each FI now you can consolidate into 1 FI like milkncookie says.
Better do it early before debts keep stacking up.

 

[Mr.Canberra]

Some gambling, some medical expenses, others uncontrolled spending due to behavioral disorders. Yet others being too generous with others.

What is your opinion about these cases? Do you have a suggestion to forum members on how not to be heavily indebted?

Self discipline, delay/omit gratification and learn more about financial literacy. The Millionaire Next Door is a good book to read.

Personally I have zero debt. Much of my frugal ways are due to upbringing so I value the value of every single dollar. My assets are hoarded in such a manner so that one day when I am old I will check myself in to a nursing home without troubling family members.

For those who are sincerely hoping to clear debts you must have true conviction and an extreme lifestyle adjustment. Here are some suggestions.

Either you increase other streams of income or you cut back on all non essential and life threatening spending.

1) High maintenance girlfriend/ mistress
2) Overseas trips
3) Cable/Broadand internet
4) Use prepaid SIM
5) Sell away depreciating assets such as car (if any)
6) Cook at home once a day
7) Terminate your credit cards
8) Set a frugal monthly budget and only withdraw from this ATM card only when required.
9) Disassociate yourself from free spending friends/relatives.

Have an exclusive bank account strictly for debt repayment. Dump your income (minus monthly expenses) into this account and do not touch it other than for debt repayment.

Do it right one time because you will fail if you do it half hearted. The sooner you clear your debt the faster you lead a normal lifestyle. After back on track plan for financial freedom if you can. Live each day as if a crisis is going to happen tomorrow so you will not be complacent and go back to your old ways.

 

[raimbiwie]

If at any one point you can’t manage, you know you should take DCP. I’ll rather take DCP than to late pay or default a loan. I knew I needed a DCP the moment my personal loans expire and I wasn’t able to save.
Yes they consolidate all your loans from all FIs to one FI. So every month you’re paying that FI. Check out HSBC, it’s better.

Thanks for the advice. I decided to apply DCP. I went ahead with SCB because of the CSO is knowledgeable in this area and able to address all my concerns without delay. I did read up again on the internet and his answers are all correct. I just want to be sure. Most importantly he in a very patience and not showing any sign of frustration despite me asking so many questions. He can wait and not pushy type when i told him that I need to considered and compare with other FIs first.

Whereas other banks CSO are quite rude and also keep asking me to submit documents first to review before they want to talk further more. I had a bad experience with one of the FI(citi) when the CSO are not Singaporean. He was super rude to me and I don't like to deal with non-singaporean CSO. I don't think they understand from my point of view where I am coming from. got culture difference.

sorry for the rant. jus want to vent out the frustration.

but right now I am very curious how to seek from existing FIs to waive the early redemption penalty or interest if DCP approval? any good excuse or reason to give to obtain higher chances of approval when we call in their hotline?

 

[RainbowGalaxy]

I think u are a joker... u come to this thread to ask this kind of qns!

We loan the money from bank and burn to people like you!!!

Just wondering how did you guys got into 5 to 6 figures credit card debt? Gambling or uncontrolled spending?

 

[Mr.Canberra]

I think u are a joker... u come to this thread to ask this kind of qns!

We loan the money from bank and burn to people like you!!!

Wow this hostility is really uncalled for. You must be very stressed out with the $788 monthly repayment?

You seriously need to see a shrink as I do not receive a single cent from banks!

 

[RainbowGalaxy]

Thank you for reminding, I’m repaying my debt.
Atleast i make the effort to read all the post.
300plus page when i join.

A normal person will Not asking a sensitive qns like you.
Boast about your upbringing and you are not owing banks a single cent.
People like you are just arrogant and show off.
If u do not need DCP, may i ask why are u in this DCP chat?
Maybe you are too bored with your atas life.

What goes around comes around.
Thanks once again.
May u be bless!

Wow this hostility is really uncalled for. You must be very stressed out with the $788 monthly repayment?

You seriously need to see a shrink as I do not receive a single cent from banks!

 

[Shalala-86]

Anyone know how to manage calls from bank as I have difficulties in paying min payment. Waiting for dcp to approve.

 

[milkncookie]

Anyone know how to manage calls from bank as I have difficulties in paying min payment. Waiting for dcp to approve.

Borrow from friends or relatives. It took me an awful while for the whole process to conclude and it made me incur interest in one loan. I’d to pay $200 interest that month. I did made an attempt to ask for a waiver but they rejected Haha. Oh well I’ll let it slide. Right now I’m living troublefree after I submit all to DCP 7 years 4.1% interest