Debt consolidation Plan

[DamnLostChild]

Hi everyone, finally had word with someone UOB more patient to explain to me. For your info for people looking into getting out of this via DCP. DCP isn’t like a personal loan, I cannot choose my loan tenor, this is because they have a calculation method. Example : my outstanding is 70k, and my salary is 4500. Based on this, my min is 6yrs or more. So I was told if other people had their application reject, maybe they should consult and look into longer term solution.
Then again, UOB is one of the many for others considering. I have yet to spoken to HSBC. I hope this is helpful to someone lost like me.

 

[lodestone]

i advise all go to dmp for low interest repayment.

bid your time and do part time.

u will turn the tide around.
cheers...

bid the time is more important.

 

[Jojodespo]

No it will not affect anyone in your family except yourself. Might find it hard to get jobs in banks cos they do background check in your credit history.

Hi Guys, may i check if taking up DCP affects application for new jobs? Also, lets say if we take up DCP from SCB, will it affect relatives working in SCB?

Thanks in advance for the help!

 

[Jojodespo]

Actually this depends. Some banks have a different way of calculating. Some banks prefer longer tenor so lessen the monthly payments. Some banks prefer shorter tenor so you faster clear the outstanding and has less chance of defaulting.

My outstanding was 70k, salary 4.8k. I was advised to go for 5 years with Maybank, but 7 years with SCB.

Hi everyone, finally had word with someone UOB more patient to explain to me. For your info for people looking into getting out of this via DCP. DCP isn’t like a personal loan, I cannot choose my loan tenor, this is because they have a calculation method. Example : my outstanding is 70k, and my salary is 4500. Based on this, my min is 6yrs or more. So I was told if other people had their application reject, maybe they should consult and look into longer term solution.
Then again, UOB is one of the many for others considering. I have yet to spoken to HSBC. I hope this is helpful to someone lost like me.

 

[DamnLostChild]

I see. Which bank did u go with eventually?

Actually this depends. Some banks have a different way of calculating. Some banks prefer longer tenor so lessen the monthly payments. Some banks prefer shorter tenor so you faster clear the outstanding and has less chance of defaulting.

My outstanding was 70k, salary 4.8k. I was advised to go for 5 years with Maybank, but 7 years with SCB.

 

[Jojodespo]

I went with SCB, 7 years tenor at $1103 a month

I see. Which bank did u go with eventually?

 

[Jojodespo]

Ooh the reason why I took with SCB is cos all other banks I tried with all rejected me, except SCB... lol

Hello Jojodespo, do u mind sharing with me which FI u took, and how many months do u take to clear at how much per month? Any reason for choosing that FI?

 

[DamnLostChild]

oic. I am on GG rating. Now I wonder how it will turn out for me

Ooh the reason why I took with SCB is cos all other banks I tried with all rejected me, except SCB... lol

 

[Positivecockroach]

Hi

May I chk have you got dmp. Approved?

just an update in case anyone was wondering... signed up for CCS talk already. having searched for two weeks for possible solutions, it seems that my best course of action is to approach CCS and hope that they can work out a DMP for me.

fingers crossed. sigh... mood has been very down recently because of this. the worst part is that voice of the back of my mind that keeps saying 'your own fault, you had it coming'. but trying my best to stay positive!

 

[morningglory]

Hi I'm approaching Dmp route soon while waiting for DCP as I am. Afraid low chance for DCP, do you have any advice on the process? Ive booked talk session already and ask to send the form.so am able to. Work in parallel.. Just curious is it taking very long for process?

Hey, I read that your ** rating is HZ. I think at this point don't waste time on DCP cuz it's highly unlikely it wil get approved. I was HH and was rejected left right centre by banks before I eventually gave up on it. I'm on DMP now for the next 4-5 years. The whole process from the info talk to approval took about 2 months. Good luck!

 

[Positivecockroach]

Hi yes. I think so too. Not much of hope.. Already book the info talk and spoke to cso at ccs in parallel.. Just wanna save some time. 2 months meaning... Need to pay all my min payment to my max again...... Bless me..

Hey, I read that your ** rating is HZ. I think at this point don't waste time on DCP cuz it's highly unlikely it wil get approved. I was HH and was rejected left right centre by banks before I eventually gave up on it. I'm on DMP now for the next 4-5 years. The whole process from the info talk to approval took about 2 months. Good luck!

 

[pororokia]

Hi I'm approaching Dmp route soon while waiting for DCP as I am. Afraid low chance for DCP, do you have any advice on the process? Ive booked talk session already and ask to send the form.so am able to. Work in parallel.. Just curious is it taking very long for process?

from first visit to getting approved approx 2mths

 

[pororokia]

Hello all. I think like everyone, I also lose sleep thinking of my dismanagement of debt, I’m here and reading about DCP, not sure of my rating yet, but I know it’s time to seek help. My first post here, also I have trouble sleeping, due to this trouble I created for myself. So I wake up now, because I just started a family, and realised I am not being fair to my wife and child, so therefore it’s time for me to be accountable for my dismanagement.

Most of you are encouraging, feel good that I am not alone.

I’m about 68k in debt, 4500 per month salary. Only managed to pay my min per month. I’m considering HSBC or OCBC. Can don’t flame me for asking, but has anyone apply successful with OCBC, but they managed to retain the OCBC PLUS! Card? Because I only intend to grocery shop with that, nothing more. I know under DCP, they assign u a card, but are there other banks that anyone has successfully managed to allow them to keep their existing card? I only just need OCBC card. Feel down from my spending that it affects family now.

its not too late to face your debts, the hardest is taking the first step forward to acknowledge the debts.

same like u i was on min sum for few yrs before and on the verge of not being able to sustain the min sum and i faced the debt.

imagine so much of money was wasted.

 

[deadlockb]

bro, let me share my experience here about re-financing. Ard June 2017 i got approved by MBB for 8 years and after paying ard 9 months my backside itchy went apply for re-financing and got approved for 7 years at a lower interest and slightly lower monthly amt. However, most banks do not cover the 5% so check properly all details b4 committing.

Come to think of it, it was not worth the effort..... kind of regret but ni choice just move on.

Hope this helps.

did u pay 5% on your own or the new bank(refinancing bank) ? if u paid on your own, is it included in the total loan amount or u need to pay by Cash?
any notable savings after refinancing ?
Mine is Feb 2017.

 

[liondomo]

did u pay 5% on your own or the new bank(refinancing bank) ? if u paid on your own, is it included in the total loan amount or u need to pay by Cash?
any notable savings after refinancing ?
Mine is Feb 2017.

Bro, the 5% i need to pay off MBB myself. HSBC just paid off my actual outstanding and created a new DCP account for me.

That said, that few thousand left outstanding to MBB. Lucky thing is i do not need to clear it 1 shot but if roll will still incurr interest.

I would not encourage any re-financing as no notable savings. These banks are suckers, why come up with this DCP program on the pretext of helping ppl like us ease our loan but in actual fact still trying to rip us when they can.

Signz, no choice just grit my teeth and pay them off asap.

 

[liondomo]

All the best for your application today bro!

Tell us how it went

hi bro,

good news i got my AMEX corp card approved! btw u nearly scared the **** out of me when i read about your friend lol.

cheers!!!!

 

[deadlockb]

interesting,u got ur Credit card approved despite having DCP? how? which bank?

hi bro,

good news i got my AMEX corp card approved! btw u nearly scared the **** out of me when i read about your friend lol.

cheers!!!!

 

[liondomo]

interesting,u got ur Credit card approved despite having DCP? how? which bank?

bro, its just an Amex corporate card for work related travel and expenses. I am sure we are not allowed any new personal unsecured facilities till we pay down our DCP.

As for your query on re-financing i suggest we stay put and not do it cos the 5% early fee.

Cheers!

 

[deadlockb]

Thanks for the reply.Yes, better to stay put.Almost completing 21 months .Refinancing is of no use then.

bro, its just an Amex corporate card for work related travel and expenses. I am sure we are not allowed any new personal unsecured facilities till we pay down our DCP.

As for your query on re-financing i suggest we stay put and not do it cos the 5% early fee.

Cheers!

 

[happiewee]

Hi i m new here.

I have $79k debts, monthly income $5k with rating EE.

I m interested to apply DCP too..
Any advise which bank is easier to get approval?

Btw what is the different between DMP and DCP?
Anyone can help?

Thank you very much!