Debt consolidation Plan

[Positivecockroach]

Expected. Results failed

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..

 

[happiewee]

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7th June - CSO called and say some documents was outdated.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!

Hi may i know what's your monthly repayment?
As for mine :

NOA 60k
DEBTS 79K

I m intend to apply DCP but dunno which bank is with better rate?

May i have your advise?

Thanks

 

[liondomo]

Hi may i know what's your monthly repayment?
As for mine :

NOA 60k
DEBTS 79K

I m intend to apply DCP but dunno which bank is with better rate?

May i have your advise?

Thanks

you should probably shop around and compare yourself. also looking at your rating i would suggest you try Maybank and HSBC.

Do share your results and good luck!

 

[Jojodespo]

Yes with your rating and amounts, HSBC and Maybank is a good bank to go with. Not as high interest as SCB and UOB..

I’d say go with Maybank first cos you’ll get your answer faster, and also Low interest + quite high approvals.

I have somewhat around the same NOA and outstanding as you. I took 7 years, and currrbtly paying 1107 a month.

Hi may i know what's your monthly repayment?
As for mine :

NOA 60k
DEBTS 79K

I m intend to apply DCP but dunno which bank is with better rate?

May i have your advise?

Thanks

 

[Positivecockroach]

I just wanna find a place to deposit my feeling.sorry if I bother u guys. Yes. Posb declined, so in parallel had apply for hsbc and now waiting with not much high hope. I'm gg to dmp talk today. And filled up the form.

Understand u guys saying multiple apply of dcp will impact on credit rating. For me.. After I saw the rejection letter last night, my burden on. Shoulder suddenly like lost hope already. I texted maybank to call me for the dcp and this morning I applied for hl. Bank already. Will send out application tonight.

What more to lose when my rating is HZ.nothing lower....

 

[seeklightsoon]

I just wanna find a place to deposit my feeling.sorry if I bother u guys. Yes. Posb declined, so in parallel had apply for hsbc and now waiting with not much high hope. I'm gg to dmp talk today. And filled up the form.

Understand u guys saying multiple apply of dcp will impact on credit rating. For me.. After I saw the rejection letter last night, my burden on. Shoulder suddenly like lost hope already. I texted maybank to call me for the dcp and this morning I applied for hl. Bank already. Will send out application tonight.

What more to lose when my rating is HZ.nothing lower....

Sorry to hear about this and I am sure if it is not easy for you. But reading from your posting, if your rating is HZ, may I suggest that you focus on the DMP route as the likelihood of approval is relatively higher than DCP.

From my understanding, HZ rating is due to a few factors such as overdue more than 90 days or there are acc closed with outstanding balances. Generally for such cases, banks are not that likely to approve your DCP. For DMP, the focus will be more on your ability and willing to repay within a reasonable time frame. As such, if you meet these criteria, chances of approval is higher. Best of luck and stay positive!

 

[Vera21]

Hi all, I'm new here. For those with HH rating but gotten approval from HSBC/MBB, mind sharing what is your % for Probability of Default in ** report?

 

[morningglory]

I just wanna find a place to deposit my feeling.sorry if I bother u guys. Yes. Posb declined, so in parallel had apply for hsbc and now waiting with not much high hope. I'm gg to dmp talk today. And filled up the form.

Understand u guys saying multiple apply of dcp will impact on credit rating. For me.. After I saw the rejection letter last night, my burden on. Shoulder suddenly like lost hope already. I texted maybank to call me for the dcp and this morning I applied for hl. Bank already. Will send out application tonight.

What more to lose when my rating is HZ.nothing lower....

Like I've said before, I doubt so any banks will approve your DCP application. DMP is your best bet. Hang tough, don't give up. You'll get through this.

 

[jo3s3h1982]

Finally Get Approve For DCP Plan

Hi Guys,

I had been paying for min sum for all my CC since 1 year ago and realized that it didn't really help much on the principle sum. Till this year, I cant afford to pay the min amount and every bank keep calling me NON STOP.

Had read through some review and research before I decided to apply any DCP plan with banks. As I know once apply and got rejected, your CBS report will reflect the rejection and chances will be low if you apply again.

I had sorted out two banks which is HSBC & MayBank. Submitted my application to HSBC and within three days later got rejected by them.

Without furthermore delay, I submitted my application to MayBank and the CSO was very helpful and assist me with all the necessary filled up doc. He even arrange a courier services to my work place for me to sign the docs. I called the bank and check on my status during 5th working day and my application got approval. The whole process took less than a week!

Total Debt Owe: 60K
Monthly Earn: 3200
CBS Rating: HH with 1734 scoring
Replayment Period: 10 Yrs (700 monthly)

Hope this above informations helps you guys and wish all bros look forwards to our debt free soon! If you need the CSO contact, do msg me! Take Care and all the best !!

 

[jo3s3h1982]

Hi all, I'm new here. For those with HH rating but gotten approval from HSBC/MBB, mind sharing what is your % for Probability of Default in ** report?

Bros, you may wan refer to my post...

 

[morningglory]

Hi Guys,

I had been paying for min sum for all my CC since 1 year ago and realized that it didn't really help much on the principle sum. Till this year, I cant afford to pay the min amount and every bank keep calling me NON STOP.

Had read through some review and research before I decided to apply any DCP plan with banks. As I know once apply and got rejected, your CBS report will reflect the rejection and chances will be low if you apply again.

I had sorted out two banks which is HSBC & MayBank. Submitted my application to HSBC and within three days later got rejected by them.

Without furthermore delay, I submitted my application to MayBank and the CSO was very helpful and assist me with all the necessary filled up doc. He even arrange a courier services to my work place for me to sign the docs. I called the bank and check on my status during 5th working day and my application got approval. The whole process took less than a week!

Total Debt Owe: 60K
Monthly Earn: 3200
CBS Rating: HH with 1734 scoring
Replayment Period: 10 Yrs (700 monthly)

Hope this above informations helps you guys and wish all bros look forwards to our debt free soon! If you need the CSO contact, do msg me! Take Care and all the best !!

Congrats!!! Those with HH, it also depends what your scoring is. I see better chances if your scores are 1700 and above. Mine was 1600 thereabouts and no banks gave me a chance unfortunately.

 

[JOJOJOK]

Hi, am new to here.

Can i check to meet DCP 12x monthly salary, issit include commission or just basic salary?

 

[Vera21]

Hi All,

I just got a call from HSBC CSO to inform me that my application has been approved! It's my first application.

Here are some details :
Annual Income : $48,600
Total Outstanding : $69,000
Credit Bureau : HH (Score 16XX)
Probability of Default : 8.01%
Loan Term : 7 years (Monthly repayment approx $1103?)

- I've credit card with HSBC for 18 months and every month I will make the minimum payment on time

Good luck!

 

[CK12345]

Congrats!!! Those with HH, it also depends what your scoring is. I see better chances if your scores are 1700 and above. Mine was 1600 thereabouts and no banks gave me a chance unfortunately.

Actually I just checked back and I had HH rating with 1657 and prob of default at 8.32%. Still got approved by HSBC. But I think the fact that I always paid my minimum with them every month had something to do with it. So it really depends on the person reviewing your application I think.

 

[JOJOJOK]

Usually which bank will process fast ?

Hi, am new to here.

Can i check to meet DCP 12x monthly salary, issit include commission or just basic salary?

 

[morningglory]

Actually I just checked back and I had HH rating with 1657 and prob of default at 8.32%. Still got approved by HSBC. But I think the fact that I always paid my minimum with them every month had something to do with it. So it really depends on the person reviewing your application I think.

Yes, that's definitely true too

 

[morningglory]

Hi All,

I just got a call from HSBC CSO to inform me that my application has been approved! It's my first application.

Here are some details :
Annual Income : $48,600
Total Outstanding : $69,000
Credit Bureau : HH (Score 16XX)
Probability of Default : 8.01%
Loan Term : 7 years (Monthly repayment approx $1103?)

- I've credit card with HSBC for 18 months and every month I will make the minimum payment on time

Good luck!

Awesome! Congrats!

 

[servillafran]

DCP

Dear all,

Need your advice.

I applied with HSBC on 4.9.2018. Till now no news, does it mean that my application is gone case?

Info:-
Loan amt 130K
NOA 85,700
EE
1794
1.34%

 

[servillafran]

I am applying for 10 yrs tenor at 4.5%.

If rejected, should i go for SCB 10 years or MBB 10 years?

 

[Vera21]

I am applying for 10 yrs tenor at 4.5%.

If rejected, should i go for SCB 10 years or MBB 10 years?

Hi, you applied on HSBC website? There should be a CSO that will get in touch with you. The approval usually takes 5 to 7 working days. Maybe you should call HSBC and check with them if they receive your application.