Debt consolidation Plan

[iamintrouble]

i am on citibank dcp , $1500 monthly, what happens when we cannot pay in full ? or maybe i just pay abt $1000 only this month. what will happen ?

 

[Positivecockroach]

Ikr.... I went for CCS in parallel. Now. Waiting for 1st appt on Monday, but still trying from. Hl bank, last strike

I want to pay off, but how to like that when they dont accept.

 

[Lifesotough]

i am on citibank dcp , $1500 monthly, what happens when we cannot pay in full ? or maybe i just pay abt $1000 only this month. what will happen ?

No experience here but I recall the clause for the DCP states that if monthly payments are not in full they can terminate the DCP and have to pay full loan amount. Currently how long have you been in the DCP and which bank? Maybe you can consider refinancing it to a longer tenure period with another bank so your monthly repayment is more manageable? I would suggest to do what you can to pay the monthly 1500 first else if you have records of partial payment for DCP it may even impact the refinancing.

 

[iamintrouble]

No experience here but I recall the clause for the DCP states that if monthly payments are not in full they can terminate the DCP and have to pay full loan amount. Currently how long have you been in the DCP and which bank? Maybe you can consider refinancing it to a longer tenure period with another bank so your monthly repayment is more manageable? I would suggest to do what you can to pay the monthly 1500 first else if you have records of partial payment for DCP it may even impact the refinancing.

already been paying up for a year, always paid in full. to refinance requires cash upfront for early settlement fees and misc which i dun have. thanks for replying by the way. I am on Citibank.

 

[lork44]

i am on citibank dcp , $1500 monthly, what happens when we cannot pay in full ? or maybe i just pay abt $1000 only this month. what will happen ?

I remembered there is a late charge will be imposed if you do not pay up fully. I think the late charge is not cheap something like $90.

 

[servillafran]

Supp Card

Does anyone know if under DCP can still apply supp card to tag along?

 

[hellome123]

Hi! I'm new, please be kind. I have been a silent reader for a few months now...

While reading up here, I took all the relevant suggestions to improve my rating from HH in Feb to EE now - by making all the minimum payments on time, if not earlier... It was tough, but the struggle paid off.

Now I think it is a better time for me to sign up for DCP, I would like to seek some advice please. With the EE rating, can I look into Maybank and UOB? Or any other bank you guys would suggest? I am looking for reasonable rate and easy approval...

Also, I am curious which credit card Maybank and UOB issue with the account?

Thanks!

 

[liondomo]

Does anyone know if under DCP can still apply supp card to tag along?

Answer is no.

 

[liondomo]

Hi! I'm new, please be kind. I have been a silent reader for a few months now...

While reading up here, I took all the relevant suggestions to improve my rating from HH in Feb to EE now - by making all the minimum payments on time, if not earlier... It was tough, but the struggle paid off.

Now I think it is a better time for me to sign up for DCP, I would like to seek some advice please. With the EE rating, can I look into Maybank and UOB? Or any other bank you guys would suggest? I am looking for reasonable rate and easy approval...

Also, I am curious which credit card Maybank and UOB issue with the account?

Thanks!

Think I can help u a bit here.... I was approved by MBB with ratings EE. Do you currently hold any MBB cards? if yes, u can just hold on to the current 1 and they just change the credit limit. Else they would just issue you their normal Plat Visa I think.

Not sure about UOB though.

Good luck!

 

[LancasterHanoi]

New Entry

Hi

I just got my first payment for 1 of 60 for my DCP from SC
Actually after struggled for 2 years, one year interest cost me about
SGD40K.
Total approved for my DCP is 136,000
I am happy to share and to support you to get the DCP. It is really helpful to change my life...

 

[Handsome_guy]

Today finally my DRS is approved. Next 5 years just need to pay $600 a month instead of $2400+.

Luckily last time I apply DCP but kena rejected. Now can live easier without stress.

 

[LancasterHanoi]

Today finally my DRS is approved. Next 5 years just need to pay $600 a month instead of $2400+.

Luckily last time I apply DCP but kena rejected. Now can live easier without stress.

What is DRS ? What is Interest rate ?

 

[Positivecockroach]

U directly go apply for Dr's.didn't try dmp?

Dr'

Today finally my DRS is approved. Next 5 years just need to pay $600 a month instead of $2400+.

Luckily last time I apply DCP but kena rejected. Now can live easier without stress.

 

[Handsome_guy]

What is DRS ? What is Interest rate ?

https://www.mlaw.gov.sg/content/io/en/bankruptcy-and-debt-repayment-scheme/debt-repayment-scheme.html

I just glad I go for DRS. It is not easy to understand but if you really want to get out of the vicious trap set up by the bank, DRS is the only choice.

 

[Handsome_guy]

U directly go apply for Dr's.didn't try dmp?

Dr'

DMP or DCP similar. I got rejected for DCP.

DCP or DMP is lower interest but you still just end up paying for interests and fees. Still get stuck in the hole.

 

[Thistimedieliao]

Hi , I would like to ask if I have a cashline loan on dbs and LML loans . Can I still apply a loan on standard chartered? Just wondering if anyone knows thanks

 

[Aion99]

Today finally my DRS is approved. Next 5 years just need to pay $600 a month instead of $2400+.

Luckily last time I apply DCP but kena rejected. Now can live easier without stress.

Please share your total debts? I assume is 600 x 57 = 34k?

What is the monthly fees to maintain DRS? I understand you need to pay collection fees which is 1.5% every month? Also distribution fees which is 3% every month?
So although it is interest free, you still need to pay plenty of fees?

 

[sadbluesea]

Hi! Bro & Sis. I'm new here, I have been a silent reader for a few weeks,
after reading all the story, I decided to apply for dcp last week. Just a few question here. Hope ual can assist me. Thanks in advance.

I've submitted my dcp application form with all the documents last Friday, I believe they will need a few days/weeks to process. At the min time if any bank called to demand payment from me for min payment, what can I do, I have made the min payment last mth but was late, but for this mth I really can't pay till my next pay is in in 2 weeks time. My due date for the payment was 24Sep. With this will I get any writ of summons? How does it works for writ of summons.

The other issue is if my dcp is really approved, the disbursement will take place only 7working days onwards right. If the bank call, can I tell them I'm on dcp as I really can't make any min payment.

Recently does anyone apply citi & was approved? how long will the process take to be approved?

Im really stressed up regarding this issue.

Hope I can get some advice here. Thank you.

 

[CK12345]

wah lau these banks really don't give up. I'm on DCP with HSBC for the past 6 months.

1st they send me balance transfer promotion cheque which I threw away.

Today they just called me ask me if I need extra funds from balance transfer. All these knowing I'm a DCP customer. Lol

I guess it's a good sign coz they now feel I'm a good customer

 

[FreedomL]

Hi, I just got my DCP approved by UOB bank. However I very confuse on the interest they offered. All document I received shown as 8.22% but they mentioned it’s at 4.5%.
Even the monthly repayment that calculated it’s showing 8.22%.
How should I confirmed?

Or after how long can I swift my DCP to another bank for better rate?