Debt consolidation Plan

[DNA9179]

Is it possible for DCP to apply for DRS? Thanks

 

[missymessy]

Hi I'm new here. Joined the forum to seek help.

I applied for HSBC DCP but got rejected. My CBS rating is EE.

Can I clarify that their term 'monthly income' is the gross monthly income or does it refer to annual income (including bonuses) divided by 12?

 

[LancasterHanoi]

Hi I'm new here. Joined the forum to seek help.

I applied for HSBC DCP but got rejected. My CBS rating is EE.

Can I clarify that their term 'monthly income' is the gross monthly income or does it refer to annual income (including bonuses) divided by 12?

Hi
For the monthly income proof , better submit the 3 months latest without Bonus included if you have issue to have BTI >12.
I got the similar experience, rejected by HSBC, DBS lin 2017 June. I tried with SCB in August 2018, got approved, rating like you EE.

Please try SCB

 

[missymessy]

Yes I submitted pay slip instead but I think they will also know because they also look at CPF statement.

I tried HSBC because of the promotion - processing fee waiver etc.

Next is DBS.

I read someone mentioning about calling banks to lower interest or getting waiver. Why is there a need to do so even after getting DCP?

Hi
For the monthly income proof , better submit the 3 months latest without Bonus included if you have issue to have BTI >12.
I got the similar experience, rejected by HSBC, DBS lin 2017 June. I tried with SCB in August 2018, got approved, rating like you EE.

Please try SCB

 

[missymessy]

Can you share your CSO contact with me?

Hi
For the monthly income proof , better submit the 3 months latest without Bonus included if you have issue to have BTI >12.
I got the similar experience, rejected by HSBC, DBS lin 2017 June. I tried with SCB in August 2018, got approved, rating like you EE.

Please try SCB

 

[LancasterHanoi]

Can you share your CSO contact with me?

Hi

I am waiting for her confirmation now. Please wait.
Even after approval, she still reply immediate for any queries.
Many good people in Singapore

 

[LancasterHanoi]

Hi

I am waiting for her confirmation now. Please wait.
Even after approval, she still reply immediate for any queries.
Many good people in Singapore

Good luck, hope she can settle your issue quick

 

[missymessy]

Thanks I got her number. Perhaps u wanna edit ur post coz not so nice to post it here.

Btw y did u take another year b4 applying for dcp again?

Hi

I am waiting for her confirmation now. Please wait.
Even after approval, she still reply immediate for any queries.
Many good people in Singapore

 

[lork44]

I've received a call today from DBS recommending me to refinance my DCP with UOB.
I checked that my Effective Interests Rate (EIR) with UOB is 9.04%.
DBS was telling me that their refinance EIR will be much much lower. There is also cashback to cover the early settlement penalty.

Any advice from brothers / sisters here if this is a good deal to do a refinance?

 

[LancasterHanoi]

Thanks I got her number. Perhaps u wanna edit ur post coz not so nice to post it here.

Btw y did u take another year b4 applying for dcp again?

Hi
Hope you can have a good respond and results from SCB soon.

Actually after 2 times of rejects, felt less hope to get it approved.
Just coincident that SCB sent the leaflet then I simply respond then got the hope.

 

[Renaldory]

I've received a call today from DBS recommending me to refinance my DCP with UOB.
I checked that my Effective Interests Rate (EIR) with UOB is 9.04%.
DBS was telling me that their refinance EIR will be much much lower. There is also cashback to cover the early settlement penalty.

Any advice from brothers / sisters here if this is a good deal to do a refinance?

Getting a good deal from refinancing exists out there. It's the same when people refinance their mortgages for their house for a lower interest rates.

To determine if the Deal is good or not, just calculate out the total expenses u have to pay on your existing deal, vs thetotal u have to pay with the new deal.

 

[lork44]

Getting a good deal from refinancing exists out there. It's the same when people refinance their mortgages for their house for a lower interest rates.

To determine if the Deal is good or not, just calculate out the total expenses u have to pay on your existing deal, vs thetotal u have to pay with the new deal.

Agree!

If they are willing to cover the early settlement fees and EIR is much lower, currently 9.04% with UOB and DBS quoted 7.38%, then it's worth it to refinance.

 

[Rick1970]

Agree!

If they are willing to cover the early settlement fees and EIR is much lower, currently 9.04% with UOB and DBS quoted 7.38%, then it's worth it to refinance.

Just checked with BOC, For 10 yrs.

Rate is 8.34% .
Can reduce few hundreds per mth But, Penalty not covered now but they working other way to compensate for it. Hope they change their minds to cover penalty. Then best option.

Processing is $188

 

[missymessy]

Yes I'm keeping fingers and toes crossed too. I need to settle quickly so that I can sleep peacefully at night.

Hi
Hope you can have a good respond and results from SCB soon.

Actually after 2 times of rejects, felt less hope to get it approved.
Just coincident that SCB sent the leaflet then I simply respond then got the hope.

 

[missymessy]

Another question: Will DCP affect my chances to apply for home loan in future?

 

[Renaldory]

Another question: Will DCP affect my chances to apply for home loan in future?

If anything, DCP should positively affect your home loan, as DCP should improve your credit score. The limits on Dcp does not affect the limits you can get for purpose/needs based loans such as education and housing loan.

Pm me your contact i can check with my friend directly who is the product manager for u

 

[Renaldory]

Just checked with BOC, For 10 yrs.

Rate is 8.34% .
Can reduce few hundreds per mth But, Penalty not covered now but they working other way to compensate for it. Hope they change their minds to cover penalty. Then best option.

Processing is $188

It might be worth it to pay processing fee if overall interest u pay is lower than the processing fee.. You should evaluate the package offered on a whole. Pm me for further details bro

 

[lork44]

Another question: Will DCP affect my chances to apply for home loan in future?

Yes and No.

Yes is because some banks if they know that you are on DCP, they will not offer home loan to you e.g. POSB and UOB.

No is because there are still banks willing to offer home loan e.g. HSBC, OCBC even if you are on DCP. But of course, loan amount depends on your debt ratio etc.

 

[missymessy]

I cant reply to your PM because my post is less than 10. Haha

Anyway I have contacted the CSO whom the other member recommended.

If anything, DCP should positively affect your home loan, as DCP should improve your credit score. The limits on Dcp does not affect the limits you can get for purpose/needs based loans such as education and housing loan.

Pm me your contact i can check with my friend directly who is the product manager for u

 

[DNA9179]

Can anyone advise? possible to transition from DCP to DRS?