Debt consolidation Plan

[chris_83]

Just to share. My DCP is approved. I'm so relieved!!! Now I just pray very hard that there wont be any disciplinary issue at my workplace and let me pay off my debt. I have really learnt my lesson.

Spend within our means. Keep track of expenditures and always check your bills!

Did scb checked your cbs? between from the date applied till approved took how long?

 

[Anonymous1987]

You don't have to go down to the branch. You can just leave your contact number online and the next day one of the CSOs will call you. He will email you the application form so you just have to fill it up, attach your supporting docs and email them back.

Thanks for e info..they did call me jz now they said they will email me e form details..till now 1800hrs no email receive yet..

 

[Vindicate_d]

Did scb checked your cbs? between from the date applied till approved took how long?

You have to send your credit report to SCB so yes they will check it.

 

[Vindicate_d]

Btw, how to know if its approve? CSO will call you?
Means they cleared the balance amount immediately or takes time?

I heard that it will take some time to clear your balances from the other banks.

 

[happiewee]

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 Jo,

Your dcp is approved by Maybank?
Possible to give me the CSO contact?
What is the interest like?

Thanks

 

[missymessy]

Yes u will be required to send the cbs. I sent in my application last thurs then coz i had some missing bill info. Everything was only processed on Monday when i sent the doc they need on sunday. It got approved yst at 9pm. So abt 3 to 4 days. CSO said it will take about another 3 to 5 days for the account to be set up so i still need to make payment to any bill due within the next few days.

Did scb checked your cbs? between from the date applied till approved took how long?

 

[chris_83]

Yes u will be required to send the cbs. I sent in my application last thurs then coz i had some missing bill info. Everything was only processed on Monday when i sent the doc they need on sunday. It got approved yst at 9pm. So abt 3 to 4 days. CSO said it will take about another 3 to 5 days for the account to be set up so i still need to make payment to any bill due within the next few days.

I checked my SCB and CRS. No free report, no new set up account and no sms for me. Anxiety over the weekend.

 

[LosingHope]

HH*–*It means that your probability to default is very high based on your previous borrowing/repayment records, and banks will not process your application favourably.

HX –*You have some sort of litigation or bankruptcy record filed against you. This score will be removed after 3 years once every case against you have been concluded. While this score does not mean an automatic rejection, you should call CBS and request for the records they have against your name. Depending on the situation, it is possible to get your loan approved.

HZ –*This score means you have had bad payment records on your unsecured credit balances. It is highly unlikely that you will get any loans approved, you should contact CBS for advice or call up the bank to seek settlement.

Im HZ... after reading this, i lost hope...

 

[LancasterHanoi]

Just to share. My DCP is approved. I'm so relieved!!! Now I just pray very hard that there wont be any disciplinary issue at my workplace and let me pay off my debt. I have really learnt my lesson.

Spend within our means. Keep track of expenditures and always check your bills!

Congratulations. From SCB. Your CSO is lady started with Jo ?
4.5% ?

 

[chris_83]

Its EE. Was rejected by HSBC b4 that.

Approved loan is 93k (additional 5%)

How long the loan tenor?

 

[missymessy]

U can check with your cso. I find its easier with one.

I applied hsbc via the web. I guess thats why no one wanna entertain me.

I checked my SCB and CRS. No free report, no new set up account and no sms for me. Anxiety over the weekend.

 

[missymessy]

I can pay in 5 years but decided to take 6 years in case anything crops up later.

How long the loan tenor?

 

[missymessy]

Yes. Your contact. I PM you but u didnt reply.

Congratulations. From SCB. Your CSO is lady started with Jo ?
4.5% ?

 

[chris_83]

I can pay in 5 years but decided to take 6 years in case anything crops up later.

SCB good rate till 6 years only. I also choose 6 years.

 

[raimbiwie]

Hi, although the bank always say we can apply 1 DCP application at a time. But I read previous post, there are people who applied 2 banks together to secure their good rating period.

I also know UOB officer will be willingly to help u submit the application even though u have another application pending with other banks. maybe they desperate for commission?

The bank who approves earlier will be able to lodge the case via xxx(don't know what is it). so the others bank won't be able to lodge. no need to worry about what happens if 2 banks approved at same time.

This is up to your integrity VS your needs. How desperate you wan this DCP to approve.

I was HH in April then became EE now. I'm not prompt in my payment. Always late by a few days. sometimes I get too busy with work and family (I have 3 young kids). Now waiting for SCB approval. Praying very very hard that I will get the approval. If not i will try UOB.

 

[missymessy]

Just did some calculations last night. I should be able to clear my debts in 4 years. Will do an early repayment in the 4th year to clear the dcp.

I will need to move to a bigger place few years later. I'm worried that DCP will affect my chance of loan.

SCB good rate till 6 years only. I also choose 6 years.

 

[Worldofsea]

Waiver of early repayment fees

Do the banks allow waiver of early repayment fee that were on instalment after dcp approved?
I got so many installments and if all no waiver, is Going to be huge amount.

 

[Anonymous1987]

Just did some calculations last night. I should be able to clear my debts in 4 years. Will do an early repayment in the 4th year to clear the dcp.

I will need to move to a bigger place few years later. I'm worried that DCP will affect my chance of loan.

Ysterday they called me and said that they will email the details..till now no email..how long it takes?

 

[missymessy]

Also SCB? Mine was quite fast.

Ysterday they called me and said that they will email the details..till now no email..how long it takes?

 

[missymessy]

Just now i wanna use one of my cards to make a small purchase and it got rejected. Is it because SCB already settled the payment?