Debt consolidation Plan

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chris_83

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summary of the fis that provide dcp-my experience:
amex-only 2 years from the previous posts;unable to find info from their website
diners club-no offer
icbc-no offer
rhb-no offer
hsbc-rejected before submit application, promoted personal loan instead
mbb-cso ok everything,then rejected,said ratio 20-21x?? wonder how they calculated, asked maybe you try again next time and pls go to apply other banks
boc-cso friendly,can consider
cimb-only for those who have their cc, asked me apply cc first,lol,who going to approve the cc at this moment
citi-no one bother to call you
dbs-no one bother to call you
hl-rejected before submit application, said unsuccessful
scb-cso friendly,can consider
ocbc-said try your luck next time
uob-no one bother to call you
 
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Vindicate_d

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chris_83 said:
SCB good rate till 6 years only. I also choose 6 years.
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Longer tenor, lower monthly repayment but don't forget the interest paid will be much more.

Let's say for a 84k loan from SCB (including the 5%),
5 years - $1720 monthly - total interest $19233
6 years - $1486 monthly - total interest $23047

That is a difference of $3.8k of interest.
 
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LosingHope

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chris_83 said:
uob where got fast. never bother to call me at all.
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I tried to apply online on wednesday... half way through always got cut off because iddle too long... next day UOB cso calles me and ask me to submit all the docs in her email... in 10 mins she sent me the application form to sign then ask me the loan tenor that i wish to hv... abt 15 mins later she calculated and inform me the monthly repayment and and application has already been submitted... although i did not stand a chance due to my CBS rating HZ... she told me to carry on with the application and try...
Citibank, maybank, dbs, hsbc all rejected via phone after i told them my cbs rating HZ
HSBC & Maybank accept HH n above
Citibank accept HH with restructured loan
DBS dont even bother to look through
 
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chris_83

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LosingHope said:
I tried to apply online on wednesday... half way through always got cut off because iddle too long... next day UOB cso calles me and ask me to submit all the docs in her email... in 10 mins she sent me the application form to sign then ask me the loan tenor that i wish to hv... abt 15 mins later she calculated and inform me the monthly repayment and and application has already been submitted... although i did not stand a chance due to my CBS rating HZ... she told me to carry on with the application and try...
Citibank, maybank, dbs, hsbc all rejected via phone after i told them my cbs rating HZ
HSBC & Maybank accept HH n above
Citibank accept HH with restructured loan
DBS dont even bother to look through
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Me too. When applying uob online, unable to finish it. But no one bother to call me even I left contact with them twice. Bad experience with them.
 
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missymessy

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Oh i didnt think of that! Okay. Will do. Anyway my CSO replied and said she will aso update me once all payments are settled.

Renaldory said:
Or u could login to your personal banking website to look at the status of the cards and how much is outstanding?
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Handsome_guy

Handsome_guy

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Aion99 said:
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?
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My total debt is around 70k to 80k. So the DRS outcome is 600 monthly for 5 years. Got annual fee of 300.

DRS is by ministry of law and you need to pay the processing fee for them to process and decide whether you are eligible for DRS. But I just glad the banks can finally stop harassing me.
 
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Handsome_guy

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Handsome_guy said:
My total debt is around 70k to 80k. So the DRS outcome is 600 monthly for 5 years. Got annual fee of 300.

DRS is by ministry of law and you need to pay the processing fee for them to process and decide whether you are eligible for DRS. But I just glad the banks can finally stop harassing me.
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Just to emphasize that there is no typo. The oa which is office assigne actually agree to my repayment plan of $600 a mth so only less than half of my total debt can be claimed by my debtors. That's why most banks won't want you to do DRS cos they sure lose their leverage. Banks are interested to keep you paying more over a long period.
 
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Renaldory

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Handsome_guy said:
Just to emphasize that there is no typo. The oa which is office assigne actually agree to my repayment plan of $600 a mth so only less than half of my total debt can be claimed by my debtors. That's why most banks won't want you to do DRS cos they sure lose their leverage. Banks are interested to keep you paying more over a long period.
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After getting DRS can go overseas or cannot ah?
 
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LosingHope

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Need advice!

How to know whether dcp is not approved... coz in cbs new application for DC but till now no result whether approve or not. Or should wait a little longer?
 
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