Not pre bankruptcy and not. Publicize.just no credit card lo. But once bitten, twice shy. Cash is king for me.
Is a management programme though.
You work with counselor and they help u plan how much to pay and submit the proposal to ur creditors (bank only)
Ensure u don't owe money lender, no 'luxuries' like say if u have condo and hdb, or car for luxury, counselor will ask u why didn't u sell that to clear ur debt (which make sense isn't it?)
But for my case is straight forward
-no car
-no extra house only 1 hdb
-no money lender
-no owe frens or relative (ifu owe relative $ & u can mange them. Then is OK, I feel)
1)attend session (chk out ccs web, usually got 2 session) @7pm, I choose mandarin Wan, cux that time that's the earliest slot
2) 1:1 with counselor (do planning)
3)clearance session
Above sounds not convincing right?
Well, if I overcome it, you can too. Just be honest. I nearly go for money lender and fall into depression although I share with my partner but I can't slp at nights.
At the Verge of applying 3 dcp at one go, cux whichever come to me first will be my route to debtfree, I also go ccs..my suggestion (way I handle it) I call the ccs and ask them send me the forms, prepare all my update documentation before the 1st session. After mY 1st session, I posted out next day (or u can submit at singapore pool office) save alot of time
Received a call within 3days arrange for 1:1 in next available slots which is 2 weeks later (bank called, tell them nicely u working with ccs, and meeting counsellor le, pay what u can afford)
After the counseling session, another counselor will call u say arrange for clearance le. Provided all info are true and supporting up to date.
1)if u have any account (personal loan or credit card u nv owe any money, call and cancel, ask them send you the letter of confirmation.>i have account not use like credit card) during my 1:1 counselor say call and cancel and wait the letter from bank took 1 week. Then might delay clearance.
After u go clearance. @debted. @losinghope
It is not true 1 bank reject means dmp failed. I was as worried as you. I called the counsellor whom arrange the clearance for me to clarify.
Ie. If u have 5 creditors (yes if >50% agreed, the rest will have to agreed but that was when ccs send them the note tell the individual that most bank agreed to the proposal and wish them to help too, pay slowly better than nv pay at all right so mostly will agreed La )
But if 1 bank reject, the 4 bank. Approved,
U will pay the dmp proposed amount to 4 bank, and for the 1 bank whom die die reject u, 1:Call ccs ask them to appeal or
2: work with the bank separately say u can only. Afford this much they can work out a plan or ccs is wiser choice (they are non profitable Co so more neutral)
Having said that, if 4 bank approved on ur proposal, u can definitely see that u are paying much much lesser, that surplus left, u can pay alittle more to the 5th bank (make sense?)
for 1st month. Very critical,actually I still have 3 bank not called me. 4 bank approved. I just write to ccs and follow. Their instructions, pay as what they proposed to the bank (bank call just tell them nicely, u done ur clearance, perhaps u help to chk with ccs dept(dbs, scb(called ask me to pay) , hsbc(nv call me))
On 1st Nov, I just pay 7 bank accordingly to the proposal. And write to the psteam then the lady acknowledge and life goes on
I know embarrassed. But so what. We go there to seek help. But every stage u tell urself. U are going to make it cux u r brave to face the reality urself. If u don't help urself, Noone will help u. So don't give up. I am. V positive person to outsiders but still I will feel negative and cry under bed my self, next day is fresh day, don't get stuck! U can do it
How does DMP works?
Is this pre bankruptcy plan of paying?
