Debt consolidation Plan

[lork44]

cash back is part of the promo or ?

It's part of the promo as they had mentioned.
Once application gone through, they will disburse the $4000 in cash to you.

 

[Vindicate_d]

If u make any application loan cc eg. with IA if approved or rejected u will get free CBS report

Hmm I don't understand. I logged into my Singpass but I still have to pay the $6 to see my report.

 

[Vindicate_d]

It's part of the promo as they had mentioned.
Once application gone through, they will disburse the $4000 in cash to you.

If you plan to do early redemption, yes of course please refinance. $4000 cashback who doesn't want?

 

[Vindicate_d]

And so, my DCP with SCB got approved yesterday. Loan approved is 83k+4k=87k so I will be paying around $1.5k monthly for 6 years. Finally, my mind is at ease now. I procrastinate for almost a year in getting this done. Previously I am paying $3k monthly across 6 banks. That's a reduction of 50%. FYI, my credit rating is HH. Finally, seeing the light at the end of the tunnel.

 

[LosingHope]

Hmm I don't understand. I logged into my Singpass but I still have to pay the $6 to see my report.

There is this column whereby u choose the free report... it can only go through if the application approved or rejected...

 

[Shalala-86]

And so, my DCP with SCB got approved yesterday. Loan approved is 83k+4k=87k so I will be paying around $1.5k monthly for 6 years. Finally, my mind is at ease now. I procrastinate for almost a year in getting this done. Previously I am paying $3k monthly across 6 banks. That's a reduction of 50%. FYI, my credit rating is HH. Finally, seeing the light at the end of the tunnel.

Able to share your SCB CS contact?

 

[Vindicate_d]

There is this column whereby u choose the free report... it can only go through if the application approved or rejected...

Oh yes I got it. Thanks.

 

[Vindicate_d]

Able to share your SCB CS contact?

PMed. But I advise you to share your particulars on their website so they can call you back.

https://www.sc.com/sg/borrow/loans/debt-consolidation/

 

[LosingHope]

Congrats bro...

And so, my DCP with SCB got approved yesterday. Loan approved is 83k+4k=87k so I will be paying around $1.5k monthly for 6 years. Finally, my mind is at ease now. I procrastinate for almost a year in getting this done. Previously I am paying $3k monthly across 6 banks. That's a reduction of 50%. FYI, my credit rating is HH. Finally, seeing the light at the end of the tunnel.

 

[Shalala-86]

PMed. But I advise you to share your particulars on their website so they can call you back.

https://www.sc.com/sg/borrow/loans/debt-consolidation/

Thanks a lot. I applied via their website. Got a CS call me today. Hopefully I get some hope too! I got rejected by Citi because they said my total annual is more than outstanding. But based on my monthly base pay, I’m out by 12 times. Despite having to provide my employment letter to confirm my base salary, they even need my HR to talk to them to confirm. My co HR policy do not allow to reveal my pay as it was part of their policy. Sigh! End up application got rejected.

 

[sneggg]

It's part of the promo as they had mentioned.
Once application gone through, they will disburse the $4000 in cash to you.

im in the same dilemma as you. this month my first year anni with DCP lol

long way to go

 

[lork44]

im in the same dilemma as you. this month my first year anni with DCP lol

long way to go

Yes this month is my first year anni too!

From the looks of it long term is a savings in total of $4800 ($80 per month for 60 months), but i need to fork out the additional $1800 for top up of the cashback of $4000 to $5800 (early settlement fees).

Nett savings is only $3000.

Not sure if this is worth the effort.

Did you get an offer to refinance too?

 

[ahoksteady]

Hi currently new to the new thread, i got a 20k debt with banks altogether. And im struggling to settle it. I've read the thread and i dont understand some of the shortforms. Like HH, SC, DCP. And im kinda dont get it the steps you all trying to say out here.

 

[chris_83]

Hi currently new to the new thread, i got a 20k debt with banks altogether. And im struggling to settle it. I've read the thread and i dont understand some of the shortforms. Like HH, SC, DCP. And im kinda dont get it the steps you all trying to say out here.

HH is the credit score in the credit bureau report
SC=Standard Chartered?
DCP=Debt Consolidation Plan

 

[chris_83]

another bank rejected my dcp after waited 3 weeks...so sad...i wonder why

 

[LosingHope]

another bank rejected my dcp after waited 3 weeks...so sad...i wonder why

Which bank in particular...

 

[chris_83]

boc rejected me after almost one month wait

 

[Anewhope]

Im already near 1.5 years into my 5 years dcp plan. But recently refinance to cope with family finances which was unforeseen. So now its back to 6 years now. Anyway they sent both interest payable as well as total loan letters. Juz checking can we pay the interest first by any chance?? Im seriously considering taking up DRS next year but really have concerns on how it will affect my future applications on housing, reno etc. Anyone can advise?

 

[Vindicate_d]

Im already near 1.5 years into my 5 years dcp plan. But recently refinance to cope with family finances which was unforeseen. So now its back to 6 years now. Anyway they sent both interest payable as well as total loan letters. Juz checking can we pay the interest first by any chance?? Im seriously considering taking up DRS next year but really have concerns on how it will affect my future applications on housing, reno etc. Anyone can advise?

Why don't you call your bank and enquire? They are the best people to ask. Anyway, there will be some implications in housing (both HDB and bank) and reno loans if you are still on DCP or DRS. Ultimately, they need to know whether you can cope in the monthly payments.

 

[Vindicate_d]

Hi currently new to the new thread, i got a 20k debt with banks altogether. And im struggling to settle it. I've read the thread and i dont understand some of the shortforms. Like HH, SC, DCP. And im kinda dont get it the steps you all trying to say out here.

You are only eligible for Debt Consolidation Plan if your annual income is less than your total debt. So with your 20k debt, you should be earning less than 20k annually. But alas, you are not eligible at all as minimum annual income must be 30k to qualify for DCP. Your only solution is to go for restructured loans.