Debt consolidation Plan

[Vindicate_d]

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.

No, banks don't just look at your base salary. They look at your allowances and bonuses also, i.e. total income. That is why they need to see your NOA. So you are not eligible for DCP actually.

 

[resurgenceXI]

hi bros,

been reading the thread for the past week or so and have decided to apply for DCP through MBB, HSBC or SCB.
All 3 have responded to my query however the HSBC CSO seems most keen to help.

Just wondering how i should proceed forward now.

Am I able to apply for 1 bank at a time? Or will applying for all 3 banks at the same time decrease my chances?

My rating is HH at a score of 1499.
Debt: 66K across 4 banks.
NOA: 51K

Any advice from bros out there appreciated.

Thanks!

 

[Vindicate_d]

hi bros,

been reading the thread for the past week or so and have decided to apply for DCP through MBB, HSBC or SCB.
All 3 have responded to my query however the HSBC CSO seems most keen to help.

Just wondering how i should proceed forward now.

Am I able to apply for 1 bank at a time? Or will applying for all 3 banks at the same time decrease my chances?

My rating is HH at a score of 1499.
Debt: 66K across 4 banks.
NOA: 51K

Any advice from bros out there appreciated.

Thanks!

I know of people who applied to a few banks at the same time and they got it. As for me SCB is my first and only bank to apply and I got it. Several other banks called me too but I decided to go for SCB. BTW DBS does not accept HH.

 

[Handsome_guy]

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?

I under DRS, housing loan is under HDB so not affected. Renovation loan is under the bank so maybe can't get but you can always ask someone to borrow for you.

You already waste 1.5 yrs into your DCP and your principal sum has not reduced much. Even if you refinance, how much can you save? Just digging another hole for yourself.

 

[chris_83]

just got dbs free report...hope some good news...

 

[debted]

I got served several legal letters demanding payment.

My clearance day at CCS is on 26 Nov. From now until them, I am jobless with no income and insufficient savings to clear the amounts owing.

Quite desperate now, but no end in sight.

DMP also not approved and pending CCS help to appeal to banks.

Stuck in this rut. Can anybody advice?

 

[debted]

so damn worried cannot sleep all night

 

[chris_83]

i think my dbs gone case also. ok,good bye dcp. wait i fix my debt level and credit score first.

 

[chris_83]

sigh because all these dcp make my score from dd to ee.

 

[qace25]

Hi, just like to enquire from fellow bros here if one is already on DCP, are we allowed or be eligible to apply for any renovation loan? Also, is there any way to negotiate for a temporary suspension of the DCP payment say for just 1-2 months? Thank you

 

[Vindicate_d]

Hi, just like to enquire from fellow bros here if one is already on DCP, are we allowed or be eligible to apply for any renovation loan? Also, is there any way to negotiate for a temporary suspension of the DCP payment say for just 1-2 months? Thank you

Bro, please call the bank and ask.

 

[nehz83]

Hi all

Hoping to seek some support and feedback here.
Anyone successfully appeal and got approved for DCP even though income more than 120K?

My income is only marginally more at around 140K but owe banks total of around 280K. Credit rating is CC.

Honestly, if I am able to be approved for DCP i i know I can ride this through with my job.

Really do not wish to go to DMP which will affect my credit records immediately.

Anyone in a similar capacity? can share experience? does appealing to MAS or MP help?

 

[Handsome_guy]

Hi, just like to enquire from fellow bros here if one is already on DCP, are we allowed or be eligible to apply for any renovation loan? Also, is there any way to negotiate for a temporary suspension of the DCP payment say for just 1-2 months? Thank you

In your dreams

 

[Richnogo]

Solution for this darkness

Hi guys, i understand that during this period of repayment, many of you who wanted to go for certain jobs in certain industry are still being rejected due to you DCP. But however, we all know that in order for us to repay this debt faster and get on with our daily lives, we need a high paying job. I was also in a rather bad situation with a low paying job and unable to get into the financial industry due to my DCP. But fret not, all hope is not lost yet. If you want a chance to return to your daily lives sooner, please pm me for more details. We all want to get out of debt and return our lives to what it used to be!

 

[slushie]

Anyone managed to get approved by Citibank after waiting for more than 2 weeks? I think for approval cases it's quite fast, only a few days. For mine where it's already 2 weeks since process, I guess no chance already? ( I called the cso but she said it's still pending Haiz.

 

[Vindicate_d]

Hi all

Hoping to seek some support and feedback here.
Anyone successfully appeal and got approved for DCP even though income more than 120K?

My income is only marginally more at around 140K but owe banks total of around 280K. Credit rating is CC.

Honestly, if I am able to be approved for DCP i i know I can ride this through with my job.

Really do not wish to go to DMP which will affect my credit records immediately.

Anyone in a similar capacity? can share experience? does appealing to MAS or MP help?

Your chances are very slim. What I am interested to know is how you were able to land in a debt of 280k.

 

[LancasterHanoi]

Hi all

Hoping to seek some support and feedback here.
Anyone successfully appeal and got approved for DCP even though income more than 120K?

My income is only marginally more at around 140K but owe banks total of around 280K. Credit rating is CC.

Honestly, if I am able to be approved for DCP i i know I can ride this through with my job.

Really do not wish to go to DMP which will affect my credit records immediately.

Anyone in a similar capacity? can share experience? does appealing to MAS or MP help?

Actually for my case, Total 2017 income indicated at SGD 145K in my pay slip end of 2017 Dec. However I still managed to get the DCP from SCB at SGD135K. Currently I just served 3 months. Actually some banks can have way to hide certain portion to get this DCP approved. As for your case of 280K , very high chanllenge

 

[iamnotlame]

Based on my experience, you will not get any DCP approval as per the details you provide. My income is >120k and slightly higher loan than yours with BB rating. Applied with several banks but not successful so I ended up taking DMP which is the best thing that had happened. Paying within my capability and with much lesser interest but no more unsecured credits for me.

I wonder how MAS and MP can help you, though?

Hi all

Hoping to seek some support and feedback here.
Anyone successfully appeal and got approved for DCP even though income more than 120K?

My income is only marginally more at around 140K but owe banks total of around 280K. Credit rating is CC.

Honestly, if I am able to be approved for DCP i i know I can ride this through with my job.

Really do not wish to go to DMP which will affect my credit records immediately.

Anyone in a similar capacity? can share experience? does appealing to MAS or MP help?

 

[chris_83]

Actually for my case, Total 2017 income indicated at SGD 145K in my pay slip end of 2017 Dec. However I still managed to get the DCP from SCB at SGD135K. Currently I just served 3 months. Actually some banks can have way to hide certain portion to get this DCP approved. As for your case of 280K , very high chanllenge

did you send in the iras?

 

[Cloud_sg]

i am just curious if anyone managed to apply for credit cards successfully after they had DCP in place? To make full use of cashbacks ect?