Debt consolidation Plan

[DebtfreeDilemma]

Does anybody know how to improve the credit score after emerging from DMP? I have no more debt with any bank but yet have no cc or personal loan to improve the score. Will bank approve those $500 limit cc or supplementary card?

 

[slurpy0099]

Need some urgent advice on behalf of a fren

Rating BB
Score 1862

Current bank oweing for unsecured balance interest and non interest bearing is $45k. Annual gross income $60k

Someone recommend to take installment plan loan from posb of about 20k to boost up the total owing. AIR is 5.88%

1) What else can be done to be eligible for DCP?

2) if taking installment plan is the only option, is posb recommended.

Hope to hear from you all soonest. Thank you very very much!

 

[slurpy0099]

DCP or DMP is recommended?

 

[Zeikhan]

Yes bro? How can I help!

Hi my credir rating is HH. Can i still apply for loan or dcp? But my debts are not only banks. Include licensed moneylenders too. Total about 20k

 

[DebtfreeDilemma]

Hi my credir rating is HH. Can i still apply for loan or dcp? But my debts are not only banks. Include licensed moneylenders too. Total about 20k

HH is the worst rating. You must have defaulted? Licensed moneylenders have a different credit report which you can purchase at $1 only.

 

[Jojodespo]

Bro, some banks still accept HH, but only very limited people will be approved as they do other kind of credit checks.

May I know the number, not the alphabets?

Also, I did not default my loans much, but I has too many credit facilities and a Super high credit exposure which made me drop to HH. I was only accepted by SCB when I paid minimum for 3 months straight and closed off 2 credit card accounts which bumped my rating up to FF.

If you’re feeling up to it, I’d suggest you try MAYBANK and HSBC as I understand they’re the lenient banks accepting HH. Otherwise, you could just tahan abit longer and hope your rating increases to be able to go with other banks.

The banks will not check your money lending facilities but I believe you should clear those money lender ones as they have the highest interest..

If this is too much for you, I would suggest you immediately seek help from CCS. DMP is also an alternative however it’s not that far off from bankruptcy. PM me if you need more info.

Hi my credir rating is HH. Can i still apply for loan or dcp? But my debts are not only banks. Include licensed moneylenders too. Total about 20k

 

[Jojodespo]

Hi bro, I don’t suggest that you take up a DCP at this stage.. don’t take more loans when you have not reached the eligible number for DCP. That’s the worse thing to do, getting yourself into more and deeper debt and then realising that the banks reject the applications when they see you as a credit hungry client.

What I would suggest you to do is to do your own personal debt repayment plan. Take up a balance transfer (make sure 0% interest), to pay off and close some credit card accounts.. So you stop paying interest, then you take the maximum loan amount which is still 0% interest, and divide that by monthly tenor you took, and make an automated GIRO from your debit bank account. For this method you need to be HIGHLY disciplined. You do not want to snowball your balance transfer as it will end up having credit card interest rates if you don’t clear within the term..

Need some urgent advice on behalf of a fren

Rating BB
Score 1862

Current bank oweing for unsecured balance interest and non interest bearing is $45k. Annual gross income $60k

Someone recommend to take installment plan loan from posb of about 20k to boost up the total owing. AIR is 5.88%

1) What else can be done to be eligible for DCP?

2) if taking installment plan is the only option, is posb recommended.

Hope to hear from you all soonest. Thank you very very much!

 

[DebtfreeDilemma]

After the DMP programme, if my annual salary is $100k, will banks approve any personal loan or cc? All debts are cleared under full settlement.

 

[Happydappy]

Hi bro, I don’t suggest that you take up a DCP at this stage.. don’t take more loans when you have not reached the eligible number for DCP. That’s the worse thing to do, getting yourself into more and deeper debt and then realising that the banks reject the applications when they see you as a credit hungry client.

What I would suggest you to do is to do your own personal debt repayment plan. Take up a balance transfer (make sure 0% interest), to pay off and close some credit card accounts.. So you stop paying interest, then you take the maximum loan amount which is still 0% interest, and divide that by monthly tenor you took, and make an automated GIRO from your debit bank account. For this method you need to be HIGHLY disciplined. You do not want to snowball your balance transfer as it will end up having credit card interest rates if you don’t clear within the term..

You can apply using the last 15 months cpf contributions instead of your payslip. This way you can easily meet the 12m criteria.

 

[slurpy0099]

Hi bro, I don’t suggest that you take up a DCP at this stage.. don’t take more loans when you have not reached the eligible number for DCP. That’s the worse thing to do, getting yourself into more and deeper debt and then realising that the banks reject the applications when they see you as a credit hungry client.

What I would suggest you to do is to do your own personal debt repayment plan. Take up a balance transfer (make sure 0% interest), to pay off and close some credit card accounts.. So you stop paying interest, then you take the maximum loan amount which is still 0% interest, and divide that by monthly tenor you took, and make an automated GIRO from your debit bank account. For this method you need to be HIGHLY disciplined. You do not want to snowball your balance transfer as it will end up having credit card interest rates if you don’t clear within the term..

Thanks for your reply and suggestion. Issues faced.

Balance transfer at $0 with very low processing fee is 6mths. With loan amount of $30k. 6mth is not possible to repay

Any tips on which banks balance transfer is lowest (less than 5%) and about 3yrs

 

[iamnotlame]

After the DMP programme, if my annual salary is $100k, will banks approve any personal loan or cc? All debts are cleared under full settlement.

Why would you want to get personal loan or cc after clearing your debts? If you earn that much, you are still left with more than 76K in a year for your personal needs or expenses after your CPF contribution and tax payments.

I can understand that cc is probably required due to job requirements but if a debit card can do, why not use that instead?

 

[DebtfreeDilemma]

Why would you want to get personal loan or cc after clearing your debts? If you earn that much, you are still left with more than 76K in a year for your personal needs or expenses after your CPF contribution and tax payments.

I can understand that cc is probably required due to job requirements but if a debit card can do, why not use that instead?

Earning much also means great expenses. I have many dependents and a cc will be useful for overseas travel to pay for the hotel deposit.

 

[DebtfreeDilemma]

How often does credit bureau update the report? I heard it takes about 2 months to update repayment records. Is it true?

 

[pnutbutterwulf]

Good morning bros and sis,

Really wishing and hoping that you guys are coping well. I have some questions to ask. Anyone of you under the DCP but still find it hard to cope with the repayment? Is there any other way that we can lower down the repayment? Is the CCS repayment lower than DCP? Appreciate the help. Thank you.

 

[pnutbutterwulf]

Is that true? Hmm. I'm quite skeptical about it. Maybe you could say the chances are slimmer?

Yes they will. Heard of people that had theirs approved

 

[pnutbutterwulf]

Hi,

Can i know more about DRS too. Thank you.

Hi I have PM you for more info on DRS

 

[lork44]

Good morning bros and sis,

Really wishing and hoping that you guys are coping well. I have some questions to ask. Anyone of you under the DCP but still find it hard to cope with the repayment? Is there any other way that we can lower down the repayment? Is the CCS repayment lower than DCP? Appreciate the help. Thank you.

You can try refinance with another bank with a lower interests rate?
Provided if the bank willing to give you cash rebate for your to offset the early settlement penalty and interests?

I did that recently and my monthly repayment went down.

 

[pnutbutterwulf]

Hi.

Did you mean switching banks with current one that you are tied up with dcp?

You can try refinance with another bank with a lower interests rate?
Provided if the bank willing to give you cash rebate for your to offset the early settlement penalty and interests?

I did that recently and my monthly repayment went down.

 

[lork44]

Hi.

Did you mean switching banks with current one that you are tied up with dcp?

Yes correct. DBS called me to ask me to refinance and willing to rebate $5000 as the rebate so that can cover the early settlement penalty fees.

Their rates are lower as well, so monthly repayment went down by $100 and 1 year saving will be $1200.

 

[slurpy0099]

Yes correct. DBS called me to ask me to refinance and willing to rebate $5000 as the rebate so that can cover the early settlement penalty fees.

Their rates are lower as well, so monthly repayment went down by $100 and 1 year saving will be $1200.

What rate they offer?