Debt consolidation Plan

[multi]

so..ur rate is 4.7%? very good rate.did they ask for Banks letters etc if you have any installment plans etc?

Yes that's right. You need to provide them with all your outstanding statement and final settlement letter for personal loan. The bank will be adding a 5% buffer to the total for interest and final settlement penalty cost.

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[Iwanttobehappy]

Is the bank itself checking with other banks regarding your latest balance ? i thought we need to provide letters to support the final outstanding ?i applied to a bank, and they asked me to provide all Installment plan letters from the respective banks.

I gave them my latest statement already . Mayb to them still got latest latest ??

 

[Iwanttobehappy]

Yes that's right. You need to provide them with all your outstanding statement and final settlement letter for personal loan. The bank will be adding a 5% buffer to the total for interest and final settlement penalty cost.

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O I din give them the final settlement letter . Only my latest bank statement .

 

[multi]

O I din give them the final settlement letter . Only my latest bank statement .

It's OK you didn't have them the final settlement letter as there's a 5% buffer extra figures if approved

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[algernonster]

Well, assume you have cleared all CC debts in 3 years (NO DCP), by the 4th years, your credit ratings become AA again as if nothing has happened. DCP is a different story, all the banks can still see the old stained records in the 6th year even if you have cleared everything on the 3rd year.....you left only ONE credit card with credit limit of one month salary (Remember all other banks credit card already closed, every other bank may just straight away reject your fresh CC application, pathetic isnt it? Why the bank will consider a DCP holder application when there are 96% of better candidates elsewhere?)

I think most of the people after DCP won't even want to think about using cards again

 

[deadlockb]

I think most of the people after DCP won't even want to think about using cards again

i dont think its a permanent ...

When can I start applying for new facilities?

You can start applying for new unsecured credit facilities:
with another financial institution (non-DCP financial institution) once your overall BTI reduces to or below 8 times your monthly income; or
with the DCP financial institution once your overall BTI reduces to below 4 times your monthly income
Note: BTI = Aggregate interest-bearing unsecured outstanding balance ÷ monthly income
source:https://www.abs.org.sg/consumer-banking/consumers/debt-consolidation-plan

 

[multi]

I think most of the people after DCP won't even want to think about using cards again

The funny thing about this plan is the bank still issue one credit card with one month salary credit limit.

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[Iwanttobehappy]

It's OK you didn't have them the final settlement letter as there's a 5% buffer extra figures if approved

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Thanks thanks .. cos I just submitted my latest statements only ..

 

[Matrix21]

any idea if less than 12x the monthly salary, where can i seek assistance from? currently its at about 6x only. i dont want to wait for 12x where the amount gets too huge

 

[Iwanttobehappy]

any idea if less than 12x the monthly salary, where can i seek assistance from? currently its at about 6x only. i dont want to wait for 12x where the amount gets too huge

U can try tcc ?

 

[multi]

any idea if less than 12x the monthly salary, where can i seek assistance from? currently its at about 6x only. i dont want to wait for 12x where the amount gets too huge

It's one of the T&C to be 12x your income before they can offer you the plan. For your case, they will recommend you to take up personal loan to settle your CC bill.

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[sneggg]

Still nobody successfully applied on the plan?

 

[multi]

Still nobody successfully applied on the plan?

Still waiting..............Maybe end of week.

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[Matrix21]

U can try tcc ?

what is tcc

 

[Iwanttobehappy]

what is tcc

Tcc.org.sg . I only know their office at Somerset there .. they offer conso debt but must be less than 12 months .

 

[Iwanttobehappy]

Still waiting..............Maybe end of week.

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When u submit ?

 

[multi]

When u submit ?

Last Friday...They say takes at 2 weeks max. If not approved, then you can approach other bank.

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[cheowyonglee]

Still nobody successfully applied on the plan?

Mine rejected.

 

[Matrix21]

It's one of the T&C to be 12x your income before they can offer you the plan. For your case, they will recommend you to take up personal loan to settle your CC bill.

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is it recommended to take up personal loan from bank? im not intending to borrow from family or relative or friends

 

[cheowyonglee]

Anyone got lobang where to take a loan of $50000 n i can repay monthly to him?