Debt consolidation Plan

[melbourne10]

Scan and send the latest ones if you are able to, 30 mins, might help your application, you never know. All the best.

Blue form

Page 1 - personal details, family details, employment details - no mention of spouse except for marital status
Page 2 - spouse details (name, ic number, nationality), if applicable, any pending court action, reasons for getting into financial problem
Page 3 - details of lodging, vehicle
Page 4 - monthly budget, "please estimate your / your family average monthly spending", only mentions your own income

So the whole form, only mention of spouse is to ask for spouse's details, they should not require any docs from her like pay slip all those

Just declare that u are servicing a joint car loan then the rest of your expenses are separate

(Replied to wrong post but this is for Carlingford, my scanner not working properly so can't show u the actual thing)

 

[Carlingford]

I had already sent the latest statements..Actually have zero expectation on this application..A hat trick of rejections coming my way..

Scan and send the latest ones if you are able to, 30 mins, might help your application, you never know. All the best.

 

[Carlingford]

Thanks mate !

Blue form

Page 1 - personal details, family details, employment details - no mention of spouse except for marital status
Page 2 - spouse details (name, ic number, nationality), if applicable, any pending court action, reasons for getting into financial problem
Page 3 - details of lodging, vehicle
Page 4 - monthly budget, "please estimate your / your family average monthly spending", only mentions your own income

So the whole form, only mention of spouse is to ask for spouse's details, they should not require any docs from her like pay slip all those

Just declare that u are servicing a joint car loan then the rest of your expenses are separate

(Replied to wrong post but this is for Carlingford, my scanner not working properly so can't show u the actual thing)

 

[aang1971]

I had already sent the latest statements..Actually have zero expectation on this application..A hat trick of rejections coming my way..

dun give up hope bro

 

[pororokia]

Yup don't have to include spouse income documents.

They will also ask if u own a house, will encourage you to rent a room for extra income etc.

But it's okay, anything u can just let the cso know and they will try their best to help.

 

[Carlingford]

Thanks a lot for the info bro...

Yup don't have to include spouse income documents.

They will also ask if u own a house, will encourage you to rent a room for extra income etc.

But it's okay, anything u can just let the cso know and they will try their best to help.

 

[Carlingford]

Thanks for the encouragement bro..Not giving up lah..Just that a bit sian of DCP

dun give up hope bro

 

[Crazy12]

How about non existing?

I think 8-9%

 

[CeSaRiO]

Just received a call from citibank from another person regarding DCP. I told him dealing with another guy at the moment. But I also casually asked about why is he contacting me and he said that the 'system generated leads filtered good paying customer from the others for them to contact and offer them'z

Don't know how true it is but I'm hoping this is for the best!

 

[Henabi]

Even so... if amount not equal to 1 year annual Income DCP will be rejected right?

 

[aang1971]

Even so... if amount not equal to 1 year annual Income DCP will be rejected right?

must exceed by 1.2 times annual income

 

[Louis81]

must exceed by 1.2 times annual income

1.2 times? Or more than 12 times monthly (annual income)? It makes a lot of differrnce

 

[Carlingford]

This journey of uncertainty has indeed affected me quite a bit, as I'm sure most of the bros / sis (not sure there are any) can feel the same also.

I just started writing this blog just to relieve my stress level (cannot possibly go around telling family & friends about this sort of things right ?)
I will try to update the blog over my debt restructuring journey. Hope that it can help others in their debt restructuring journey in future also.

https://restartingmylifeblog.wordpress.com

Just posted a new post today ! Have a read to distract yourself from your own problems lah...

 

[Louis81]

Though we are in debt i believe all of us are talented. We come out with a book title duno haha

 

[lodestone]

Just posted a new post today ! Have a read to distract yourself from your own problems lah...

i thinking of getting help from my mum to borrow 15k to pay back some bank....

but i thinking even that .. my debt still above the 18 month of what i own and if the june rule kick in....

i think even if i can manage min sum but still my account will be closed and asked to pay back everything right???

any bros can comment???

how the not more then 18th month rules work in the coming june....

 

[aang1971]

1.2 times? Or more than 12 times monthly (annual income)? It makes a lot of differrnce

1.2 times of annual income

 

[Louis81]

1.2 times of annual income

But is it stated more than 12 times monthly income

 

[Carlingford]

It's anybody guess on what will happen come June..I am also on the 18 month borderline...Big headache, that is why I am desperately trying to land either a DCP or DMP now.

i thinking of getting help from my mum to borrow 15k to pay back some bank....

but i thinking even that .. my debt still above the 18 month of what i own and if the june rule kick in....

i think even if i can manage min sum but still my account will be closed and asked to pay back everything right???

any bros can comment???

how the not more then 18th month rules work in the coming june....

 

[Lifesotough]

Anyone heard of successful DCP application for outstanding amount more than 18x monthly salary?

I know Citi and BOC Max is 18 months.

standard chartered says no limit, I tried applying for 10 years tenure earlier before I saw this thread (naively thinking that the application should be easy since the bank gets to earn more interest) with credit rating FF and was rejected.

Now looking at through the thread I reapplied with HSBC for 5 years tenure, waiting for results.

My outstanding now including 5% buffer now 152k. They quote me a monthly repayment instalment of $3125 over 5 years which total up to 187.5k which is more than 21x my monthly salary..

 

[Henabi]

must exceed by 1.2 times annual income

1.2 times? Or more than 12 times monthly (annual income)? It makes a lot of differrnce

i see all the banks state at least 12-months.