Debt consolidation Plan

[Carlingford]

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..

I heard that Citi max is 18 months, didn't knew BOC has such criteria also..SCB...rejected me leh (I applied for 8 years tenor). Annual income (per NOA) is SGD 69K, loan with buffer is 104K, CBS rating GG. That makes it 18.08 months....

 

[CeSaRiO]

I heard that Citi max is 18 months, didn't knew BOC has such criteria also..SCB...rejected me leh (I applied for 8 years tenor). Annual income (per NOA) is SGD 69K, loan with buffer is 104K, CBS rating GG. That makes it 18.08 months....

Bro, Citi side they've shared with me that 18 months even for 5 years they will reject upfront...

 

[Carlingford]

Bro, Citi side they've shared with me that 18 months even for 5 years they will reject upfront...

I would reckon that also..any such info for other banks ? (e.g. HSBC, SCB, DBS, Maybank, etc..) ?

 

[Louis81]

Bro, Citi side they've shared with me that 18 months even for 5 years they will reject upfront...

Very complicated. What u guys meant by 18 months

 

[Louis81]

Bro, Citi side they've shared with me that 18 months even for 5 years they will reject upfront...

Very complicated. What u guys meant by 18 months

 

[Carlingford]

Monthly income to debt ratio

Very complicated. What u guys meant by 18 months

 

[CeSaRiO]

Means your monthly income to your debt Ratio more than 18 months, even for 5 years you get rejected. At 16x the chance is less than 50%.

 

[Louis81]

Means your monthly income to your debt Ratio more than 18 months, even for 5 years you get rejected. At 16x the chance is less than 50%.

Is it eg 5k monthly annual 60k and yr unsecured is 95k this is more than 18 months before application

 

[Louis81]

Means your monthly income to your debt Ratio more than 18 months, even for 5 years you get rejected. At 16x the chance is less than 50%.

Or another eg. NOA is 72k. Month is 6k. 6k x 18 months b4 application.

 

[Carlingford]

Yup..This would be 19 months in this case (95/5)..Not too sure if the 5% buffer is included in the computation. In fact there are some more ambiguity...Is bonus included in computation ? On the T&C it appear to be the case but if you talk to the sales agent, it appear otherwise

Is it eg 5k monthly annual 60k and yr unsecured is 95k this is more than 18 months before application

 

[aang1971]

Between 12 to 15 then have a chance to approve

 

[Carlingford]

I reckon so...For me is around 18. DMP got better chance

Between 12 to 15 then have a chance to approve

 

[CeSaRiO]

Is it eg 5k monthly annual 60k and yr unsecured is 95k this is more than 18 months before application

My understanding from Citi is as per your payslip x18 times.

 

[CeSaRiO]

Between 12 to 15 then have a chance to approve

I'm at 14.7x right now with HH. If really successful means the ** score still can close one eye.

 

[Louis81]

Yup..This would be 19 months in this case (95/5)..Not too sure if the 5% buffer is included in the computation. In fact there are some more ambiguity...Is bonus included in computation ? On the T&C it appear to be the case but if you talk to the sales agent, it appear otherwise

Citi ask me use payslip n basic so that will be 69K
Unsecured 88K (15.3)
Unsecured with buffer 92K (16)
Citi unsecured will have some reconciliation
on the buffer

Is it correct on the 18 months that u guys are talking

 

[aang1971]

I'm at 14.7x right now with HH. If really successful means the ** score still can close one eye.

mine was 1.3 n got approved

 

[aang1971]

Citi ask me use payslip n basic so that will be 69K
Unsecured 88K (15.3)
Unsecured with buffer 92K (16)
Citi unsecured will have some reconciliation
on the buffer

Is it correct on the 18 months that u guys are talking

yeap it is

 

[CeSaRiO]

Citi ask me use payslip n basic so that will be 69K
Unsecured 88K (15.3)
Unsecured with buffer 92K (16)
Citi unsecured will have some reconciliation
on the buffer

Is it correct on the 18 months that u guys are talking

I think can exclude the buffer 5%.

Louis, what did you apply for previously? Bank, tenor and your rating?

 

[Louis81]

I think can exclude the buffer 5%.

Louis, what did you apply for previously? Bank, tenor and your rating?

Wait for 2 more statements.
Citi 5 years EE

Previous HSBC 7 yrs EE. They tell me below 12 times duno hw they calculate.

 

[Louis81]

yeap it is

My loan w citi if they reconcil exclude buffer and loan instalment is early closure then overall shld be between 12-15
Hopefully got higher chance