Debt consolidation Plan

[Carlingford]

Haha need the link again dude

https://restartingmylifeblog.wordpress.com/

 

[Louis81]

Same here. At most I rather my other half have the CC instrad

Anyway, Citi representative just contacted me that my case is still pending. He mentioned that they both ** and debt to income ratio is correlated, so if your ** is bad then debt to income ratio shouldn't be too high. Otherwise you have to work on increasing your ** rating. At least at this juncture I'm still at 50/50 chance. Gonna keep you guys updated over the next few days...

Make sense

 

[melbourne10]

https://restartingmylifeblog.wordpress.com/

I had the exact same thought, but at 20%, you're better off going for DMP, because for 20% interest the only "perk" is you retain 1 month of credit for usage... Madness

 

[Louis81]

Ok BOC processing my application. Turn away from Citi. Rating EE, go for 6 years. Income to debt shld be 13.

 

[Louis81]

BOC

Flat Interest Rate

Applied Interest Rate

1 – 7 years

From 4.82% p.a.

9% p.a.

8 – 10 years

From 5.70% p.a.

10%p.a.

 

[Louis81]

BOC

Processing Fee: 2% of loan amount or S$200, whichever is higher

Voucher Offer*: 2 % of approved DCP loan amount

 

[CeSaRiO]

Guys I was thinking should we re-list our status as well as the application of individual banks we've applied for?

For example:
1.
Working for MNC
BTI ratio: 14.7 months
** rating: HH
Banks applied: Citibank 5yrs (pending)

 

[Carlingford]

That's is also going through my mind....What if my subsequent DCP refinancing application keeps on failing..That would mean I am stuck with this 20+% ultra high interest loan. On the other hand, what if the DMP proposed to the banks failed to get approval ? Confirm GG.com leh..So many thoughts flowing through...

I had the exact same thought, but at 20%, you're better off going for DMP, because for 20% interest the only "perk" is you retain 1 month of credit for usage... Madness

 

[Louis81]

Guys I was thinking should we re-list our status as well as the application of individual banks we've applied for?

For example:
1.
Working for MNC
BTI ratio: 14.7 months
** rating: HH
Banks applied: Citibank 5yrs (pending)

1.HSBC decline. Did not meet 12 times.
2.BOC
BTI ratio:13 months
** rating:EE
Tenure 6 years (pending)

 

[Carlingford]

2.
Working for MNC
BTI ratio: 17.24 months (100K debt on 70K annual income)
** rating: GG
Banks applied: BOC tenure 10 yrs (Rejected), SCB tenure 8 yrs (Rejected), HSBC tenure 7 yrs (Pending)

 

[Louis81]

2.
Working for MNC
BTI ratio: 17.24 months (100K debt on 70K annual income)
** rating: GG
Banks applied: BOC tenure 10 yrs (Rejected), SCB tenure 8 yrs (Rejected), HSBC tenure 7 yrs (Pending)

Did BOC say why rejected

 

[Carlingford]

Did BOC say why rejected

For both BOC & SCB, I called up but both refused to provide reason.

 

[Henabi]

anything to do with monthly income:expenses ratio?

example if your outstanding is 36K and your PA is 32K and you are opting for 3 years tenure.
your monthly repayment should be around 1.2K

Based on PA 32K, the net monthly income should be around 2.2K (minus 20% CPF)
2.2k - 1.2k = 1K left

then you look at your monthly expenses:
- Transport
- Meals
- Utility bill
- HP bill
- Internet bill
- Cable TV bill
- others

besides that, do you have any secured loans? such as Education, Housing, Reno, car loans?

Even thou quite a few banks' CSO say that they don't take secured loans into consideration but i am doubting their words... cuz these are all loans which have monthly repayments And all these loans have the same basic requirements:
- NOA
- CPF
- payslips
- income:expenses ratio

 

[Louis81]

For both BOC & SCB, I called up but both refused to provide reason.

Seem like BOC not as stringent as citi on doc submission

 

[CeSaRiO]

1.HSBC decline. Did not meet 12 times.
2.BOC
BTI ratio:13 months
** rating:EE
Tenure 6 years (pending)

For HSBC side, when your BTI is 13 months, they consider you less than 12 months because they factored your bonus?

 

[CeSaRiO]

2.
Working for MNC
BTI ratio: 17.24 months (100K debt on 70K annual income)
** rating: GG
Banks applied: BOC tenure 10 yrs (Rejected), SCB tenure 8 yrs (Rejected), HSBC tenure 7 yrs (Pending)

Bro if you are in contact with the HSBC aside, ask them can switch to 5 years?

 

[Henabi]

Bro if you are in contact with the HSBC aside, ask them can switch to 5 years?

try 5 yrs and 6 yrs

 

[Louis81]

For HSBC side, when your BTI is 13 months, they consider you less than 12 months because they factored your bonus?

Not sure. But for BOC, after I take early settlement balance my loan b4 buffer is about 86700. NOA is 82700, NOA include all bonus. If add buffer it will be 13 month.

 

[Carlingford]

Bro if you are in contact with the HSBC aside, ask them can switch to 5 years?

You mean to call the sales agent ?

 

[Louis81]

For BOC, to expedite the processing I told the sales person I will be going oversea next week. So force him by this week.