Debt consolidation Plan

[melbourne10]

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.

Buffer is not included in the 12x if I'm not wrong

 

[Carlingford]

try 5 yrs and 6 yrs

I just had a quick chat with the sales agent from HSBC. Apparently she advised me that if the monthly repayment amount equals to or close to 50% of your monthly salary, the application will be declined immediately. Probably another useful info to take note of. (Aga Aga hor, don't be too hiong)


Anyway not putting any hope on it (heh I didn't even bother to ask when will my application results be out).

 

[Carlingford]

Seem like BOC not as stringent as citi on doc submission

So far I find Citi to be the most niao in this aspect..

 

[melbourne10]

I just had a quick chat with the sales agent from HSBC. Apparently she advised me that if the monthly repayment amount equals to or close to 50% of your monthly salary, the application will be declined immediately. Probably another useful info to take note of. (Aga Aga hor, don't be too hiong)


Anyway not putting any hope on it (heh I didn't even bother to ask when will my application results be out).

Then those who cannot take 7 years cuz CBS rating no good, and cannot take short tenure cuz the repayment sum is too much of monthly income... Stuck?!

 

[Louis81]

Buffer is not included in the 12x if I'm not wrong

Not included ok. My total is 86700 above NOA 82700 is above leh.

 

[Louis81]

Then those who cannot take 7 years cuz CBS rating no good, and cannot take short tenure cuz the repayment sum is too much of monthly income... Stuck?!

Exactly. This is what I call LPPL.

 

[melbourne10]

Not included ok. My total is 86700 above NOA 82700 is above leh.

Think depends on bank assessment

Citi and HSBC assessed my annual income differently

Even the outstanding sum differed

 

[Louis81]

Think depends on bank assessment

Citi and HSBC assessed my annual income differently

Even the outstanding sum differed

Now i know the outstanding debts. Loan need to take it as early settlement.

For income, citi use basic payslip a lot of different using NOA.

So to different need to know what combination of income to submit. Very tricky here.

 

[CeSaRiO]

You mean to call the sales agent ?

Give your rep a call and ask if can switch to a shorter tenure. Chances should increase imo..

 

[CeSaRiO]

Not included ok. My total is 86700 above NOA 82700 is above leh.

Above salary x 12 should be ok bah

 

[Louis81]

Give your rep a call and ask if can switch to a shorter tenure. Chances should increase imo..

If 5 years but also see if individual can cope w monthly. For me if i go for 5 cannot tahan i might as well go ccs

 

[melbourne10]

Give your rep a call and ask if can switch to a shorter tenure. Chances should increase imo..

I initially put 7, but the call to confirm submission, I requested change to 6.

Last week when they informed me it was under review, I requested to change to 5 and the CSO said she will check if it's ok - but did not reply to me after that.

 

[CeSaRiO]

Now i know the outstanding debts. Loan need to take it as early settlement.

For income, citi use basic payslip a lot of different using NOA.

So to different need to know what combination of income to submit. Very tricky here.

Citi is one of the more conservative ones around.

 

[Louis81]

If 5 years but also see if individual can cope w monthly. For me if i go for 5 cannot tahan i might as well go ccs

6 is the sweetest spot for me. 1.6k per month

 

[CeSaRiO]

If 5 years but also see if individual can cope w monthly. For me if i go for 5 cannot tahan i might as well go ccs

Yup this I agree. Otherwise it defeats the purpose of the DCP.

But even if this is the case, I guessed we need to work it out on how to improve credit ratings too. After all, these banks are forced to do us a favour.

 

[Louis81]

I initially put 7, but the call to confirm submission, I requested change to 6.

Last week when they informed me it was under review, I requested to change to 5 and the CSO said she will check if it's ok - but did not reply to me after that.

Actually the sales are not educated enuf. Processing and sales shld align.

 

[CeSaRiO]

I initially put 7, but the call to confirm submission, I requested change to 6.

Last week when they informed me it was under review, I requested to change to 5 and the CSO said she will check if it's ok - but did not reply to me after that.

I guessed you can casually ask the status.

 

[Louis81]

Yup this I agree. Otherwise it defeats the purpose of the DCP.

But even if this is the case, I guessed we need to work it out on how to improve credit ratings too. After all, these banks are forced to do us a favour.

Yes. So go DMP n DCP concurrently.

 

[Louis81]

I guessed you can casually ask the status.

We are customers so demand from them

 

[Carlingford]

6 is the sweetest spot for me. 1.6k per month

For HSBC i think the max i can go down is 6 yrs...for DBS...i think I can only opt for 8 yrs, otherwise i will pay more than current...LPPL