Debt consolidation Plan

melbourne10 · Mar 16, 2017

Centralcoast said:
Ya dcp with HSBC becos they offered the lowest AIR
Posb lor. I just tried transferring funds to and fro from credit line and it's still working

You have monthly statement for that particular loan that shows the minimum payment sum?

Carlingford · Mar 16, 2017

Ah...This is of great help to me..Actually I already planned some cuts but seeing this..I better leave it as it is until the counselling session..

melbourne10 said:
Is it clear that ur monthly repayment and other commitments > ur take home salary? CCS will advise you to make cuts here and there. To go on DMP, must prove that even after making the cuts, you need help to repay.

Keep this in mind (but don't quote me) - make sure your budget shows that you need help to repay the outstanding balance.

melbourne10 · Mar 16, 2017

Carlingford said:
Ah...This is of great help to me..Actually I already planned some cuts but seeing this..I better leave it as it is until the counselling session..

Correct. Give them your usual budget and usual expenditure then let them suggest the cuts. Actually it's good that you are able to pre empt the possible cuts you can make. If you're in alignment with them for the possible cuts AND it's still a case where monthly repayments and commitments > ur monthly income, then higher chance of going through to the DMP stage.

All the best bro...

Centralcoast · Mar 16, 2017

melbourne10 said:
You have monthly statement for that particular loan that shows the minimum payment sum?

That loan has annual statements only but I have disposed it , lol. Can only wait since she say application is moving. I think the monthly instalments is not that important it's the outstanding amount.

melbourne10 · Mar 16, 2017

Centralcoast said:
That loan has annual statements only but I have disposed it , lol. Can only wait since she say application is moving. I think the monthly instalments is not that important it's the outstanding amount.

I see. It will be counted as an early redemption la, so HSBC will probably pay off the outstanding principal with the buffer to cover the side fees if any.

multi · Mar 16, 2017

melbourne10 said:
Anything reflected in your HSBC iBanking yet?

Yes, today a Saving Account was created.
Will be using this account for monthly payment.

melbourne10 · Mar 16, 2017

multi said:
Yes, today a Saving Account was created.
Will be using this account for monthly payment.

Good to know. The approval team called you up alrdy?

melbourne10 · Mar 16, 2017

So for Citi... It will show up as a Ready Credit account...

For HSBC... It will show up as a Savings account...

Those with a pending application and have iBanking can monitor from there.

Centralcoast · Mar 16, 2017

multi said:
Yes, today a Saving Account was created.
Will be using this account for monthly payment.

Did they called you up in-between the waiting period? Or did u called in to check?

multi · Mar 16, 2017

melbourne10 said:
Good to know. The approval team called you up alrdy?

So far only CSO told me about the approval. She say another dept will contact me for further details and payment etc. But they not yet call...l

multi · Mar 16, 2017

Centralcoast said:
Did they called you up in-between the waiting period? Or did u called in to check?

I called them to check every Saturday to check. The answer is "Still Processing".

melbourne10 · Mar 16, 2017

multi said:
I called them to check every Saturday to check. The answer is "Still Processing".

I submitted mine a few days after you. Prolly must wait till next week... I must have been dumb to believe in the 7-10 days processing window that they promised.

Anyway my latest set of statements and docs is assembled and ready to go to whichever bank I decide to apply to next.

Carlingford · Mar 16, 2017

Confirm is higher as I have eating into my savings for past year or so...I need all the luck man...HSBC DCP..I am just waiting for the rejection letter
.Gave up on it liao

melbourne10 said:
Correct. Give them your usual budget and usual expenditure then let them suggest the cuts. Actually it's good that you are able to pre empt the possible cuts you can make. If you're in alignment with them for the possible cuts AND it's still a case where monthly repayments and commitments > ur monthly income, then higher chance of going through to the DMP stage.

All the best bro...

melbourne10 · Mar 16, 2017

Carlingford said:
Confirm is higher as I have eating into my savings for past year or so...I need all the luck man...HSBC DCP..I am just waiting for the rejection letter
.Gave up on it liao

Don't throw away the rejection letters. CCS might ask you to apply for DCP, at least you can show that you've tried applying but got declined.

cheowyonglee · Mar 17, 2017

i suddenly think of a plan to pay debt.lets discuss.

example i own bank a b c and d each own 10k.

lets say i put a 1 k on every bank.a b c and d each got a 1 k inside the credit limit.

example instead of every month i use my salary to pay every bank... i may as well use each bank 1 k own credit to pay itself the minimum sum.... and my monthly salary will be use to concentrate on bank ..a until i manage to kill off bank A 10k debt the i started on bank B....and c and d.

use own bank credit to pay back every month minimum sum to stay alive so as to kill off one bank bad debt first before concentrate on another bank.

what do you guys think of this tactic?

Centralcoast · Mar 17, 2017

multi said:
I called them to check every Saturday to check. The answer is "Still Processing".

I'm calling in daily to check so that once I got the outcome, I can move on.lol

Carlingford · Mar 17, 2017

Yup..I have the exact same thought..That's why I am keeping the rejection letters from both BOC & SCB

melbourne10 said:
Don't throw away the rejection letters. CCS might ask you to apply for DCP, at least you can show that you've tried applying but got declined.

Centralcoast · Mar 17, 2017

melbourne10 said:
I submitted mine a few days after you. Prolly must wait till next week... I must have been dumb to believe in the 7-10 days processing window that they promised.

Anyway my latest set of statements and docs is assembled and ready to go to whichever bank I decide to apply to next.

Did they enquire on your CBR ? I try to get the latest free report but it seems that they did not check on my CBR via the website

aang1971 · Mar 17, 2017

Centralcoast said:
Did they enquire on your CBR ? I try to get the latest free report but it seems that they did not check on my CBR via the website

was application rejected?

Carlingford · Mar 17, 2017

Bro..Cannot lah..Once you put the 1k into the CC account, it would be treated as partial payment. When next statement is generated, there will be another min amt to be paid.. another alternative is u set aside these 1k in yr bank to be paid to these CC accounts every mth as planned

cheowyonglee said:
i suddenly think of a plan to pay debt.lets discuss.

example i own bank a b c and d each own 10k.

lets say i put a 1 k on every bank.a b c and d each got a 1 k inside the credit limit.

example instead of every month i use my salary to pay every bank... i may as well use each bank 1 k own credit to pay itself the minimum sum.... and my monthly salary will be use to concentrate on bank ..a until i manage to kill off bank A 10k debt the i started on bank B....and c and d.

use own bank credit to pay back every month minimum sum to stay alive so as to kill off one bank bad debt first before concentrate on another bank.

what do you guys think of this tactic?

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