Debt consolidation Plan

melbourne10 · Mar 17, 2017

If you miss one minimum payment, they will start calling you a few days after the payment date. They might send up to two letters. All will be ok if you are able to pay the full sum (which is about 2 months of min payment) the following month. Late fee might be waived if the banks are generous.

If you miss two minimum payments, the calls will still come. Prepare to receive a letter of demand. DO NOT IGNORE. Call back the bank and discuss repayment. Why do not ignore? Because the next step is to close the account.

Once they close the account due to non payment, they will demand the repayment in FULL. This is when the legal action (writ of summons etc) really starts.

This is based on my buddy's experience with the banks.

Carlingford · Mar 17, 2017

melbourne10 said:
If you miss one minimum payment, they will start calling you a few days after the payment date. They might send up to two letters. All will be ok if you are able to pay the full sum (which is about 2 months of min payment) the following month. Late fee might be waived if the banks are generous.

If you miss two minimum payments, the calls will still come. Prepare to receive a letter of demand. DO NOT IGNORE. Call back the bank and discuss repayment. Why do not ignore? Because the next step is to close the account.

Once they close the account due to non payment, they will demand the repayment in FULL. This is when the legal action (writ of summons etc) really starts.

This is based on my buddy's experience with the banks.

Alright...looks like I have to bite the bullet & get the Minimum Payment through for this month..so that I can buy some time before I get into counselling session with CCS...don't think I can 'dong' for longer..

melbourne10 · Mar 17, 2017

Possible to sell stuff you don't need? Can get a few hundred (maybe). Old hand phones, old iPad, etc.

Carlingford · Mar 17, 2017

melbourne10 said:
Possible to sell stuff you don't need? Can get a few hundred (maybe). Old hand phones, old iPad, etc.

Let me think what I can sell..

lodestone · Mar 17, 2017

melbourne10 said:
If you miss one minimum payment, they will start calling you a few days after the payment date. They might send up to two letters. All will be ok if you are able to pay the full sum (which is about 2 months of min payment) the following month. Late fee might be waived if the banks are generous.

If you miss two minimum payments, the calls will still come. Prepare to receive a letter of demand. DO NOT IGNORE. Call back the bank and discuss repayment. Why do not ignore? Because the next step is to close the account.

Once they close the account due to non payment, they will demand the repayment in FULL. This is when the legal action (writ of summons etc) really starts.

This is based on my buddy's experience with the banks.

The ccs officer also told me on the phone not to skip min payment as the ccs need time to process every application.

melbourne10 · Mar 17, 2017

Just requested for the BOC form... Citi's response time is quite fast so I will standby BOC for my final attempt, before DMP.

goenitz33 · Mar 17, 2017

just called HSBC, havent even started processing lol...

Carlingford · Mar 17, 2017

lodestone said:
The ccs officer also told me on the phone not to skip min payment as the ccs need time to process every application.

That means have to ''dong'' at least for a month or two after counselling..

melbourne10 · Mar 17, 2017

goenitz33 said:
just called HSBC, havent even started processing lol...

Yeah they are overwhelmed. No call back from my CSO! Zzz.

nuah2002 · Mar 17, 2017

had a nice chat with the BOC officer. He say that for non-existing customer, better to try with other banks as BOC interest rate is quite high.

He also shared with me the bank's assessment criteria to have higher chance:

Outstanding to monthly income must be > 12 < 18.
Credit rating should be EE or better

I told him i am HH. He say do not despair. Try and make timely payments slightly higher than minimum sum. he has customer improve from HH to BB in 2 months time.

So his advice is to improve my rating --> apply for BOC card to be existing customer --> apply for BOC DCP or other banks if i wish to.

goenitz33 · Mar 17, 2017

melbourne10 said:
Yeah they are overwhelmed. No call back from my CSO! Zzz.

thus i am regretting submitting there first.

goenitz33 · Mar 17, 2017

nuah2002 said:
had a nice chat with the BOC officer. He say that for non-existing customer, better to try with other banks as BOC interest rate is quite high.

He also shared with me the bank's assessment criteria to have higher chance:

Debt to income must be > 12 < 18.
Credit rating should be EE or better

I told him i am HH. He say do not despair. Try and make timely payments slightly higher than minimum sum. he has customer improve from HH to BB in 2 months time.

So his advice is to improve my rating --> apply for BOC card to be existing customer --> apply for BOC DCP or other banks if i wish to.

but at HH how to get new cards :x

Debt Income Ratio <18 is internal assessment criteria right ?

Louis81 · Mar 17, 2017

nuah2002 said:
had a nice chat with the BOC officer. He say that for non-existing customer, better to try with other banks as BOC interest rate is quite high.

He also shared with me the bank's assessment criteria to have higher chance:

Outstanding to monthly income must be > 12 < 18.
Credit rating should be EE or better

I told him i am HH. He say do not despair. Try and make timely payments slightly higher than minimum sum. he has customer improve from HH to BB in 2 months time.

So his advice is to improve my rating --> apply for BOC card to be existing customer --> apply for BOC DCP or other banks if i wish to.

Good to hear that my rating EE

melbourne10 · Mar 17, 2017

goenitz33 said:
thus i am regretting submitting there first.

Try Citi, they might be willing to process concurrent app. Confirm with their CSO first. Nice people, at least.

melbourne10 · Mar 17, 2017

goenitz33 said:
but at HH how to get new cards :x

Debt Income Ratio <18 is internal assessment criteria right ?

< 18 is their risk appetite at play alrdy. Zzz

Louis81 · Mar 17, 2017

nuah2002 said:
had a nice chat with the BOC officer. He say that for non-existing customer, better to try with other banks as BOC interest rate is quite high.

He also shared with me the bank's assessment criteria to have higher chance:

Outstanding to monthly income must be > 12 < 18.
Credit rating should be EE or better

I told him i am HH. He say do not despair. Try and make timely payments slightly higher than minimum sum. he has customer improve from HH to BB in 2 months time.

So his advice is to improve my rating --> apply for BOC card to be existing customer --> apply for BOC DCP or other banks if i wish to.

I only know flat rate non existing is 4.8-5 close to hsbc

goenitz33 · Mar 17, 2017

melbourne10 said:
< 18 is their risk appetite at play alrdy. Zzz

i am just asking because it is not on the FAQ :s13:

melbourne10 · Mar 17, 2017

Haha I zzz them not you buddy!

Cuz to the public, the impression is > 12 can alrdy, but in reality... Zzz!

Louis81 · Mar 17, 2017

melbourne10 said:
< 18 is their risk appetite at play alrdy. Zzz

MAS ruling come this june or july 18 months

Louis81 · Mar 17, 2017

Now measuring the days of processing by BOC.

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