Debt consolidation Plan

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melbourne10

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Haha, in two posts, u gave a lot of useful info... If only we can sticky this.

Congrats! Life has started again for u.
 
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rickky83

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@Melbourne10

Thanks bro, really dun want to go back to that life. My life has been like that since 2011 and I paid 6 years for my mistake.
 
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melbourne10

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Just received the Citi approval letter with full details.
Shall stay focused on the repayments.
And control my spending.

Really cannot allow myself to be in such a situation again.
Not good for health.
 
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Centralcoast

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multi said:
Walao...After dcp approved, closing of individual account and ask for refund of over payments is not that simple. Most of them need 14 days to close and few more days to prepare cashier order....Don't know closing account is so troublesome.

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Now citi and dbs credit lines showing positive amount, left cc and personal loan yet to reflect. Ocbc credit line no payment yet even though credit card balance transfer all paid with excess. Which bank you having problem with withdrawing excess? Can we go to the branch and closed it and get back cash instead. That will be faster lol
 
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Carlingford

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Congrats ! Nice write up of your experience..

rickky83 said:
Part 2

So I was keep collecting the statement and decide to get CBS report as last one. When I bought CBS report this year, the result show my rating is upgraded to BB. I was surprised by the result and here is my secret to build up good CBS record since last year report.

I kept paying minimum amount every month and some time paying a bit more than minimum amount if I have some spare. This is all I did and want to share this info to bro and sis who wants to build up good CBS rating.

After getting all the documents, I drop an sms to MayBank to their CSO to call me back. CSO call me back on next day and I provide all the documents to him. He was quite friendly and submitted the application 22nd March. Advised me to take 7 years tenor. The processing officer call me on 24th and he needs me to submit my CPF online record. I did it straight away and I told him that I will be away a week and they can drop an email to contact me if they need any other info.

Then I went on my trip and saw new Credit Card account has been created on 31st March. I came back to SGP yesterday and they confirmed my application has approved and will receive the letter in few days.

To Summarize, here is all the details you may want to know

FI - MayBank
Interest - AIR 4.7% and EIR 8.4%
NOA - 102K
Loan - 140K (Including buffer)
Tenor - 7 years
CBS - BB

Good luck for all who still pending for approval.
Click to expand...
HTTPS://restartingmylifeblog.wordpress.com/ HardwareZone Forums app
 
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multi

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Centralcoast said:
Now citi and dbs credit lines showing positive amount, left cc and personal loan yet to reflect. Ocbc credit line no payment yet even though credit card balance transfer all paid with excess. Which bank you having problem with withdrawing excess? Can we go to the branch and closed it and get back cash instead. That will be faster lol
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Yes you can go to the branch to close but they can't give you the funds as your account is suspended. Meaning can't touch at all. They will submit the request for you and it take 10 to 14 days to close and they will send you the chq. For Maybank, i call them to cancel and they accepted. Will send chq within 14 days. Only CIMB wrote to me tell me about the closing and will send chq within 14 days again. I have total of 8 banks to settle all this...

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Centralcoast

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multi said:
Yes you can go to the branch to close but they can't give you the funds as your account is suspended. Meaning can't touch at all. They will submit the request for you and it take 10 to 14 days to close and they will send you the chq. For Maybank, i call them to cancel and they accepted. Will send chq within 14 days. Only CIMB wrote to me tell me about the closing and will send chq within 14 days again. I have total of 8 banks to settle all this...

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Omg that's very long. Hopefully citi will be fast since excess alone from citi can cover my first installment. Your application approved on 17th when will your first installment be? It would help me to gauge roughly when will my first installment start
 
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Alright. I have finally received my official letter from DBS.

I am paying flat interest rate of 12.99% yearly.

It's not the lowest but at least it's not what you all think.
I think some bank is as high as 14% from 2nd year onwards?
 
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melbourne10

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Twilightzone said:
Alright. I have finally received my official letter from DBS.

I am paying flat interest rate of 12.99% yearly.

It's not the lowest but at least it's not what you all think.
I think some bank is as high as 14% from 2nd year onwards?
Click to expand...

Only UOB I think. Mine under Citi is 10.5% EIR, looking at the payment repayment schedule, the interest reduces with each payment.

Which is way better than only being able to meet the minimum sum every month, with little to no movement on the principal amount.

Really thank God that I was given this DCP else I will be in a lot of trouble.
 
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melbourne10

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A funny thing to share, the rejection letter from Citi comes on cheapo paper while the approval documents are printed on really good quality paper (like school certificate type), haha.
 
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Centralcoast

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melbourne10 said:
A funny thing to share, the rejection letter from Citi comes on cheapo paper while the approval documents are printed on really good quality paper (like school certificate type), haha.
Click to expand...

Haha, bro how's the excess refund from citi procedure? Takes very long ?
 
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melbourne10

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Centralcoast said:
Haha, bro how's the excess refund from citi procedure? Takes very long ?
Click to expand...

As of now only OCBC has sent over the cashier's order. I closed my SCB at the branch and got back some money also.

The bulk of the excess is tied up in 2 or 3 banks and I have to wait for the next statement before I can take it out and close the account.

They need to calculate the interest payable from the most recent statement date till the day the account was paid off, and they will deduct this amount from the excess.

The excess amount that is tied up can pay my first month installment so I rly want to get it back asap.
 
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