Debt consolidation Plan

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melbourne10

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Make the upcoming minimum sum payments as usual first. Late charges will be hard to waive esp since the banks know they won't need to keep you happy anymore.
 
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I applied for SCB but failed.. then no choice..I just paid $45k out of $81k. Now left $36k outstanding..Hopefully the remaining amount bank will allow me to apply for DCP
. Wrong investment resulted in spending so much. :( . My monthly salary deep drop. But still less than 18 times. Now waiting my ** to update my payment before I apply.. or can I apply now?
 
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melbourne10

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ohsoon said:
I applied for SCB but failed.. then no choice..I just paid $45k out of $81k. Now left $36k outstanding..Hopefully the remaining amount bank will allow me to apply for DCP
. Wrong investment resulted in spending so much. :( . My monthly salary deep drop. But still less than 18 times. Now waiting my ** to update my payment before I apply.. or can I apply now?
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Is the $36k more than 12x your monthly income?

Btw $45k is a lot. How long did you take to pay that amt?
 
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member8

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melbourne10

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member8 said:
Bro I went to the talk today. I have the blue form and I will submit it this Wednesday! I am quite worried after the talk if they will not approve my DMP application because I can afford to pay the minimum amount required by banks. Any advice please?
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Budget creatively. Say u need to 养家. Parental allowance is considered too. Basically paint the picture so that your minimum payments + commitments is more than your take home income. Else CCS will ask you to continue paying minimum sum first.

That's the same advice I gave to Carlingford. I went for the CCS talk and the guy was firm - if you can pay the minimum, CCS can't help as their aim is not to help you reduce interest. It's more of helping you pay and make sure you have enough to survive on (they are a charity).
 
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melbourne10

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Note that CCS will propose an amount but the banks may ask for more. Depends on your income and commitments. This is what they mentioned also.

All the best for the DMP, hope it's the successful solution offered to you.
 
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member8

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melbourne10 said:
Budget creatively. Say u need to 养家. Parental allowance is considered too. Basically paint the picture so that your minimum payments + commitments is more than your take home income. Else CCS will ask you to continue paying minimum sum first.

That's the same advice I gave to Carlingford. I went for the CCS talk and the guy was firm - if you can pay the minimum, CCS can't help as their aim is not to help you reduce interest. It's more of helping you pay and make sure you have enough to survive on (they are a charity).
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I will bro thanks a million for your advice.
 
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member8

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melbourne10 said:
Note that CCS will propose an amount but the banks may ask for more. Depends on your income and commitments. This is what they mentioned also.

All the best for the DMP, hope it's the successful solution offered to you.
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I really hope so bro and to everyone over here. My heart just shrank when I saw the number of people who attended the talk tonight.
 
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melbourne10

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member8 said:
So far it is ok but to be honest I do not want to pay the high banks' interests.
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If they ask you why you are seeking counseling, don't ever say this ah. Just say you cannot afford the minimum payments.

It's not a lie. We cannot afford to pay the silly banks the high interest any longer. Cost of living is going up.
 
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melbourne10 said:
Is the $36k more than 12x your monthly income?

Btw $45k is a lot. How long did you take to pay that amt?
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Lucky I got saving plan from prudential since young and that why able to use this funds to clear
Yes 36k is more than 12x. But my basic deep drop. Still more than 30k annum. Now I am trying to collect all documents so I can submit over to Citi. Though I clear almost half of it but really hope I can clear all asap.
 
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Centralcoast

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ohsoon said:
Lucky I got saving plan from prudential since young and that why able to use this funds to clear
Yes 36k is more than 12x. But my basic deep drop. Still more than 30k annum. Now I am trying to collect all documents so I can submit over to Citi. Though I clear almost half of it but really hope I can clear all asap.
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I think the most important thing is what's ur cbs rating?
 
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Centralcoast

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melbourne10 said:
The usual questions actually,

CBS rating, NOA, outstanding amount, DTI, intended tenor, and whether or not he has other types of loans.
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Just called citi, the cso says need to wait for 3 to 5 days for amount to be finalized before they can request for excess withdrawal.zzz
 
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