Debt consolidation Plan

[rickky83]

True, Use either DCP or DMP method to settle your current issue first. For bank home loan, it will only affectt the total loan amount and approval are fairly easy because you have to put your flat/home as collateral. Banks always like to issue money for secure loan.

Solve this unsecured debt problem first. If you never take any remedy action, it will continue to snowball until to the point you cannot even pay the minimum sum.

 

[Carlingford]

True, Use either DCP or DMP method to settle your current issue first. For bank home loan, it will only affectt the total loan amount and approval are fairly easy because you have to put your flat/home as collateral. Banks always like to issue money for secure loan.

Yeah..agree..normally banks are less arse about secured borrowings...and not forgetting for housing loan it can be a joint loan with your partner...

 

[goenitz33]

But still will affect Loan approval amt because if u r servicing other stuff unlikely will be able to get big amt loan

 

[endorphin]

below 12x monthly salary ?

yes below. That's why i really wonder why ocbc din reject my application straightaway, keeps me in pending.

 

[goenitz33]

yes below. That's why i really wonder why ocbc din reject my application straightaway, keeps me in pending.

Different calculation method. IMO ocbc always get a lower average for salary calculation

 

[Iwanttobehappy]

My CBS rating is BB.

NOA - 102K
Loan - 140K

Ooo your rating is

 

[Carlingford]

yes below. That's why i really wonder why ocbc din reject my application straightaway, keeps me in pending.

Not too sure about OCBC...When I called them up, the CSO did a preliminary check on my income & debt...the CSO straight away told me i didn't qualify due to high DTI & poor CBS rating.

 

[nurinqis]

Hihi everyone, I'm new here just found this forum. Heavily in debt and felt relieved that I'm not alone facing this
I have submitted my DCP to HSBC yesterday keeping fingers crossed and praying very hard
Wanna ask what is DTI, DIR that u guys been talking about ah? someone enlighten me pls
Basically, my NOA is $50k n unsecured debt is $75k. my CBR rating is GG.

 

[melbourne10]

Hihi everyone, I'm new here just found this forum. Heavily in debt and felt relieved that I'm not alone facing this
I have submitted my DCP to HSBC yesterday keeping fingers crossed and praying very hard
Wanna ask what is DTI, DIR that u guys been talking about ah? someone enlighten me pls
Basically, my NOA is $50k n unsecured debt is $75k. my CBR rating is GG.

DTI and DIR are the same thing. Debt to Income Ratio.

Take your Debt and divide it by the NOA amount.

If it's more than 1 then you qualify for DCP (on paper).

But they also look at the CBS rating, and whether you have other loans to service, and lots of other internal criteria that we can only guess at but cannot confirm.

 

[goenitz33]

Just got a confirmation my Maybank sales agent KY via email that my DCP is approved. Should have the official letter once I reach back to Sg 2 weeks later.

CBS rating EE
Noa 42.5
Loan should be abt 72 with another 5% buffer
Tenor 10 years

I will be looking to refinance in another 2-3 years once my finances not so tight

 

[goenitz33]

No wonder Hsbc kept calling me today but unfortunately I can't use my phone lol

 

[ixotet]

Just got a confirmation my Maybank sales agent KY via email that my DCP is approved. Should have the official letter once I reach back to Sg 2 weeks later.

CBS rating EE
Noa 42.5
Loan should be abt 72 with another 5% buffer
Tenor 10 years

I will be looking to refinance in another 2-3 years once my finances not so tight

Congrats!! Btw, how long did you wait for the proceedings g?

 

[Carlingford]

In this case your DTI is 18.00 excluding the 5% buffer, so can rule out Citibank, OCBC & BOC..Can try HSBC, Maybank

Hihi everyone, I'm new here just found this forum. Heavily in debt and felt relieved that I'm not alone facing this
I have submitted my DCP to HSBC yesterday keeping fingers crossed and praying very hard
Wanna ask what is DTI, DIR that u guys been talking about ah? someone enlighten me pls
Basically, my NOA is $50k n unsecured debt is $75k. my CBR rating is GG.

HTTPS://restartingmylifeblog.wordpress.com/ HardwareZone Forums app

 

[ckjoe03]

Just got a confirmation my Maybank sales agent KY via email that my DCP is approved. Should have the official letter once I reach back to Sg 2 weeks later.

CBS rating EE
Noa 42.5
Loan should be abt 72 with another 5% buffer
Tenor 10 years

I will be looking to refinance in another 2-3 years once my finances not so tight

Congrats bro!!!

 

[Iwanttobehappy]

Just got a confirmation my Maybank sales agent KY via email that my DCP is approved. Should have the official letter once I reach back to Sg 2 weeks later.

CBS rating EE
Noa 42.5
Loan should be abt 72 with another 5% buffer
Tenor 10 years

I will be looking to refinance in another 2-3 years once my finances not so tight

Congrats .. I also Ky will say the same thing to me ..

 

[KKK1978]

Congrats .. I also Ky will say the same thing to me ..

Congrats. So nice to hear more getting approve. Hope my turn comes soon

 

[goenitz33]

Congrats!! Btw, how long did you wait for the proceedings g?

My submission was like 29/03 but 03/04 called again to request for more updated document to process. Then today saw the cc created in my ib.

 

[goenitz33]

Congrats bro!!!

Thanks a lot ^0^

 

[melbourne10]

Just got a confirmation my Maybank sales agent KY via email that my DCP is approved. Should have the official letter once I reach back to Sg 2 weeks later.

CBS rating EE
Noa 42.5
Loan should be abt 72 with another 5% buffer
Tenor 10 years

I will be looking to refinance in another 2-3 years once my finances not so tight

Wah 10 years! How much is the monthly repayment?

 

[goenitz33]

Wah 10 years! How much is the monthly repayment?

About 1k.

Well basically once my funds r less tighter next year as my Reno loan and such r cleared i can look to do refinancing once I am more stable to reduce the interest.