Debt consolidation Plan

[AppleRing123]

This place used to be very supportive. But after all the ranting about gambling, it became a demoralise place. Look, if you cant solve your problem, dont come and brag about gambling. If u wish to gamble more, by all means, no one is stopping you. Dont poison those ppl here who really have the heart to clear their debt and start a new life.

Be objective, if gambling helps, good for u. If not, nobody will bother to help u. Go think about it. Do u think the bros and sis here will lent u money? No! U are gambling at your own risk.

If you cant help yourself, nobody can help you.

Lastly, I hope u all will keep the conversation going on about DCP and not gambling.. Going off topic leh.

Anyway, good luck to all bros pending for approval. Keeping my finger crossed for u. Pressed on for all bros who are already in dcp, still xx months more to go, very fast!

 

[AppleRing123]

I have no experience in dmp, but I suggest u try before having any negative thoughts.

ok thanks. dmp really impossible to get ?

 

[waksham]

Termination

Hey Guys, just need a quick check. If someone is in DCP and wants to terminate the plan, will that bank ask for the initial amount that he originally has or will they mark up the amount based on the number of years left on the DCP?

 

[sgman88]

mostly EIR is 8.5% , roughly 33% of monthly goes to the dcp bank. let me know if im wrong. just use any dcp calculator from any bank websites to find out the amount extra u need to pay.

for dmp its almost interest free.

for dcp every 100$ , 33$ goes to bank ,for dmp u only pay 60$


can try here
https://www.citibank.com.sg/gcb/loans/debt-consolidation/debt-consolidation.htm

That's y at first I was thinking, with DMP if there are debtors who got dropout, how abt dcp, isn't it even more difficult? So i think got to wait till when there r figures to show the success rate then we will know. But at the meantime, it is still better than nothing or is it bankruptcy is a more easier route to get out of debt? I think for dcp is more easier than DMP. If u been to the DMP talk, u see the crowd then see how slim or how big the chance.

 

[lodestone]

Most legal moneylenders are very risk adverse now. They usually don't offer loan more than 1 month. What they do is that they will offer you a loan up to around 95% of your take home pay. The loan will be due on the day after your pay day. Example, if your pay day is on 28th of the month, they will GIRO deduct from your account on 29th of the month.

Then on 30th of the month, you can visit them again to take up a new loan with payment due on 29th of the next month.

Do note that the charges and interest are very high. During the loan approval, you will need to pay 10% handling fee. Meaning that if you are taking a loan of $10K from them, they will hand you $9K on the spot. Interest will be computed around 4% per month. So if you borrow for a full month with them, the interest payable will be 4% multiply by $10K = $400. As such, total repayment amount is S$10,400. Going by this example, effectively, you are paying $1,400 to them on monthly basis.

As such, this can only go on for short term basis and once you receive your bonus, you should stop borrowing from them to avoid $1,400 free money given away. Currently, I am in this deep **** as I was pressurised by the bank to repay and I was hesitant to go to CCS. It is only when I read the blog here that I took the bite to go for their counselling session and sort it out. Right now, my expenses are very tight because of this and I am just waiting for my bonus in Q1 next year to pay off the moneylender.. Then i will have more funds to save and to use to repay the loans quickly.

I got similar experience too

 

[lodestone]

Yes. My son who owes 200 plus receive lawyer letter from M1

Siao ah... $200 only n issue lawyer letter.jing evil the people.

Hope karma strike these greey pigs.

 

[zaskarace]

Guys for UOB I saw that they created my one time monthly salary limit credit card..but my agent say he haven see report form UOB that my application is approved..so I am confused

I submitted it on Monday 20 Nov and I saw the card created today. Citibank reopened my application never update me and they also approved me..was rejected last week so I thought No hope den I went UOB..but now agent told me blocked off by UOB already first so they can't approve in the system..sort of I have a choice now but also so confusing for me

I also saw Citibank and OCBC charge me the whole balance/penalty of my installment plans already..so I Guess its safe?

Any idea how many days from UOB take to pay off the other banks?

 

[zaskarace]

Now my rating from EE to GG due to this Two applications. Total debt about 80 monthly 6k.

 

[lork44]

Guys for UOB I saw that they created my one time monthly salary limit credit card..but my agent say he haven see report form UOB that my application is approved..so I am confused

I submitted it on Monday 20 Nov and I saw the card created today. Citibank reopened my application never update me and they also approved me..was rejected last week so I thought No hope den I went UOB..but now agent told me blocked off by UOB already first so they can't approve in the system..sort of I have a choice now but also so confusing for me

I also saw Citibank and OCBC charge me the whole balance/penalty of my installment plans already..so I Guess its safe?

Any idea how many days from UOB take to pay off the other banks?

Usually around 2 weeks.

 

[zaskarace]

Thanks a lot!

 

[AppleRing123]

Actually either dcp, dmp, Bankruptcy, employer will know it once they do credit accessment on individual workers. I just got to know company can buy report for the whole company workers. But in any case, see how lenient your company is.

DMP is harder becos after offsetting your pay you are left with a lot of spare cash. banks doesnt like the rates for dmp , ccs can only help to neg w the banks unless you are proven to be not able to pay the banks. once you get dmp you need to start life afresh. bankruptcy is different , your employees know about it and every month money is automatically deducted via giro and u cant travel overseas.

 

[simoleon27]

just an update that Maybank has approved my DCP application. i actually got the notification from HSBC - it sent me a text saying my credit facilities with them are now suspended following the approval of my DCP. all my other credit cards from the other banks have been suspended as well.

CBS rating: HH 1660
Annual salary: 51K
Debt owed: 67K

this is my 2nd attempt at applying DCP. my first attempt with OCBC was rejected. good luck to all who are still trying to get approval. don't give up and just keep trying!

 

[zaskarace]

Congrats! Indeed do not give up

 

[sgman88]

Anyone saw the ccs advertisement in mrt train ? Why need to advertise? Who gonna pay for the advertising fee?

 

[Sdanni28]

Any idea whether we can skip one or two payments for DCP? Has anyone tried this? In a little financial crisis.

 

[AppleRing123]

No, no default payment.

Any idea whether we can skip one or two payments for DCP? Has anyone tried this? In a little financial crisis.

 

[reggaez]

just an update that Maybank has approved my DCP application. i actually got the notification from HSBC - it sent me a text saying my credit facilities with them are now suspended following the approval of my DCP. all my other credit cards from the other banks have been suspended as well.

CBS rating: HH 1660
Annual salary: 51K
Debt owed: 67K

this is my 2nd attempt at applying DCP. my first attempt with OCBC was rejected. good luck to all who are still trying to get approval. don't give up and just keep trying!

Same here, i didnt get any approval SMS or letter from UOB until HSBC SMS saying the credit facilities are suspended. phew.... out of my 5 banks , only 2 i saw $$$ coming in from UOB....

keeping my fingers crossed as the min payment due dates are coming soon~~~

 

[defnull]

if annual more than owing means wont be approved? say only like 10k but annual 60k or sth?

 

[sgman88]

Any idea whether we can skip one or two payments for DCP? Has anyone tried this? In a little financial crisis.

No way, that's why debtor who goes for these plan takes risk. Even If already paid for a few years and suddenly lost the job due to retrenchment n that's it. I think will still need go for bankruptcy. But I still want to believe they are not that heartless and will let u push backward a few month until u can continue make payment again.

 

[sgman88]

if annual more than owing means wont be approved? say only like 10k but annual 60k or sth?

there is no much profit, so not worth it. don't think will get approve.