Debt consolidation Plan

[simoleon27]

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~~~

same here - so far it seems they have settled two out of the seven outstanding payments; there's even some excess. hopefully all can be cleared off before end of this week so i can "save" some money and only focus on the repayment from December onwards.

 

[Purgingblade]

Can I ask. How long does it usually take for banks to approve credit facility after clearing the debt management program? I cleared mine in Aug 16 but still got rejected when applying credit card. Changing car soon. May need auto loan. Scared this will impact the loan application.

 

[Kenix2000]

congrats. can PM me who is your CSO pls?

Can PM me the CSO contact number pls. Thanks.

 

[Adelineljy]

Hi, may i know which banks are easier for approval for DCP?

Tried Maybank - rejected
Citibank - they mentioned unable to apply due to their internal policy ???
Standard Chartered Bank - because my grading is HZ (meaning I must settle outstanding payments with the other banks first then can apply)

But if I can settle the payments I won’t resort to DCP. So what else can I do or which other banks? I’m afraid all banks say the same thing and have to resort to CCS DMP instead already -.-

Advice please...

Thanks!

 

[AppleRing123]

How about hsbc?

Hi, may i know which banks are easier for approval for DCP?

Tried Maybank - rejected
Citibank - they mentioned unable to apply due to their internal policy ???
Standard Chartered Bank - because my grading is HZ (meaning I must settle outstanding payments with the other banks first then can apply)

But if I can settle the payments I won’t resort to DCP. So what else can I do or which other banks? I’m afraid all banks say the same thing and have to resort to CCS DMP instead already -.-

Advice please...

Thanks!

 

[Adelineljy]

How about hsbc?

Yeah currently applying for that and UOB. Hopefully some banks approve

 

[AppleRing123]

Finger crossed for you.

Yeah currently applying for that and UOB. Hopefully some banks approve

 

[tian_cai007]

Hi all, I would like to have some opinion on my case.

I'm a Malaysian also PR in Singapore.

Net salary S$2400 after 20% CPF.

Currently I'm paying few Banks for my credit card outstanding. Most of the cards I use the Cash Out and repay a fixed amount in 5-7 years provided by banks. Average Cash Out S$10k from each card, monthly repayment about S$230-S$250 each card. Some card left 3 years then finish repay, some just started and still have 6-7 years to go.

1. ANZ (left 3 years, now paying to DBS)
2. DBS (left 3 years)
3. Citi (left 3-4 years)
4. UOB (left 4-5 years)
5. SC (left 4-5 years)
6. HSBC (left 6-7 years)

Total monthly repayment is about S$1450.

Just bought my Credit Bureau Report, my total outstanding is about S$54k as at September (if count in Oct payment, should be lesser S$1k+ I think?)

And also I have fixed commitment in Msia which about S$1050 per month (including recurring credit card billing, eg Insurance etc)

And, I haven't included my rental (S$200), ezlink top up (S$50), hp prepaid card top up (S$10), food (S$100 for lunch on weekday, skip dinner for long time already, weekend in JB), total is about S$360.

Since two three months ago, i finished up my savings to pay up all bills with full payment. Now I start getting to have outstanding to ONE bank in Malaysia (i paid full payment to all card in SG, let outstanding be in Malaysia only).

So S$2400 - S$1450 - S$1050 - S$360 = (-$460) negative

I came across with DCP, just wonder whether can I apply for it for maybe 6-7 years? In order to have some cash on hand every month after paying all bills, not negative like now.

I know the requirement is must have outstanding 12 times of gross salary, but mine is about 18 times, wonder is it too far away to apply DCP?

Any sifus can highlight me?

Thanks in advance...

It depends on your CBS rating. If your ratings are HH, it is unlikely your DCP will be approved quick enough. Go for DMP offer by CCS. Good luck.

 

[Adelineljy]

Anyone tried transviewdebt.com for their dcp? if all banks reject i might hv to try there ><

 

[simoleon27]

Anyone tried transviewdebt.com for their dcp? if all banks reject i might hv to try there ><

i dont think what Transview Debt is offering is a DCP. It's more of a debt management programme (DMP) which is a similar programme offered by CCS. in my opinion, if you are looking to do a DMP, i would personally seek help with CCS as opposed to other organisations.

 

[simoleon27]

Hi, may i know which banks are easier for approval for DCP?

Tried Maybank - rejected
Citibank - they mentioned unable to apply due to their internal policy ???
Standard Chartered Bank - because my grading is HZ (meaning I must settle outstanding payments with the other banks first then can apply)

But if I can settle the payments I won’t resort to DCP. So what else can I do or which other banks? I’m afraid all banks say the same thing and have to resort to CCS DMP instead already -.-

Advice please...

Thanks!

there were other members here who have had success with Bank of China as well. perhaps you can try applying with BOC.

 

[simoleon27]

Can I ask. How long does it usually take for banks to approve credit facility after clearing the debt management program? I cleared mine in Aug 16 but still got rejected when applying credit card. Changing car soon. May need auto loan. Scared this will impact the loan application.

according to ABS's website it states that:

"Credit information will stay on your Credit Bureau report for 3 years after DCP closure, as is the practice for other products."

hence, this might apply to people who went through the DMP as well. but i could be wrong.

 

[hwaa]

why so negative?

 

[hwaa]

Anyone tried transviewdebt.com for their dcp? if all banks reject i might hv to try there ><

the only recognized organization u shld go is ccs. its either banks dcp or ccs, u shldnt go elswhere if not ccs also cant help u if u got stuck there.

 

[pororokia]

u need play with fire before u can get dmp. like late payment until banks send lawyer letters, cannot have good credit rating, the late payment fees + lawyer letters fees thus many opt for dcp.

but those with weak heart might not be able take it, i kena before.

tahan until cannot pay liao den banks keep calling, send so many writ of summons, really kena super pressurized until no choice i have to approach ccs for help. i was worried after writ of summons next would be seizure of assets.

luckily really the cso assigned to me was really so good that she helped me all the way to get my dmp approved within 2 mths.

this mth november im officially out of dmp.. after 4.5yrs... i tried to look for the cso who helped me but she left ccs already, wanna say thanks also no chance.

 

[pororokia]

stay positive guys!

i have been paying 1.3k+ every month for 4.5yrs for my dmp...

if i can do it, so can u guys!!

im out of dmp officially!

ccs informed me that they will be sending a note to CBS on the completion of my dmp.

 

[makiiko]

x7 debt of salary

anybody know other ways of consolidating debt which is x7 of salary?
Debt consolidation plans all need to be x12 times..

 

[Adelineljy]

the only recognized organization u shld go is ccs. its either banks dcp or ccs, u shldnt go elswhere if not ccs also cant help u if u got stuck there.

Yeah, called them up and they hv admin fee of $1k plus on top of the own submission of form to high court which is already $2k. Where got so much money? Currently already booked an info talk with CCS on Dec 16, meanwhile waiting for DCP approval from UOB/HSBC. Damn sian ah. Wait and wait, hopefully got good news from somewhere soon. That will be my best xmas present for this year

 

[zaskarace]

anybody know other ways of consolidating debt which is x7 of salary?
Debt consolidation plans all need to be x12 times..

Personal loan

 

[KuroI-Kaze]

Hi guys, may i ask if unable to return money will the bank send those ah beng debt recovery to harass you?