Debt consolidation Plan

[Anewhope]

My son also fall into this ah long scam loan. He wanted to cancel the loan but they don't let him and threatened him. We hv lodged a police report alr.

How has it been? They contacted him juz now and told him they can extend with $20 per day as interest. Suck blood sia.

My friend also bo pian.. lan lan he still has to pay. At the very least they are informed. But i agree could be ah long juz putting up a front. He already made a police report. Knn 2 hours le..but he made the right choice.

So now waiting for ACRA enforcement team to revert to his case.

 

[Anewhope]

Hi anyone can advise, if my DCP is active. I wish to obtain a new vehicle loan. Base on the DCP bank agent says DCP is unsecured loan and vehicle loan is secured loan. It will not cross affect.

Their explanation is not very clear. Anyone can advise?

Dun think so bro. Home/reno/education loans are still okay.

 

[idoitboy]

Yeah my DCP refinance just approved by BOC at AIR 7.0% p.a. and EIR at 7.78% p.a.

Previously was with Maybank.

 

[stiffyfoot]

i doubt so too.. was looking to change car before my DCP kicks in

 

[idoitboy]

Is Boc lower than Maybank?
Mine was 4.7 with Boc

Erm my Maybank EIR was 10.47% therefore wanted to change After like 6 months with them

 

[Obscurity]

Hi Guys

Can I check if i can apply for dcp if my debts are lower than 12 months my pay?

 

[Jojodespo]

Hi bro, no you can’t. It has to be above 12x.

Hi Guys

Can I check if i can apply for dcp if my debts are lower than 12 months my pay?

 

[Jojodespo]

I tried to get reno loan with Maybank and OCBC after telling them I’m on DCP and I got rejected immediately.

Dun think so bro. Home/reno/education loans are still okay.

 

[Obscurity]

Hi bro, no you can’t. It has to be above 12x.

Im not sure what is my monthly pay like and how they calculate cos I have bonus and all.

Also how they calculate the total? What if I have on going installment plans? Will it be calculated too?

I think my total unsecured balance is borderline x12.

I wanna get dcp cos my principle amount is going down very slowly.

 

[Jojodespo]

Yes bro, getting on the DCP is the right way to go.

Banks will either assess you using
1) 3 monthly pay slips, take the average of the 3 months
2) CPF, calculate your total CPF contribution for the year, multiply by a certain %, divide by 12 months
3) NOA, divide by 12 months

In your case, I’d suggest you using the one that shows a lower monthly salary so when you get your BTI, it will be higher than 12.

Basically all unsecured debt will be included. Installment plans as in those on the credit card under interest Free? Those are also to be included.

The lower your monthly and the bigger your debt amount, will make your BTI higher.

Im not sure what is my monthly pay like and how they calculate cos I have bonus and all.

Also how they calculate the total? What if I have on going installment plans? Will it be calculated too?

I think my total unsecured balance is borderline x12.

I wanna get dcp cos my principle amount is going down very slowly.

 

[Obscurity]

Yes bro, getting on the DCP is the right way to go.

Banks will either assess you using
1) 3 monthly pay slips, take the average of the 3 months
2) CPF, calculate your total CPF contribution for the year, multiply by a certain %, divide by 12 months
3) NOA, divide by 12 months

In your case, I’d suggest you using the one that shows a lower monthly salary so when you get your BTI, it will be higher than 12.

Basically all unsecured debt will be included. Installment plans as in those on the credit card under interest Free? Those are also to be included.

The lower your monthly and the bigger your debt amount, will make your BTI higher.

Thanks JoJo. Whats BTI?

Im paying 2k a month and its so hard to keep my principle down.

I havent feel my bonus in years. But if i apply now as my bonus is coming i think my pay will be very high…? My max debt is borderline to my monthly basic pay.

So far I only occasionally forgot to pay cos i have too many banks to keep track.

 

[Jojodespo]

Ah I see. Okay a few things.

1. What’s your current total outstanding
2. What’s your currently monthly salary (excluding bonus)
3. Are you employed or self employed?
4. What is your current CBS rating?

Also, I suggest you start setting up recurring fund transfers or bill payments so you don’t forget to pay. Forgetting to pay will put a huge dent in your CBS and makes it harder to get approval.

Thanks JoJo. Whats BTI?

Im paying 2k a month and its so hard to keep my principle down.

I havent feel my bonus in years. But if i apply now as my bonus is coming i think my pay will be very high…? My max debt is borderline to my monthly basic pay.

So far I only occasionally forgot to pay cos i have too many banks to keep track.

 

[liondomo]

Yeah my DCP refinance just approved by BOC at AIR 7.0% p.a. and EIR at 7.78% p.a.

Previously was with Maybank.

Hi bro,

Can share how refinance works? Usually there will be a penalty imposed on early redemption of DCP right? Did BOC cover that as well?

Thanks in advance.

 

[GreenAvocado]

Need advise.

If my dcp applications are not successful, i would definitely need help to pay off my debt this month, if not my ratings will get worst and my debt will increase.

Is it advisable to borrow from a licensed money lender?

 

[Jojodespo]

To be honest.. that’s what I did for the last month before my DCP got approved... sometimes drastic situations need drastic measures...

Of course, go to a reputable one... pm me if you need to know which one I went to that’s reliable.

Do note that most if not all licenced money lenders will only loan you for max 1-2 months tenor only. This is because they want to earn your 10% fee.

Need advise.

If my dcp applications are not successful, i would definitely need help to pay off my debt this month, if not my ratings will get worst and my debt will increase.

Is it advisable to borrow from a licensed money lender?

 

[Jojodespo]

Yes but the early redemption fee would be lower than the total interest you’d be paying. He probably got DCP when the interests were still high and DCP was still in its infancy. Now that more banks come on board DCP, they decide to lower the interest rates to attract more consumers.

Hi bro,

Can share how refinance works? Usually there will be a penalty imposed on early redemption of DCP right? Did BOC cover that as well?

Thanks in advance.

 

[Obscurity]

Ah I see. Okay a few things.

1. What’s your current total outstanding
2. What’s your currently monthly salary (excluding bonus)
3. Are you employed or self employed?
4. What is your current CBS rating?

Also, I suggest you start setting up recurring fund transfers or bill payments so you don’t forget to pay. Forgetting to pay will put a huge dent in your CBS and makes it harder to get approval.

I think I need to recount my total outstanding balance first. I have always paid more than minimum amount and also when I forget to pay I will pay it 2 days after due date. Usually late fee will be waived.

Im not sure if this will affect my rating.

Should i be worried? If lets say my total unsecured is not as much as my annual income should I charge so that its more?

 

[GreenAvocado]

To be honest.. that’s what I did for the last month before my DCP got approved... sometimes drastic situations need drastic measures...

Of course, go to a reputable one... pm me if you need to know which one I went to that’s reliable.

Do note that most if not all licenced money lenders will only loan you for max 1-2 months tenor only. This is because they want to earn your 10% fee.

Sorry my acct still new and cant send pm yet

How are their rates? How much did u borrow? And how was the repayment ?

Sorry for the 99 questions lol. Getting really desprate

 

[Jojodespo]

Oh.. no worries.. I will PM you instead.

Sorry my acct still new and cant send pm yet

How are their rates? How much did u borrow? And how was the repayment ?

Sorry for the 99 questions lol. Getting really desprate

 

[Jojodespo]

It will affect if your application is with a bank which you are constantly having late payments with.

If your BTI does not hit 12x, then charging extra to make it over 12x is possible, but at you own risk. Because you may or may not get approval.

I think I need to recount my total outstanding balance first. I have always paid more than minimum amount and also when I forget to pay I will pay it 2 days after due date. Usually late fee will be waived.

Im not sure if this will affect my rating.

Should i be worried? If lets say my total unsecured is not as much as my annual income should I charge so that its more?