Debt consolidation Plan

[Positivecockroach]

I thought dmp also give lower interest rate and 5 yr or more tenor

Today finally my DRS is approved. Next 5 years just need to pay $600 a month instead of $2400+.

Luckily last time I apply DCP but kena rejected. Now can live easier without stress.

 

[chris_83]

Hi, I'm new to this too as I reading all the posts silently. Recently I am considering DCP as currently my earning less than what I need to pay those min payments and installments. I'm on 3 years of 8 years RAS. For RAS, I can manage, but for other left over balances on cards, cashlines and overdraft, I'm not able to cope it as I only can pay the min payments (mostly pay off the interest but not the principal). But the problem is NOA and income is too high and debt is less than 12x. My tax and cpf is killing me,, after each month minus these two, I have not much left to pay the debt. I worry my DCP maybe rejected by banks and I have difficulty to get RAS statements as they do not provide statements and I need to apply personally from some many banks. I am so stress, regret and low mood and keep thinking about negative things such as taking my life.

 

[cwl4732]

Hi

I just got my first payment for 1 of 60 for my DCP from SC
Actually after struggled for 2 years, one year interest cost me about
SGD40K.
Total approved for my DCP is 136,000
I am happy to share and to support you to get the DCP. It is really helpful to change my life...

Hi There,

I have been rejected by many banks when I apply for my DCP, Maybe you can share your experience on your success?

 

[Renaldory]

Hi, I just got my DCP approved by UOB bank. However I very confuse on the interest they offered. All document I received shown as 8.22% but they mentioned it’s at 4.5%.
Even the monthly repayment that calculated it’s showing 8.22%.
How should I confirmed?

Or after how long can I swift my DCP to another bank for better rate?

Usually the 4.5% they mentioned is referring to simple interest rate. Documents that shows 8.22% is effective interest rate. The 8.22% method of calculation is more confusing because compounding effect is taken into consideration. For example, if you take $100,000 for 3 years, you the interest that you pay per year should be $4,500 ($100,000 x 4.5%).

 

[Renaldory]

Hi! Bro & Sis. I'm new here, I have been a silent reader for a few weeks,
after reading all the story, I decided to apply for dcp last week. Just a few question here. Hope ual can assist me. Thanks in advance.

I've submitted my dcp application form with all the documents last Friday, I believe they will need a few days/weeks to process. At the min time if any bank called to demand payment from me for min payment, what can I do, I have made the min payment last mth but was late, but for this mth I really can't pay till my next pay is in in 2 weeks time. My due date for the payment was 24Sep. With this will I get any writ of summons? How does it works for writ of summons.

The other issue is if my dcp is really approved, the disbursement will take place only 7working days onwards right. If the bank call, can I tell them I'm on dcp as I really can't make any min payment.

Recently does anyone apply citi & was approved? how long will the process take to be approved?

Im really stressed up regarding this issue.

Hope I can get some advice here. Thank you.

From what I know, once the DCP is approved, the bank will pay all the oustanding amounts for all your credit cards so you do not need to worry about this part as the bank will already pay off all your other bank's debt. "The other issue is if my dcp is really approved, the disbursement will take place only 7working days onwards right. If the bank call, can I tell them I'm on dcp as I really can't make any min payment."

For the payment to the bank which you apply for DCP, you will have to check the payment terms, the next payment date, and make sure you are agreeable with all the terms before signing.

 

[iamnotlame]

Please do not take any drastic actions that will complicate your situation. As per my understanding, RAS is being administered by Credit Counselling Singapore (CCS). Have you not tried to approach them and know of your situation? Perhaps they can be of assistance. They might be of help in converting your RAS to DMP instead which will cover all your declared debts.

Hi, I'm new to this too as I reading all the posts silently. Recently I am considering DCP as currently my earning less than what I need to pay those min payments and installments. I'm on 3 years of 8 years RAS. For RAS, I can manage, but for other left over balances on cards, cashlines and overdraft, I'm not able to cope it as I only can pay the min payments (mostly pay off the interest but not the principal). But the problem is NOA and income is too high and debt is less than 12x. My tax and cpf is killing me,, after each month minus these two, I have not much left to pay the debt. I worry my DCP maybe rejected by banks and I have difficulty to get RAS statements as they do not provide statements and I need to apply personally from some many banks. I am so stress, regret and low mood and keep thinking about negative things such as taking my life.

 

[LancasterHanoi]

Hi
I tried with HSBC in June 2017, rejected. Suspected the BTI is <12 x. Gave up for a year, based on the total credit cards of 140K that moment, I paid almost 35-40K for interest only.
Coincidentally , I got one notice from SCB in August 2018, I tried again then got approved within a week. Key point I think I declare my income with basic portion only, never include management allowance , bonus etc. Purpose is to make sure the existing BTI is >12 x.
One more point is the approval very much depends on the Official in charge. If she hungry or required to take more DCP, then the chance higher to be approved. Good luck then.

 

[chris_83]

walau, 20 dollars charge for requesting statement from RHB while DBS and UOB giving it free.

 

[chris_83]

Please do not take any drastic actions that will complicate your situation. As per my understanding, RAS is being administered by Credit Counselling Singapore (CCS). Have you not tried to approach them and know of your situation? Perhaps they can be of assistance. They might be of help in converting your RAS to DMP instead which will cover all your declared debts.

currently trying to get dcp first as dmp seem complicated. converting ras to dcp are allowed currently. been dealing with HSBC and Maybank. But seems Maybank ok to my some of documents so far. Some statements still pending. what make me shocked is that RHB charge 20 dollars for a statement and e statement is not allowed.

 

[chris_83]

Hi
I tried with HSBC in June 2017, rejected. Suspected the BTI is <12 x. Gave up for a year, based on the total credit cards of 140K that moment, I paid almost 35-40K for interest only.
Coincidentally , I got one notice from SCB in August 2018, I tried again then got approved within a week. Key point I think I declare my income with basic portion only, never include management allowance , bonus etc. Purpose is to make sure the existing BTI is >12 x.
One more point is the approval very much depends on the Official in charge. If she hungry or required to take more DCP, then the chance higher to be approved. Good luck then.

how to declare only basic portion while salary payslip showing it all?

 

[Rick1970]

REQUEST FOR HELP BOC REFINANCE

Anyone has done DCP Refinance can share which Bank that absorb the penalty fees ? Anyone has extended to 10 yrs . I am on 7 yrs repayment ( $1700/m) . Has to pay other expenses so hope to reduce it. I read someone did it with BOC care to share more details eg. from how many years ( & Interest ) extended to BOC how many years & interest ? Thanks in advance. Sorry if I post incorrectly not sure how to do it.

 

[LancasterHanoi]

how to declare only basic portion while salary payslip showing it all?

Good question.
For my case , Officer asked me do not submit the July payslip as Bonus included. Instead she asked me to submit only one , the lowest one. But must be within 3 months at the point of application.

 

[sadbluesea]

From what I know, once the DCP is approved, the bank will pay all the oustanding amounts for all your credit cards so you do not need to worry about this part as the bank will already pay off all your other bank's debt. "The other issue is if my dcp is really approved, the disbursement will take place only 7working days onwards right. If the bank call, can I tell them I'm on dcp as I really can't make any min payment."

For the payment to the bank which you apply for DCP, you will have to check the payment terms, the next payment date, and make sure you are agreeable with all the terms before signing.

I just got to know that my DCP was approved. Happy, But one of the bank called me to demand min payment by end of this week. I told them my DCP was approved but they still insist me to made the min payment if not they will sent me a letter to close the account because initially my cc account is already suspended. What should I do. I can't make the min payment.

 

[raimbiwie]

can I have the contact of the CSO? what is the interest rate?

Hi All,

I just got a call from HSBC CSO to inform me that my application has been approved! It's my first application.

Here are some details :
Annual Income : $48,600
Total Outstanding : $69,000
Credit Bureau : HH (Score 16XX)
Probability of Default : 8.01%
Loan Term : 7 years (Monthly repayment approx $1103?)

- I've credit card with HSBC for 18 months and every month I will make the minimum payment on time

Good luck!

 

[Renaldory]

I just got to know that my DCP was approved. Happy, But one of the bank called me to demand min payment by end of this week. I told them my DCP was approved but they still insist me to made the min payment if not they will sent me a letter to close the account because initially my cc account is already suspended. What should I do. I can't make the min payment.

Call the officer who approved the DCP for you and check with him/her what you should do. Check when your bank would be paying off the other bank

 

[Worldofsea]

Hit 18x

May I know what will happen if we receive lette that unsecured limit hit 18x? Suspended and still make min payment or need to make all outstanding?
Due to renovation, now piled up.
MBB DCP also got rejected. This month oct will be the 3rd month consecutive as it stated the exceeded is in August.

 

[DNA9179]

anybody transition from DCP to DRS? i got difficulty paying my monthly installment for DCP. refinance not an option cos needs money upfront.

 

[Renaldory]

May I know what will happen if we receive lette that unsecured limit hit 18x? Suspended and still make min payment or need to make all outstanding?
Due to renovation, now piled up.
MBB DCP also got rejected. This month oct will be the 3rd month consecutive as it stated the exceeded is in August.

It basically means u can no longer use your credit card and/or to apply new credit cards when you hit unsecured debts of 18x your monthly income for 3 consecutive months.

If you incurred such high debts due to renovation... that means you have property. You could be forced to sell off your property to repay your debts if you do not bring your debt levels down..

 

[Renaldory]

anybody transition from DCP to DRS? i got difficulty paying my monthly installment for DCP. refinance not an option cos needs money upfront.

10 years tenor also got problem paying monthly installment?

 

[DNA9179]

10 years tenor also got problem paying monthly installment?

7 years....