Debt consolidation Plan

[Handsome_guy]

i am just curious if anyone managed to apply for credit cards successfully after they had DCP in place? To make full use of cashbacks ect?

Banks will know in record you had DCP.

Your cc won't approve one.

 

[chris_83]

i am just curious if anyone managed to apply for credit cards successfully after they had DCP in place? To make full use of cashbacks ect?

the dcp cc you got no cash back?

you can try amex cash back, they do see cbs, but they still give you cc if your record is good. like ras for me i still got it, as i believe dcp also the same. but i still advice even you got it,dont over spend it,if not still in debt trap,since the card limit wont be just one mth limit.

 

[chris_83]

i am just curious if anyone managed to apply for credit cards successfully after they had DCP in place? To make full use of cashbacks ect?

other banks dont bother to try as they wont approve and make your credit score further down. go for amex instead.

 

[LancasterHanoi]

did you send in the iras?

Never submitted the IRAS, otherwise I think failed.

 

[Vindicate_d]

i am just curious if anyone managed to apply for credit cards successfully after they had DCP in place? To make full use of cashbacks ect?

You are already in DCP and yet you wanna sign up for more CCs? You are just digging yourself deeper into your own grave. Just make do with the one and only CC that the bank provides you with.

 

[rob0cop]

Hello there, it's been a long time coming but I've finally decided to come to terms with properly paying off my debts.
I've accumulated almost 40k debt across dbs, HSBC, ocbc, Citi. My salary is about 55k. Oh and I just received a legal letter from one of the banks as I've been missing payments.
What are my options here? Is DCP the way to go? What are the drawbacks? Would any kind souls be willing to offer their advice? Thank you.

 

[Vindicate_d]

Hello there, it's been a long time coming but I've finally decided to come to terms with properly paying off my debts.
I've accumulated almost 40k debt across dbs, HSBC, ocbc, Citi. My salary is about 55k. Oh and I just received a legal letter from one of the banks as I've been missing payments.
What are my options here? Is DCP the way to go? What are the drawbacks? Would any kind souls be willing to offer their advice? Thank you.

Hi, you are not eligible for DCP. Your debt is below your salary.

 

[rob0cop]

Hi, you are not eligible for DCP. Your debt is below your salary.

Can I take personal loan? What are my options?

 

[lork44]

Can I take personal loan? What are my options?

Even if you try taking personal loan, the approved amount won't be 40K. It will be most likely your salary x 2 max.

With the amount of debt in your CBS, banks are more concern to approve your personal loan or only willing to offer you like very low loan with high interests.

You might consider DMP if that helps?

 

[debted]

Hello there, it's been a long time coming but I've finally decided to come to terms with properly paying off my debts.
I've accumulated almost 40k debt across dbs, HSBC, ocbc, Citi. My salary is about 55k. Oh and I just received a legal letter from one of the banks as I've been missing payments.
What are my options here? Is DCP the way to go? What are the drawbacks? Would any kind souls be willing to offer their advice? Thank you.

Actually legal demand letters mostly mass generated. If you contact the banks directly, still can comms and nego. In the end the banks only want to see payment from you. Any amount. Just pay your best able. If cannot, the banks charge interest so the banks win also.

Most important is to keep the lines of communications open and fluid. Sucks but no choice. If they don't hear or speak to you, then next comms is via demand letters and then if still no pay (any amount), writ of summons and more severe actions.

Fear not. Go to CCS. Their DMP there if you can get is a vert generous discount. 3% interest. But you must qualify and that is the only challenging and long dragging part.

 

[Akihimura]

Actually legal demand letters mostly mass generated. If you contact the banks directly, still can comms and nego. In the end the banks only want to see payment from you. Any amount. Just pay your best able. If cannot, the banks charge interest so the banks win also.

Most important is to keep the lines of communications open and fluid. Sucks but no choice. If they don't hear or speak to you, then next comms is via demand letters and then if still no pay (any amount), writ of summons and more severe actions.

Fear not. Go to CCS. Their DMP there if you can get is a vert generous discount. 3% interest. But you must qualify and that is the only challenging and long dragging part.

before that try to negotiate a repayment plan with the banks themselves. much easier to get approval and very fast within 2 weeks can start already.

 

[Vindicate_d]

before that try to negotiate a repayment plan with the banks themselves. much easier to get approval and very fast within 2 weeks can start already.

Yup this. Call the banks and say you want to restructure your loan.

 

[deadlockb]

HI, A friend of mine is looking to apply for a Loan.His current rating is HH, score around 1600+.He is late in payment for 1 bank for 2 months and cleared it 1 week back. When will the banks update the CBS report about this payment.?
will they update on a fixed date(ex .Month end etc) or immediately after payment received? How about Diners and Citibank?
once payment is made will it improve his credit rating and credit score immediately?
Thanks

 

[jacky5297]

I believe your friend never bother to make minimum payment for the 2 months’ payment delay.

It will take some months of prompt & full cc payment to improve the credit rating of HH.

HI, A friend of mine is looking to apply for a Loan.His current rating is HH, score around 1600+.He is late in payment for 1 bank for 2 months and cleared it 1 week back. When will the banks update the CBS report about this payment.?
will they update on a fixed date(ex .Month end etc) or immediately after payment received? How about Diners and Citibank?
once payment is made will it improve his credit rating and credit score immediately?
Thanks

 

[positivecat]

Hi all,
Been a silent reader for awhile, this thread encouraged me to try to apply for DCP. Finally i applied DCP and it got approved.

Just want to share that, please do not give up and continue to press on.

My rating is HH at a score of 1618.
Debt: Around 61K .
NOA: 45K

Applied for both HSBC and Maybank. And Maybank approved my application even though the submission was at later date.

 

[OrdinaryRoad]

Hi all,
Been a silent reader for awhile, this thread encouraged me to try to apply for DCP. Finally i applied DCP and it got approved.

Just want to share that, please do not give up and continue to press on.

My rating is HH at a score of 1618.
Debt: Around 61K .
NOA: 45K

Applied for both HSBC and Maybank. And Maybank approved my application even though the submission was at later date.

Congrats to you! My credit rating is also HH around 1640 but got rejected by HSBC in oct'18. Will probably try to apply with maybank after improving my credit score in upcomming months.

 

[Vindicate_d]

Congrats to you! My credit rating is also HH around 1640 but got rejected by HSBC in oct'18. Will probably try to apply with maybank after improving my credit score in upcomming months.

You can try SCB. They accept HH too. FYI banks do not just look at your credit rating. Why wait when you can apply now.

 

[Jojodespo]

I got a Reno loan while on DCP.. pm me for advice if ya need

Hi, just like to enquire from fellow bros here if one is already on DCP, are we allowed or be eligible to apply for any renovation loan? Also, is there any way to negotiate for a temporary suspension of the DCP payment say for just 1-2 months? Thank you

 

[LancasterHanoi]

I got a Reno loan while on DCP.. pm me for advice if ya need

Hi well done.
Which bank does loan your the Reno ? Thanks

 

[DNA9179]

Sorry but is there any one with experience/knowledge in dealing with lump sum settlement with bank?

I'm currently on DCP with Maybank, and i might be able to repay them in one lump sum. i understand they do charge early repayment fee and ect. I went to CCS before to switch from DCP to DMP but rejected by Maybank. But managed to raise an amount close to the principle amount owed. Since it's close to principle amount, i guess i need to negotiate with Maybank for discounted lump sum settlement.

Anyone done it before or knows how to negotiate it through?

Thanks for any advice and sorry if this is off topic from thread.

Thanks