Debt consolidation Plan

[MAPLMALT2]

I under DRS, housing loan is under HDB so not affected. Renovation loan is under the bank so maybe can't get but you can always ask someone to borrow for you.

You already waste 1.5 yrs into your DCP and your principal sum has not reduced much. Even if you refinance, how much can you save? Just digging another hole for yourself.

Use another dcp to refinance. Do not get into DRS its a permanent record

 

[sadwlife]

Hi all, need your advises.
If the ** rating is HX, anything else i can do atm?

 

[purin88]

anyone have contact for cs?

would like to apply DCP, with rating HH.

Really need it badly.

Thanks.

 

[Shalala-86]

Congrats!!
Still waiting for my SC application. Hopefully approved but not much hope in it

Got CS to intro who help with your application?

 

[Steve.]

Hi and a good day to everyone!

I have traditionally been a lurker on these forums, but have decided to make an account just to post and give my heartfelt thanks and acknowledgements, plus give a little something back to the DCP community on HWZ.

I would like to thank everyone who has contributed positively/constructively to this thread. Having read through the 600+ pages, I honestly couldn't be more thankful for all the helpful advice provided by the DCP veterans here, and everyone else for asking questions and sharing their respective stories.

At one of the lowest points of my life, being harassed daily by calls from the Banks for payment, reading the words of encouragement on this thread truly gave me hope to not give up.

My DCP application was just approved on 22-01-2019 by Maybank, and here's a summary of my details upon approval:

Debt: $38,000
Income: $2,500
Credit Rating: HH 1606
Repayment Period: 7 Years

In reply to some of the latest posts seeking a recommendation for a good CSO to assist them regarding their DCP application, I would highly recommend Mr. Derrick from Maybank, who was the consultant who assisted me in applying for the DCP, and successfully got it approved.

His direct office line is 6298 - 8305, which I am sharing with his knowledge and consent. It seems that Mr. Derrick's contact has also been shared previously by other users who have had good experiences with him.

Mr. Derrick is very professional, helpful and knowledgeable about the DCP. He's also genuinely friendly, approachable and mellow/soft spoken as a person, and has no airs about him whatsoever. You will definitely feel comfortable conversing with him. Ultimately, he is able to empathize with the customer, and give his best recommendations/advice regarding the various aspects of DCP.

My first 3 DCP applications had failed, with the first being HL Bank (Unable to process my application as I did not have any Income Tax documents to provide) second being DBS Bank (Immediately rejected without even viewing my Credit Bureau report, in spite of having a savings account, credit card and salary credited with them) and HSBC Bank (Rejected after approximately 5 working days)

I had sunk into despair, and was ready to call it quits by resorting to applying for DMP, when I received a phone call from Mr. Derrick on 17-01-2019 regarding my interest for Maybank's DCP. After speaking with him for a while and sending my application form/documents, I somehow felt a renewed sense of hope, and knew that even though he would have no say in the Bank's final approval/rejection, my application was definitely submitted in good hands by him and his colleagues.

Maybank viewed my Credit Bureau report on 21-01-2019, and Mr. Derrick called me first thing in the morning on 23-01-2019, to inform me of the great news that my DCP was approved on 22-01-2019. As such, I can say that Maybank does have one of the fastest processing and approval/rejection times of all the banks, but of course different cases may vary.

Once again, my sincere thanks to all users of this forum who contributed their kind advice and shared their stories of approval/rejection. Above all, my eternal gratitude to Maybank and Mr. Derrick for giving me a chance to learn from my mistakes made, pay for these mistakes, and finally start afresh once it's all over.

I have learnt an important lesson in life indeed:

Do not spend money that you do not have.

Will not apply for another credit card again for as long as I live. Debit card FTW!

To everyone who's caught in the pit of debt and despair, please do not give up. Exhaust all avenues and options you have, and then continue to try. I truly believe things will work out for you in the end. It ain't over till it's over!

Best Regards,
Steve

 

[Weiming92]

Hi all, I've some enquiry here. Hope you guys can help. Currently I have some debt outside, owe 8k cash line dbs which is few years ago which I didn't pay. But I wish to apply other bank loan to clear the outstanding. Is it possible ..? Checked my ** rating is HH. Thanks guys.

 

[LancasterHanoi]

Just to share info.
After continuous installation of 5 times to DCP , currently my CSB Rating
back to AA from EE. Surprised to see this recovery. So I hope most of members here will have same or better way of improvement .

 

[multi]

Hi and a good day to everyone!

I have traditionally been a lurker on these forums, but have decided to make an account just to post and give my heartfelt thanks and acknowledgements, plus give a little something back to the DCP community on HWZ.

I would like to thank everyone who has contributed positively/constructively to this thread. Having read through the 600+ pages, I honestly couldn't be more thankful for all the helpful advice provided by the DCP veterans here, and everyone else for asking questions and sharing their respective stories.

At one of the lowest points of my life, being harassed daily by calls from the Banks for payment, reading the words of encouragement on this thread truly gave me hope to not give up.

My DCP application was just approved on 22-01-2019 by Maybank, and here's a summary of my details upon approval:

Debt: $38,000
Income: $2,500
Credit Rating: HH 1606
Repayment Period: 7 Years

In reply to some of the latest posts seeking a recommendation for a good CSO to assist them regarding their DCP application, I would highly recommend Mr. Derrick from Maybank, who was the consultant who assisted me in applying for the DCP, and successfully got it approved.

His direct office line is 6298 - 8305, which I am sharing with his knowledge and consent. It seems that Mr. Derrick's contact has also been shared previously by other users who have had good experiences with him.

Mr. Derrick is very professional, helpful and knowledgeable about the DCP. He's also genuinely friendly, approachable and mellow/soft spoken as a person, and has no airs about him whatsoever. You will definitely feel comfortable conversing with him. Ultimately, he is able to empathize with the customer, and give his best recommendations/advice regarding the various aspects of DCP.

My first 3 DCP applications had failed, with the first being HL Bank (Unable to process my application as I did not have any Income Tax documents to provide) second being DBS Bank (Immediately rejected without even viewing my Credit Bureau report, in spite of having a savings account, credit card and salary credited with them) and HSBC Bank (Rejected after approximately 5 working days)

I had sunk into despair, and was ready to call it quits by resorting to applying for DMP, when I received a phone call from Mr. Derrick on 17-01-2019 regarding my interest for Maybank's DCP. After speaking with him for a while and sending my application form/documents, I somehow felt a renewed sense of hope, and knew that even though he would have no say in the Bank's final approval/rejection, my application was definitely submitted in good hands by him and his colleagues.

Maybank viewed my Credit Bureau report on 21-01-2019, and Mr. Derrick called me first thing in the morning on 23-01-2019, to inform me of the great news that my DCP was approved on 22-01-2019. As such, I can say that Maybank does have one of the fastest processing and approval/rejection times of all the banks, but of course different cases may vary.

Once again, my sincere thanks to all users of this forum who contributed their kind advice and shared their stories of approval/rejection. Above all, my eternal gratitude to Maybank and Mr. Derrick for giving me a chance to learn from my mistakes made, pay for these mistakes, and finally start afresh once it's all over.

I have learnt an important lesson in life indeed:

Do not spend money that you do not have.

Will not apply for another credit card again for as long as I live. Debit card FTW!

To everyone who's caught in the pit of debt and despair, please do not give up. Exhaust all avenues and options you have, and then continue to try. I truly believe things will work out for you in the end. It ain't over till it's over!

Best Regards,
Steve

Hi Steve, welcome and congratulation on the approval of your DCP.

I'm into my 2nd year of DCP this year

Sent from Xiaomi POCOPHONE F1 using GAGT

 

[Weiming92]

Yes heard of such cases before. Pm-Ed u the contact, u can reach out if you're interested

Hi can pm me for the contact as well.? Thanks.

 

[chris_83]

Second attempt for SCB DCP. CBS report generated today. Fingers crossed.

 

[joonzyf]

monthly salary 2526. outstanding is $30000. credit report HH. Applied for DCP from HSBC, SC, DBS, Maybank but all reject. not sure why. how to meet BTI ratio? seems like need to increase debt but i've maximised all my credit cards and don't think can take loan. how ah?

 

[Shalala-86]

I just submitted to SCB.. got rejected. Now trying Maybank. Hopefully has some hope.

 

[Shalala-86]

monthly salary 2526. outstanding is $30000. credit report HH. Applied for DCP from HSBC, SC, DBS, Maybank but all reject. not sure why. how to meet BTI ratio? seems like need to increase debt but i've maximised all my credit cards and don't think can take loan. how ah?

Did u meet BTI ratio? Need to see your total income.

 

[joonzyf]

Did u meet BTI ratio? Need to see your total income.

annual income bout 38k (including bonuses)... BTI definitely didnt meet.

 

[Executor 84]

Hi All,

quick question, I am on my 2nd year of DCP and an emergency crop up, was wondering if I am able to get a loan from bank about 2k SGD and return monthly basis or would it straight get rejected as I am on DCP now?

Thanks.

 

[multi]

Hi All,

quick question, I am on my 2nd year of DCP and an emergency crop up, was wondering if I am able to get a loan from bank about 2k SGD and return monthly basis or would it straight get rejected as I am on DCP now?

Thanks.

If loan from Bank, most probably will reject. Cause DCP is to reduces your debt and not to increase it further.

Sent from Xiaomi POCOPHONE F1 using GAGT

 

[Jojodespo]

Grats to everyone who’s been approved! For those trying, never give up! Just try again after a few months when your rating gets better! Always remember to pay minimum balance and don’t skip a payment.

 

[Beenthere]

Hi

I called and was told that the debt must be 12x the monthly salary. Otherwise I will not qualify.

Debt: 96k
Monthly salary: 9k
Credit rating: AA

I still have available credit limit and if I take a cash advance of 12k - the total will then be 12x my monthly salary.

Has anyone tried this so far?

 

[chris_83]

Hi

I called and was told that the debt must be 12x the monthly salary. Otherwise I will not qualify.

Debt: 96k
Monthly salary: 9k
Credit rating: AA

I still have available credit limit and if I take a cash advance of 12k - the total will then be 12x my monthly salary.

Has anyone tried this so far?

Not 12× from basic or gross? Cash advance of 12k? Not advice to do that.

 

[chris_83]

Received unofficial news from my cso that my SCB dcp approved.
Debt:77k (with 5% 80k)
Earn:52k
Score:EE (From BB dropped to EE after all the failed attempts)
6 Years Tenure
Previous failed attempts: MBB, BOC, SCB, DBS

Advice banks to try: HSBC, MBB, SCB. Second choices: UOB, CITI, BOC
Never try: DBS, OCBC, CIMB, HLB