Debt consolidation Plan

[Beenthere]

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

My monthly salary is $9000. This is before deducting employee’s contribution. So which way do they calculate?

 

[chris_83]

My monthly salary is $9000. This is before deducting employee’s contribution. So which way do they calculate?

Any ot or incetives inside? They wont care cpf contribution that part. If 9000 is already basic, then no choice already.

 

[Hopelesssoul]

I need help...

Took me awhile to come to terms but struggled with a full comm based job which is unstable.

Total consolidated loan approx 75k.
Got laid off in mid 2017, have been struggling with the payments / min sum payments.

Initially there are still basic salary for the first year, however now there is none.
Savings less than 1k while min payments keep piling up to 2k per month.

NOA 37k in 2018.
Currently average out, have about 3000/mth before any allowances.


I am lost as if I go for DCP, will they average out the NOA into monthly?
However so far only approached HSBC, but got turned down on the phone as they considered full comm as self employed.. and needs 2 years NOA before anything can be discussed.

And given my situation, it will only be May before i can do with anything.

Tried looking for jobs (even Low paying ones) but either they are not responding or they deem you "overqualified".

Would like to seek honest opinions here as to whether i should approach CCS for help.

 

[chris_83]

I need help...

Took me awhile to come to terms but struggled with a full comm based job which is unstable.

Total consolidated loan approx 75k.
Got laid off in mid 2017, have been struggling with the payments / min sum payments.

Initially there are still basic salary for the first year, however now there is none.
Savings less than 1k while min payments keep piling up to 2k per month.

NOA 37k in 2018.
Currently average out, have about 3000/mth before any allowances.


I am lost as if I go for DCP, will they average out the NOA into monthly?
However so far only approached HSBC, but got turned down on the phone as they considered full comm as self employed.. and needs 2 years NOA before anything can be discussed.

And given my situation, it will only be May before i can do with anything.

Tried looking for jobs (even Low paying ones) but either they are not responding or they deem you "overqualified".

Would like to seek honest opinions here as to whether i should approach CCS for help.

Comm based usually required noa. Noa sometimes get really late..like august or september. You cant use 17 and 18 noa? Or call more dcp banks to tell them your situation to see any different requirements? Or ask ccs?

 

[mrnanq]

Hi everyone.

Decided to register to post. Need advice pls.

Monthly only manage to pay min sum for 2 accounts out of 11.

Banks have been calling me but i answered NONE. Dont know what to say if I answer.

Demand letters have reached my home.

Total debt: $60k (i think so cause i've received sms that it has reach 18x monthly income)

Earning: $24k (lost my part time job)

Credit rating: not sure as i did not check but i'm very sure it's very2 bad.

Pls advice me which step should I take?

1) try DCP. which bank? with my current income, able to get approval? application online or?

2) try to make any amount of payment, to all the accounts, in order to get better rating.

or any other advice is much appreciated. I'm @ loss. trying to read most post here for ideas, but takes me time as my time is very limited.

Pls be nice on ur replies. already suffering.

 

[Shalala-86]

Hi everyone.

Decided to register to post. Need advice pls.

Monthly only manage to pay min sum for 2 accounts out of 11.

Banks have been calling me but i answered NONE. Dont know what to say if I answer.

Demand letters have reached my home.

Total debt: $60k (i think so cause i've received sms that it has reach 18x monthly income)

Earning: $24k (lost my part time job)

Credit rating: not sure as i did not check but i'm very sure it's very2 bad.

Pls advice me which step should I take?

1) try DCP. which bank? with my current income, able to get approval? application online or?

2) try to make any amount of payment, to all the accounts, in order to get better rating.

or any other advice is much appreciated. I'm @ loss. trying to read most post here for ideas, but takes me time as my time is very limited.

Pls be nice on ur replies. already suffering.

Do you wanna try ccs? Easier way coz I think dcp successful rate won’t be high.
Reading from past post, it can be a better avenue. Hang it there! Definitely understand the stress!

 

[mrnanq]

Do you wanna try ccs? Easier way coz I think dcp successful rate won’t be high.
Reading from past post, it can be a better avenue. Hang it there! Definitely understand the stress!

CCS then will lead to DMP?

Personally i prefer DCP as i will be paying to only 1 FI. dont need to remember so many dates for diff FIs, eventhough I'm aware that DCP's interest rate is higher.

Also, scared in future i might need to get study loan for my kids, if go thru DMP, not able to do so, right?

 

[iamnotlame]

Yes, CCS will work with you on DMP if you are qualified for such a plan. You do not need to worry about the dates as the plan stipulates on which date of the month you are supposed to pay your creditors. Of course, there is one bank that does not follow the schedule even stipulated by your DMP.

Why are you scared of the future if you are in trouble now? You should be resolving your current state of affairs at the moment and when you are in a more stable situation, then you can think about the future. Take it one step at a time, my opinion though.

As to CCS DMP, I recommend you sign up for their free talk and you will learn from there even if you decide not to take the DMP route. All the best!

CCS then will lead to DMP?

Personally i prefer DCP as i will be paying to only 1 FI. dont need to remember so many dates for diff FIs, eventhough I'm aware that DCP's interest rate is higher.

Also, scared in future i might need to get study loan for my kids, if go thru DMP, not able to do so, right?

 

[iamnotlame]

Your BTI or loan is more than 24x of your current monthly income. I am not sure if you can get DCP for that but it does not hurt to apply.

While doing so, I suggest you go attend the free CCS talk and you might get insights from there which might be applicable to your situation. All the best!

I need help...

Took me awhile to come to terms but struggled with a full comm based job which is unstable.

Total consolidated loan approx 75k.
Got laid off in mid 2017, have been struggling with the payments / min sum payments.

Initially there are still basic salary for the first year, however now there is none.
Savings less than 1k while min payments keep piling up to 2k per month.

NOA 37k in 2018.
.......

 

[money88]

Hi everyone.

Decided to register to post. Need advice pls.

Monthly only manage to pay min sum for 2 accounts out of 11.

Banks have been calling me but i answered NONE. Dont know what to say if I answer.

Demand letters have reached my home.

Total debt: $60k (i think so cause i've received sms that it has reach 18x monthly income)

Earning: $24k (lost my part time job)

Credit rating: not sure as i did not check but i'm very sure it's very2 bad.

Pls advice me which step should I take?

1) try DCP. which bank? with my current income, able to get approval? application online or?

2) try to make any amount of payment, to all the accounts, in order to get better rating.

or any other advice is much appreciated. I'm @ loss. trying to read most post here for ideas, but takes me time as my time is very limited.

Pls be nice on ur replies. already suffering.

Do not ignore those bank calls and demand letter, if you continue ignore very soon writ of summon letters from all banks will reach your home. That time will be more stress for you. Call back the bank and work out a minimum sum to pay first and not all cso will accept this proposal. Good luck!!

 

[Aion99]

Hi everyone.

Decided to register to post. Need advice pls.

Monthly only manage to pay min sum for 2 accounts out of 11.

Banks have been calling me but i answered NONE. Dont know what to say if I answer.

Demand letters have reached my home.

Total debt: $60k (i think so cause i've received sms that it has reach 18x monthly income)

Earning: $24k (lost my part time job)

Credit rating: not sure as i did not check but i'm very sure it's very2 bad.

Pls advice me which step should I take?

1) try DCP. which bank? with my current income, able to get approval? application online or?

2) try to make any amount of payment, to all the accounts, in order to get better rating.

or any other advice is much appreciated. I'm @ loss. trying to read most post here for ideas, but takes me time as my time is very limited.

Pls be nice on ur replies. already suffering.

You need get the latest statements from ALL the 11 cards/loan accounts to calculate the "actual" total debt. 60K may not be the right amount. Only with the correct amount we can estimate the chance of your DMP.

Do you have a full time job now with fix salary? 24K income is your last year IRAS annual income amount?

 

[mrnanq]

Do not ignore those bank calls and demand letter, if you continue ignore very soon writ of summon letters from all banks will reach your home. That time will be more stress for you. Call back the bank and work out a minimum sum to pay first and not all cso will accept this proposal. Good luck!!

What if they don't agree with the amount i can pay? I don't want to over promise.

Writ of summon meaning I need to go court? omg!

 

[mrnanq]

You need get the latest statements from ALL the 11 cards/loan accounts to calculate the "actual" total debt. 60K may not be the right amount. Only with the correct amount we can estimate the chance of your DMP.

Do you have a full time job now with fix salary? 24K income is your last year IRAS annual income amount?

Yes my full time job earning is 24k. I just lost my p/t job in june, so my annual income for last yr shld be, 31200.

 

[mrnanq]

Hi everyone.

Decided to register to post. Need advice pls.

Monthly only manage to pay min sum for 2 accounts out of 11.

Banks have been calling me but i answered NONE. Dont know what to say if I answer.

Demand letters have reached my home.

Total debt: $60k (i think so cause i've received sms that it has reach 18x monthly income)

Earning: $24k (lost my part time job)

Credit rating: not sure as i did not check but i'm very sure it's very2 bad.

Pls advice me which step should I take?

1) try DCP. which bank? with my current income, able to get approval? application online or?

2) try to make any amount of payment, to all the accounts, in order to get better rating.

or any other advice is much appreciated. I'm @ loss. trying to read most post here for ideas, but takes me time as my time is very limited.

Pls be nice on ur replies. already suffering.

I have just registered for the CCS talk cause I think it worries me more if the writ of summon comes. So now if the FIs call me, I can say I've contacted CCS?

 

[noelle18]

Hi guys, i understand that during this period of repayment, many of you who wanted to go for certain jobs in certain industry are still being rejected due to you DCP. But however, we all know that in order for us to repay this debt faster and get on with our daily lives, we need a high paying job. I was also in a rather bad situation with a low paying job and unable to get into the financial industry due to my DCP. But fret not, all hope is not lost yet. If you want a chance to return to your daily lives sooner, please pm me for more details. We all want to get out of debt and return our lives to what it used to be!

What does financial industry checks for people who are currently on DCP?

 

[chris_83]

Just saw dcp account created as cc type and new cc also in internet banking. But I received a letter dated 4 Feb that my dcp rejected, mean they appealed my case and approved on 11 Feb. So far, only the dcp bank old cc cleared with little bit access, but ras not yet cleared and other banks also. But my dbs cashline and amex already blocked. Found out my new cc not allowed for cash advance and credit limit a bit higher than my one month salary by few hundreds.

 

[money88]

What if they don't agree with the amount i can pay? I don't want to over promise.

Writ of summon meaning I need to go court? omg!

I think you can tell the cso this is the best amount you could pay as you also own other bank money and they are chasing you too. Some cso is nice and will try to help you while other die die want you the amount they wanted and no receive they will send letters and letters. Those letters also will have a cost to it.
For writ of summon part see below: (from website)

What should you do if you receive a Writ of Summons?

Once you receive a Writ of Summons, you must act quickly to evaluate your options and work out a timeline. At this point, it is recommended that you seek legal advice. Only a qualified lawyer will be able to advise you on your available options, including whether your defence has merit and whether you can counter-sue the plaintiff.

You will have to decide whether you want to try to win the case by going to trial. If you believe you have a good defence or excuse against the plaintiff’s claim, you may contest the claim. To avoid higher legal costs and delays to the proceedings, it is strongly recommended that you file a Memorandum of Appearance by the deadline (within 8 days of service of the Statement of Claim). If you fail to submit a Memorandum of appearance by this deadline, you may be unable to defend your case, and a judgement may be given against you by default.

Can I ignore the Writ of Summons?

Though it may be tempting to ignore a Writ of Summons, this will unfortunately not make it go away. Instead, it could result in a default judgement being entered against you.

A default judgement will enable the plaintiff to take enforcement action against you if their application is successful. This could lead to your salary and bank account being garnished, your possessions can be taken from your home through a Writ of seizure and sale, and there is even the possibility of bankruptcy. Once such a judgment is entered, it may be more difficult and costly to have it reversed.

Do not ignore a writ of summons – act.

 

[Shalala-86]

Just saw dcp account created as cc type and new cc also in internet banking. But I received a letter dated 4 Feb that my dcp rejected, mean they appealed my case and approved on 11 Feb. So far, only the dcp bank old cc cleared with little bit access, but ras not yet cleared and other banks also. But my dbs cashline and amex already blocked. Found out my new cc not allowed for cash advance and credit limit a bit higher than my one month salary by few hundreds.

You appeal? And got reviewed and approve? How did you do it?

 

[chris_83]

You appeal? And got reviewed and approve? How did you do it?

This is my second attempt to try scb dcp. First time failed, but my cso good enough to check with approval team the reasons of rejected and shared with me so I can fix it and retry again in future. The cso invited me to try again after two months after I fixed one of the reason and their internal change of policy to increase up to 20x. I tried, and approved after they internal
appealed after rejected on 4th Feb without I asked.

 

[amberpanda]

Hi all... at wits end and need some advice.

My rating is EE, NOA is $70k and total debt is $89k.

Thinking of DCP but is it hard for me to get it?

Also, I'm in the midst of finding a job, hopefully in a bank. Is it impossible?

Thank you in advance.