Debt consolidation Plan

[MOBIO.sg]

Hi , my wife wants to take up debt reconsolidation plan but her debts is only 11.1 times of her salary instead of the 12 times. Is there any other solution to it?

 

[Lamwm]

I have 2 5-year loan from my credit lines plus credit card. The outstanding amount is beyond 12x my last drawn pay. I am curently out of work for 5 months and using my saving to repay my installment while looking for jobs.
I won't be eligible for dcp because I have currently no income. When MAS ruling kick-in, will my term loan be suspended and forced to pay in full? I can't afford to pay in full and not qualified for dcp, what can I do now?

 

[KKK1978]

It will affect ur debt ratio therefore also amt u can apply

 

[gongguan]

just to check. i am on dcp and is it possible to apply for reno loan from bank?

any issue on getting hdb loan from hdb?

my rating is AA

Posted with HardwareZone Forums app

 

[Jojodespo]

You can PM me for more info on this.

If you go by the normal bank route to apply for Reno loans, it’ll not be possible.

just to check. i am on dcp and is it possible to apply for reno loan from bank?

any issue on getting hdb loan from hdb?

my rating is AA

 

[gongguan]

You can PM me for more info on this.

If you go by the normal bank route to apply for Reno loans, it’ll not be possible.

so bank cfm wun approve?

urs is in house loan by reno company?

Posted with HardwareZone Forums app

 

[Jojodespo]

Reno company

so bank cfm wun approve?

urs is in house loan by reno company?

 

[MOBIO.sg]

Guys , can anyone help me with this? Thanks!

Hi , my wife wants to take up debt reconsolidation plan but her debts is only 11.1 times of her salary instead of the 12 times. Is there any other solution to it?

 

[Jojodespo]

I think one of the few ways to go about doing this... is to actually take up a balance transfer or pay for something using free 0% installment e.g household items or gym membership (just shooting examples), that will get the total outstanding balance over 12x. But do at your own risk cos even with this, the application is still subjected to banks approval.

Gotta wait 1-2 months for it to reflect on the CBS too so they can cross reference with the total outstanding amount.

Another alternative is to find documentation that computes her salary on the lowest amount. Don’t use latest payslip.

Guys , can anyone help me with this? Thanks!

 

[lastweektonight]

You may wish to take note that for new property loan, borrowers will be subjected to Total Debt Servicing Ratio ("TDSR") requirements set by MAS. As such, the monthly repayment amount towards the DCP will be taken into the computation for TDSR. Borrowers will need to satisfy

Hope this helps.

Thanks hclee01, happydappy and beenthere.

I have tot it through and I will tell my wife and will intend to use my cash proceeds from the sale of the hdb to pay off my dcp.

But after paying off, im sure my credit rating will still be bad. Will i risk not being able to get the bank loan? Even after i have cleared the DCP?

 

[hclee01]

Thanks hclee01, happydappy and beenthere.

I have tot it through and I will tell my wife and will intend to use my cash proceeds from the sale of the hdb to pay off my dcp.

But after paying off, im sure my credit rating will still be bad. Will i risk not being able to get the bank loan? Even after i have cleared the DCP?

If your payment records have been prompt previously and plus with your fully settled DCP, my personal view is that your chances will be fairly ok to get a housing loan from at least one of the banks. It will also help if part of your housing loan repayment is via your CPF funds. If you have been working in a stable company for the last few years, all these factors will work in your favour.

Best of luck and hope that you can get your dream house soon!

 

[loveholic]

hey all! can i check - DBS is currently disbursing funds to my various credit facilities. But I realised that they pay more than the outstanding amount. so all the different credit cards have like 'surplus' in them. for e.g my AMEX was $6,500+ but the amount paid was $6,790.

what's gonna happen to that extra money huh?

 

[TGL1234]

Hi all,

Can any kind soul advise if I have a credit rating of AA and owe around 40k, will I be able to work in bank? Namely UOB or SCB

 

[TGL1234]

Hi all,

I’m currently owing 40k and on DCP with Citibank soon, does it affect my chances of working inside a bank namely SCB and UOB. I have never had late payment and my CBS grade is AA with 2000 points

 

[Jojodespo]

Yes they will over pay.

You must go to the bank and request for them to either cash back to your deposit account (if you have one with them), or ask them for cashier order to take back the balance.

hey all! can i check - DBS is currently disbursing funds to my various credit facilities. But I realised that they pay more than the outstanding amount. so all the different credit cards have like 'surplus' in them. for e.g my AMEX was $6,500+ but the amount paid was $6,790.

what's gonna happen to that extra money huh?

 

[Stressfulpie18]

I am planning to take dcp or dmp. I got rejected 1x due to my owning is less than 12x mthly salary. Is there a way which I can get the loan?

Owing 45k
Credit report BB, score 1862, probability of default 0.53%.

 

[Jojodespo]

What’s your current take home salary?
1. In payslip
2. In CPF contribution
3. In NOA / 12

Best way is to the option which gives the lowest monthly salary so your BTI will be higher.

I am planning to take dcp or dmp. I got rejected 1x due to my owning is less than 12x mthly salary. Is there a way which I can get the loan?

Owing 45k
Credit report BB, score 1862, probability of default 0.53%.

 

[Smiliez0!]

Generally for accounts that are overdue and/or overlimit, banks may not view this favourably. Especially for accounts that are overlimit (as in your case of $4000), the min amount will include the overlimit amount and 3% of the total outstanding. If you are not able to pay this amount, your account will become overdue and banks may be less willing to extend DCP.

If you really face genuine difficulties in repaying this $4000 overlimit, DMP may be something you may wish to consider. Alternatively, if you are able to get another loan from another bank to cover this $4K overlimit and then re-apply DCP again.

Best of luck.

Hi Bro
I did pay my overlimit of 4000 snd brought it back to limit and my loan was still rejected by Maybank.

 

[hclee01]

Hi Bro
I did pay my overlimit of 4000 snd brought it back to limit and my loan was still rejected by Maybank.

Sorry to hear about that. Care to share your ** rating, annual income and amount outstanding?

 

[lastweektonight]

If your payment records have been prompt previously and plus with your fully settled DCP, my personal view is that your chances will be fairly ok to get a housing loan from at least one of the banks. It will also help if part of your housing loan repayment is via your CPF funds. If you have been working in a stable company for the last few years, all these factors will work in your favour.

Best of luck and hope that you can get your dream house soon!

Glad to say i have informed my wife about my problem and glad she is supportive of me.

Anyone has any banker contacts from ocbc and hsbc for housing loan? Would like to find out if i can still get the housing loan from them after clearing my DCP (earlier read a post saying some1 was successful in applying from them.)