Debt Management Programme (DMP) by Credit Counselling Singapore (CCS)

[maddogkiller0]

I just recently got into this, any bros can share their experience how is their journey in this? Cos mine is 8 years, and $950 per month...

 

[maddogkiller0]

CCS Proposal

 

[SibehHL]

I just recently got into this, any bros can share their experience how is their journey in this? Cos mine is 8 years, and $950 per month...

Almost half your current monthly income for 8 years..... seibeh jialat

Debt from gambling or YOLO lifestyle?

 

[maddogkiller0]

not something big

Mostly due to studying and paying for hospital bills for relatives.. . Plus I'm also not good with finances..

 

[coastisclear]

Take it one month at a time. Don't miss any payments. Cut all expenses to bare minimum and find extra income if possible. My DMP was 6 years but I cleared 9 months ahead. It taught me a very good lesson.

I just recently got into this, any bros can share their experience how is their journey in this? Cos mine is 8 years, and $950 per month...

 

[SibehHL]

Take it one month at a time. Don't miss any payments. Cut all expenses to bare minimum and find extra income if possible. My DMP was 6 years but I cleared 9 months ahead. It taught me a very good lesson.

Plus ONE...

I think TS need to to find part time work or hopefully progression in career can improve his income level to shorten repayment period.

 

[maddogkiller0]

Plus ONE...

I think TS need to to find part time work or hopefully progression in career can improve his income level to shorten repayment period.

Thanks SibehHL and coastisclear, understand that it is a long journey, and I will try to get a better job after I grad this year...

But also to ask if once the CCS send them proposals, the banks if no contact, I was supposed to pay using CCS rates, but I also wanted to check with the banks personally if they have accepted it... what does the bros here usually does?

 

[coastisclear]

Don't contact the banks directly. CCS team will liase/ negotiate on your behalf. Pay what CCS has drawn uo for you. As long as some banks agree, others will have to agree too. CCS will negotiate and help you to convince those reluctant banks.

Thanks SibehHL and coastisclear, understand that it is a long journey, and I will try to get a better job after I grad this year...

But also to ask if once the CCS send them proposals, the banks if no contact, I was supposed to pay using CCS rates, but I also wanted to check with the banks personally if they have accepted it... what does the bros here usually does?

 

[maddogkiller0]

Don't contact the banks directly. CCS team will liase/ negotiate on your behalf. Pay what CCS has drawn uo for you. As long as some banks agree, others will have to agree too. CCS will negotiate and help you to convince those reluctant banks.

TThanks Coastisclear bro for the advice, if so, if they never come back to me (the banks), I will just pay as what ccs recommended to me until they get back to me

 

[seeklightsoon]

TThanks Coastisclear bro for the advice, if so, if they never come back to me (the banks), I will just pay as what ccs recommended to me until they get back to me

Yes, you should pay accordingly to the CCS payment plan. Some banks will take at least 2 months to come back to you. While, there will be others that will come back to you within 2 weeks.

Generally, after your proposal has been sent out, you should get a letter from CCS within 2 weeks on the results, that is, if your proposal has been accepted by majority of the banks that you have outstanding with. If it is accepted, rest of the banks will need to consent to the proposal as well.

Best of luck!

 

[maddogkiller0]

Yes, you should pay accordingly to the CCS payment plan. Some banks will take at least 2 months to come back to you. While, there will be others that will come back to you within 2 weeks.

Generally, after your proposal has been sent out, you should get a letter from CCS within 2 weeks on the results, that is, if your proposal has been accepted by majority of the banks that you have outstanding with. If it is accepted, rest of the banks will need to consent to the proposal as well.

Best of luck!

Yeah, I just received the ccs letter that the majority of the creditors agreed to the dmp. Even thou scb, American Express, dbs, ocbc haven't got back to me, I will pay as per ccs advice to those "dead" accounts

 

[coastisclear]

Some banks may take 2 to 3 months to tell u what to do. OCBC took the longest time to inform me of the procedure. For now, you just pay the amt CCS had advised. Just remember this is the start of a long journey. Take it one month at a time. Save as much as u can. I cut down my expenses to a bare minimum & took on extra work. I have a spreadsheet that I update every month and soon enough, months become years and the amt owing keeps reducing. In the end when I have accumulated enough a lump sum, I called each bank to ask if they could reduce the remaining amt for full settlement & some agreed. I saved a few k that way.

Yeah, I just received the ccs letter that the majority of the creditors agreed to the dmp. Even thou scb, American Express, dbs, ocbc haven't got back to me, I will pay as per ccs advice to those "dead" accounts

 

[simnonsg]

I just recently got into this, any bros can share their experience how is their journey in this? Cos mine is 8 years, and $950 per month...

Mine started in 2012 and ended in 2016, monthly payment of 3200.
Mine is 3.5 years and lucky manage to keep my job till the CCS ends.

If due to some reason, you are not able to pay for one of the month, do notify CCS to inform the banks so that they do not call you, especially SCB, HSBC..
I have done once due to expected family need and CCS allows once if not mistaken.

If keep expenses within control, should be able to manage and keep job is also top priority in 2018....

Painful journey due to our poor financial management..

 

[denumb]

if got this, will need to declare to company? will they know?

just curious

 

[maddogkiller0]

Luckily this was given fast...

If the process took long I also would be at loss as some banks already starting to send me lawyers' letters liao...

 

[maddogkiller0]

Some banks may take 2 to 3 months to tell u what to do. OCBC took the longest time to inform me of the procedure. For now, you just pay the amt CCS had advised. Just remember this is the start of a long journey. Take it one month at a time. Save as much as u can. I cut down my expenses to a bare minimum & took on extra work. I have a spreadsheet that I update every month and soon enough, months become years and the amt owing keeps reducing. In the end when I have accumulated enough a lump sum, I called each bank to ask if they could reduce the remaining amt for full settlement & some agreed. I saved a few k that way.

True bro, so banks really seems to take their own sweet time in replying, but as I got CCS letter of majority acceptance, I no need to fear they not accepting the proposal. Anyway, this is going to be a long journey...

 

[maddogkiller0]

if got this, will need to declare to company? will they know?

just curious

As far as I can remember, CCS said this will only be on credit Bureau report and not on the public bankruptcy report, so I guess if you dont want to say also can.

 

[maddogkiller0]

Mine started in 2012 and ended in 2016, monthly payment of 3200.
Mine is 3.5 years and lucky manage to keep my job till the CCS ends.

If due to some reason, you are not able to pay for one of the month, do notify CCS to inform the banks so that they do not call you, especially SCB, HSBC..
I have done once due to expected family need and CCS allows once if not mistaken.

If keep expenses within control, should be able to manage and keep job is also top priority in 2018....

Painful journey due to our poor financial management..

Ya, true story bro, we all landed in this due to our poor ability to manage credits, should have taken this as a good lesson learned...

 

[maddogkiller0]

Some banks may take 2 to 3 months to tell u what to do. OCBC took the longest time to inform me of the procedure. For now, you just pay the amt CCS had advised. Just remember this is the start of a long journey. Take it one month at a time. Save as much as u can. I cut down my expenses to a bare minimum & took on extra work. I have a spreadsheet that I update every month and soon enough, months become years and the amt owing keeps reducing. In the end when I have accumulated enough a lump sum, I called each bank to ask if they could reduce the remaining amt for full settlement & some agreed. I saved a few k that way.

Coastisclear bro, thanks for the wise advice, I will try to follow as well, and ask for full settlement when the amount reduced greatly with a discount.

 

[nefariel]

Some banks may take 2 to 3 months to tell u what to do. OCBC took the longest time to inform me of the procedure. For now, you just pay the amt CCS had advised. Just remember this is the start of a long journey. Take it one month at a time. Save as much as u can. I cut down my expenses to a bare minimum & took on extra work. I have a spreadsheet that I update every month and soon enough, months become years and the amt owing keeps reducing. In the end when I have accumulated enough a lump sum, I called each bank to ask if they could reduce the remaining amt for full settlement & some agreed. I saved a few k that way.

whats the % haircut u managed to extract? (out of the ending balance)

(also as a % of the total initial outstanding)