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

[HelplessFreak]

So do you actually paid as per CCS MI payment? I just received a letter from CIMB. They cancelled and closed my account and demand full payment as per MAS regulation. It is because my credit borrowing limits amount exceed 12x my salary.

You don’t have to worry. So long as CCS informed you that it is approved, all banks have to approve. I had a nasty experience with CIMB who insisted that I pay the minimum amount as per card statement despite my approval from CCS and sent me lawyer letter. I informed CCS about it providing the name of person whom I have spoken to and CCS get them to expedite the case to adjust my payment to that of CCS plan.

All the best to you!

 

[seeklightsoon]

So do you actually paid as per CCS MI payment? I just received a letter from CIMB. They cancelled and closed my account and demand full payment as per MAS regulation. It is because my credit borrowing limits amount exceed 12x my salary.

Yes I just pay as per CCS amount. You can call them to let them know that CCS has informed you that the plan has been approved. If they don’t bother and demand full payment, you can call or email CCS for help.

 

[vaseline]

hi . i need help on my loans with LML. its about 11k and goes at monthly repayment. total 4 company . i just wish to start anew and stop rolling my debts

Any one can provide any advice?

 

[seeklightsoon]

hi . i need help on my loans with LML. its about 11k and goes at monthly repayment. total 4 company . i just wish to start anew and stop rolling my debts

Any one can provide any advice?

You may wish to approach one of these voluntary organisations who will assist you to structure your loan with the LML:

https://www.ccs.org.sg/library/page/useful-links (Under ASSISTANCE WITH MONEYLENDER DEBTS / GAMBLING COUNSELLING)

https://silver-lining-community.weebly.com/index.html

https://www.onehopecentre.org/

 

[iamnotlame]

LCL is your licensed money lenders. 4% interest per month at best but if you take a payday/monthly loan, it can kill you.

Thank you for this info. That's almost double the rates of the banks. No wonder many of them would not like those indebted to clear their debts.

 

[HelplessFreak]

Hi all... Anybody paid their DMP using Giro? I am really afraid to missed payment. So if any of you paid by Giro can share the steps to apply..

 

[seeklightsoon]

Hi all... Anybody paid their DMP using Giro? I am really afraid to missed payment. So if any of you paid by Giro can share the steps to apply..

It depends on which banks u are on DMP with. You will have to ask the bank if they allow GIRO as the card account is considered close and usually the full amount due will be shown on the statement. So, GIRO may end up deducting the full outstanding amount.

So far, I think CIMB bank will allow GIRO as the statement shows the actual min amount that you need to pay on monthly basis. If your DMP is due on first week of the month, i would suggest that (if financially you are able to do it especially if your pay day is on last week of the previous month), just pay to all banks on the first day of the month and you will not forget.

Hope this helps.

 

[waunderwall]

Sorry, wat does LCL means

Licensed money lenders. They are worse than banks

 

[maddogkiller0]

Yes, licensed money lenders can end you up in a debt you do not want to have..

 

[KKK1978]

How do you overcome yr Crisis? They allow you to pay later?

Just to share my DMP journey.

Amount owe: $200K
Credit facilities: 12 across 8 Banks
Years of trying to manage my debts before DMP: 4 years
Attended CCS talk: Aug 2015
Submitted DMP Proposal: Sep 2015
Bank Accepted Proposal: UOB, Citibank, SCB, BOC, ANZ, HSBC
Bank Rejected Proposal: OCBC, Dinners (I will never apply these 2 banks again)
DMP clearance and start: Oct 2015
Monthly Repayment: $6000
Repayment Period: 3.5 years
Secured Loan: $1700 / month for car installment (yes you can still own a car during DMP if you can convince CCS it is necessary for work)

Crisis 1: May 2015 - change job with slightly lower pay and struggle to repay the DMP.
Crisis 2: Apr 2016 - income tax have very low rebate that year and ended up my income tax is doubled than what i have budgeted. No choice owe IRAS first

Sep 2017 - extra money from bonus and make early full repayment to UOB and dinners

June 2018 - extra money from bonus early repayment to Citibank

Feb 2019 - last payment made to BOC, HSBC, POSB(ANZ), SCB but OCBC still have 2 more payments <$2000

The End

PS: 7 Mar 19 - apply UOB credit card to get free credit report. Credit rating is now HH, and the credit card is still rejected.
PS2: thinking of changing my car (7 years already), application for car loan was rejected

 

[freakk]

hi seeklihhtsoon, i had called up ccs and directed me to their psteam. They checked their system have all my banks records and they will bring up to the banks and wait for meet up at their office.
Thanks bro, i am abit happy now, any update will let you know

Hi JSN485, just to enquire, how was your meeting with CCS? They manage to help you?

I am also facing some difficulties in repaying some of the banks right now. Wondering if they can re-consolidate my balance outstanding and re-adjust some of the monthly payments.

 

[money88]

Hi JSN485, just to enquire, how was your meeting with CCS? They manage to help you?

I am also facing some difficulties in repaying some of the banks right now. Wondering if they can re-consolidate my balance outstanding and re-adjust some of the monthly payments.

i think you can call ccs to check

 

[5877guy]

Hi guys, was wondering if any of you successfully getting a mortgage after having put in debt management thru ccs?
For my case, ccs 7years for 100plu k debt now balance 10months to complete full repayment and my hdb flat just mop...was thinking of upgrading to condo but for private property can only take loan from banks instead of hdb...got in touch with a property agent and told her up front about my situati(ccs), she just help submit my details to a bank officer and waiting for reply if a loan of 150k to 200k is possible in order for my property purchase.....meantime just checkig any u guys go tru the same before?

 

[HelplessFreak]

Anyone with CIMB DMP... How do you guys make payment.. CIMB give 16 digit new account number. I tried to do payment by dbs ibanking but failed.. Wondering how should I pay now... Please help!

 

[seeklightsoon]

Anyone with CIMB DMP... How do you guys make payment.. CIMB give 16 digit new account number. I tried to do payment by dbs ibanking but failed.. Wondering how should I pay now... Please help!

You can use the AXS machine or apps to pay. Just choose CIMB Credit Cards and input your 16-digit account number.

 

[HelplessFreak]

You can use the AXS machine or apps to pay. Just choose CIMB Credit Cards and input your 16-digit account number.

Done. Thank you for the advise..
However, I have problem now with Citibank. Till now I haven't get their letter of acceptance. Meaning I have to make payment to any of the citibank CC right... When I want to make payment thru ibanking, rejected. Do I make payment thru AXS too?

 

[seeklightsoon]

Done. Thank you for the advise..
However, I have problem now with Citibank. Till now I haven't get their letter of acceptance. Meaning I have to make payment to any of the citibank CC right... When I want to make payment thru ibanking, rejected. Do I make payment thru AXS too?

For Citibank, based on my own past experience, they will issue letter of acceptance after they have received your first instalment as per agreed with CCS. In this case, you should pay to one of your Citibank credit cards account via AXS before the agreed payment date.

 

[iamnotlame]

For Citibank, based on my own past experience, they will issue letter of acceptance after they have received your first instalment as per agreed with CCS. In this case, you should pay to one of your Citibank credit cards account via AXS before the agreed payment date.

I agree also based on experience. Payments to Citibank credit cards are not possible online. Need to do it via AXS to pay. However, if you have a Ready Credit account to pay, you can do so via online transfer.

 

[HelplessFreak]

I agree also based on experience. Payments to Citibank credit cards are not possible online. Need to do it via AXS to pay. However, if you have a Ready Credit account to pay, you can do so via online transfer.

Thank u guys for this understanding. I've already done my first instalment to citibank according to CCS proposal amount. So I will just wait for the letter. Almost a month tho..

 

[iamnotlame]

Thank u guys for this understanding. I've already done my first instalment to citibank according to CCS proposal amount. So I will just wait for the letter. Almost a month tho..

You're welcome. No worries about the letter as long as you follow the CCS MI schedule. Take it one month at a time and enjoy the journey.