What Is Debt Consolidation Plan?

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What Is Debt Consolidation Plan?

In its simplest form of explanation, Debt Consolidation Plan or DCP, in short, is a form of repayment scheme introduced by The Association Of Banks in Singapore. DCP is a repayment scheme that helps consumers with their bloating debt situation.

What Type Of Debt Can It Be Used ?

We like to keep our explanation and sharing as simple as it can be. So, DCP can help you with your debt owed to recognized banks in Singapore.

Example, like your credit card balances, personal loans from recognized banks.

Another example, you have personal loan and 2 credit card balances. Usually, you will be paying 3 bills. Under DCP, all your 3 bills will be merged into 1 paying bill.

Do take note that certain categories of loans are excluded from DCP. They are :-

  • car loans,
  • joint accounts,
  • renovation loans,
  • medical loans and,
  • credit facilities granted for business purposes.

How Much Of Debt Can DCP Covers ?

It has to be 12 times greater than your monthly income.

What Are The Benefits of DCP ?

  1. Reduce your average interests on the total amount to 3.5%
  2. Reduce monthly installment payments
  3. Become debt free within a short period of time
  4. Improve your credit score

Who are the participating banks offering DCP ?

HSBC7.5-10% p.a1-10 yearsView More
Citibank10.5% p.aUp to 84 monthsView More
Standard Chatered9.55-11.77% p.a10 yearsView More
DBS8.22% p.a96 monthsView More
OCBC10.46-11.08% p.a8 yearsView More
UOB8.22-9.04% p.a72 monthsView More
Maybank8.48% p.a10 yearsView More

It Can Be A Life Saver

In short, DCP can be a life saver for someone.

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You can schedule a FREE 1 hour debt consultation with us. No commitment needed and no obligations.

Smart Debt Asia is not a money lending institution. We are a Debt Management Consultancy firm. Our services and expertise cover debt settlement, credit card relief, debt consolidation and corporate debt.

Contact us today for a no-obligation plan on your debt-consolidation plan:

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