How can I apply for the Debt Consolidation Plan and who is eligible for it?
If I am correct, the CIMB Platinum MasterCard’s Debt Consolidation is a debt refinancing program which offers the customer the option to consolidate all his unsecured credit facilities across financial institutions with 1 participating financial institution. How exactly do I go about applying for this plan?
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You may approach any of the 14 Participating financial institutions which offer the Debt Consolidation Plan to apply for a Debt Consolidation Plan. An applicant is only allowed to apply once with one Participating financial institution in Singapore as an applicant can only have one Debt Consolidation Plan. To be eligible for DCP, you must be a Singapore Citizen or Permanent Resident; and earn between $30,000 and $120,000 per annum plus have total interest-bearing unsecured debt on all credit cards and unsecured credit facilities with financial institutions in Singapore that exceeds 12 times of your monthly income. However, certain categories of unsecured loans are excluded from DCP, such as joint accounts, renovation loans, education loan, medical loans, and/or credit facilities granted for businesses or business purposes