Managing multiple credit cards, loans, or owed money to unlicensed money lenders can be a challenge. It is also difficult to keep track of multiple repayment schedules, which can lead to missed payments and higher interest charges. In such cases, a dcp Singapore may be a solution.

A dcp, or debt consolidation plan, allows you to combine your outstanding unsecured loans from different financial institutions into one single loan with a fixed interest rate. You will then make a single monthly payment instead of paying several creditors. It can help reduce your monthly payments and interest charges, and ultimately save you money in the long run.

DCP Singapore: How a Debt Consolidation Plan Can Help You

You can find a number of financial institutions in Singapore that offer dips, including banks and licensed moneylenders. The conditions and rates offered by each institution can vary, so it is important to compare the options available before choosing one. You should also consider your own income requirements before applying for a dip. Typically, you will be required to submit proof of income as well as other acceptable documents, such as your NRIC (front and back), latest credit bureau report, CPF contribution history statement, and income tax notice of assessment.

A DCP is typically a long-term debt refinancing scheme, and you should be prepared to commit to it for some time. During this time, you should not take out additional unsecured credit or apply for new loans. Your dip account will remain on your credit record for up to seven years after you have paid it off.