Get Debt Consolidation Plan Options in Singapore

A debt consolidation plan, or DCP, combines eligible unsecured debts into one repayment plan with one participating financial institution. It helps simplify repayment but does not remove the debt.

You generally need to be a Singapore Citizen or PR, earn between S$20,000 and below S$120,000 a year, have net personal assets below S$2 million, and have interest-bearing unsecured debt exceeding 12 times your monthly income.

Formal DCP eligibility is generally limited to Singapore Citizens and Permanent Residents. Foreigners may need to review other loan or repayment options, depending on provider criteria.

A formal debt consolidation plan is usually offered by participating financial institutions and has specific eligibility rules. Licensed moneylenders may offer other regulated loan options, but these are not the same as a formal DCP. Always compare the total repayment amount, fees, repayment period and provider terms before proceeding.

DCPs usually cover eligible unsecured debts such as credit cards and certain unsecured credit facilities. Secured loans, joint accounts, renovation loans, education loans, medical loans and business-purpose facilities are generally excluded.

No. A DCP does not write off your debt. It restructures eligible unsecured debts into one repayment plan, and you remain responsible for repaying the approved amount.

Approval time varies by provider, document completeness, credit assessment and debt complexity. No platform or provider should guarantee approval or same-day approval.

DCP interest rates and EIR vary by provider, promotion, tenure and borrower profile. Always compare the EIR, processing fee, total repayment amount and repayment schedule.

Check processing fees, late payment fees, early repayment fees, refinancing fees and any charges linked to your repayment schedule. These can affect the total cost.

Common documents include NRIC, latest Credit Bureau report, income documents, credit card statements, unsecured loan statements and confirmation of unbilled instalment balances, if applicable.

DCP is designed so borrowers have one active debt consolidation account at a time. A central registry helps financial institutions check this.

Existing unsecured credit facilities are usually closed or suspended after DCP approval. You may receive a limited revolving credit facility, depending on the provider’s terms.

No. For a formal debt consolidation plan, the approved amount is generally used to repay eligible unsecured debts directly to the relevant financial institutions. It is not the same as receiving cash from a normal personal loan.

No. For a formal debt consolidation plan, the approved amount is generally used to repay eligible unsecured debts directly to the relevant financial institutions. It is not the same as receiving cash from a normal personal loan.

Yes. Continue making at least the required minimum payments until the DCP is approved and activated, as your existing obligations remain in place during assessment.

Some providers may allow early repayment, but prepayment or cancellation fees may apply. Check the provider’s terms before signing.

Money Kinetics is a loan matching platform. It connects borrowers with trusted banks and loan providers, but final approval, rates and repayment terms are decided by the provider.

No. Checking options does not guarantee approval. Providers will assess your income, debt level, credit profile, documents and repayment ability before making a decision.