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Do I need to continue to repay my unsecured credit facilities with my existing financial institutions after I have submitted by DCP application but before it is approved?

Yes, you shall continue to be liable for your existing unsecured credit facilities with your respective financial institutions and will be bound by the terms and conditions governing such facilities, before your DCP application is approved.

Once your DCP has been approved, you need to repay your monthly DCP repayment amount to the DC FI. In the event that the 5% DC allowance is insufficient to cover all your outstanding debts, you will also be responsible for repaying the excess outstanding amounts owing to the respective financial institutions.

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