With a Debt Consolidation Plan (DCP), you are taking take out a new loan to pay off your existing loans and debts. The reason for that is if the new loan has a lower interest rate than your current one, you will save money on interest each month and may be able to pay off your debts faster. Or if the new loan has a longer tenure (up to 10 years for version 1) you may be able to lower your monthly payment making it easier for you to service them each month.
There are 2 versions of DCP. One is a scheme offered by The Associations Of Banks Of Singapore and its participating institutes and is suitable for unsecured debt on all credit cards and unsecured credit facilities with financial institutions in Singapore that exceeds 12 times of one’s monthly income. The other could be offered by any lender and depending on the lender, could be on any outstanding loan amount with any lender.
If you are having issues repaying your debts, it could be helpful to consider debt consolidation. You may also read The Associations Of Banks Of Singapore’s page on DCP to learn more - https://www.abs.org.sg/consumer-banking/consumers/debt-consolidation-plan
Also, consider going for credit counselling with organizations such as Credit Counselling Singapore (CCS) which is an independent non-profit organisation at https://www.ccs.org.sg/ or AMP's Debt Advisory Centre at https://www.amp.org.sg/service/debt-advisory-centre/