Debt Repayment Scheme Guide: How will it benefit you?
You have been hearing about Debt Repayment Scheme (DRS), doing research about it and still not really sure how to get started.
Let’s be clear that this programme is tailored by the Ministry of Law (MinLaw) to help individuals clear their unsecured debt through an affordable repayment plan. As long as your total outstanding debt does not exceed $150,000, you qualify to enter this programme.
THE THREE CRITERIAS:
Total outstanding above $15,000 and not more than $150,000
Has a stable income
Looking to clear unsecured debt such as personal loans, Licensed Moneylenders, Utilities Bill etc. altogether.
Why Opt For Debt Repayment Scheme (DRS)?
The obvious goal that every individual looks forward to is clearing debts without having to borrow money, which will only dig another debt hole.
Unlike other consolidation schemes, Debt Repayment Scheme (DRS) do not provide loans to help debtors offset their debts. Monthly repayment amount will be determined by the Official Assignee (OA) after assessing your income and liabilities. Official Assignee (OA) here refers to the person who is a public servant and an officer of the Court.
