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26/02/2020

Think that paying a minimum amount is good enough? Think again!

When it comes to credit cards loan repayment, most people choose to just make do with the minimum sum repayment monthly, not understanding the repercussion - that you'll end up paying so much more than you used.

Credit card debt can snowball and it will take years to pay off.

Making minimum payment every month is a signal that you are about to enter the “Debt Trap”.

Seek help before the matter gets worst.

Watch this video till the end to learn how to avoid credit card interest.

Drop us a message to know the route out of the "debt trap".

What is DRS(DEBT REPAYMENT SCHEME) ?The Debt Repayment Scheme (DRS) allows eligible debtors to repay debts without the s...
24/02/2020

What is DRS(DEBT REPAYMENT SCHEME) ?

The Debt Repayment Scheme (DRS) allows eligible debtors to repay debts without the social stigma and various restrictions of bankruptcy.

It is available only if a creditor applies to have the debtor made bankrupt.

As of May this year, 1,980 debtors have been placed on the scheme since it was rolled out in May 2009. Currently, there are 1,032 debtors on the DRS.

According to the Ministry of Law, the DRS protects a debtor's interests by disallowing any unsecured creditors from proceeding with any action against the debtor, except with the court's permission. It also protects the creditors' interests through sustainable repayment plans.

Under the DRS, creditors generally receive no less than what they would have received had the debtor been made bankrupt.

DRS is not a voluntary scheme, unlike the Debt Consolidation Plan and the Debt Management Programme.

Eligibility for consideration for DRS can be triggered only by a bankruptcy application being made in court against the debtor. This means the debtor may end up being made bankrupt if it turns out that he does not qualify for the DRS.

Acceptance into the DRS is subject to strict eligibility criteria. For example, the debtor must be gainfully employed, with debts under $100,000.

DRS debtors typically take about five years to complete repayments. For debtors who fail to complete the DRS - such as failing to comply with agreed payments - a fresh bankruptcy application may subsequently be made against them.

BANKRUPTCY - Help or Punishment?Bankruptcy used to be a taboo term, especially here in Singapore. There is a negative co...
24/02/2020

BANKRUPTCY - Help or Punishment?

Bankruptcy used to be a taboo term, especially here in Singapore. There is a negative connotation when it comes to this word as people from the earlier generations in were brought up with this perceived as a form of a punishment for not being able to handle your finances well, especially due to gambling back then.

Back in those days, there were also not many loans readily available from multiple organization, financial institutions and credit cards were not even heard of. Growing up and as they grow older, their perception towards bankruptcy sticks and is the last thing that should ever be considered. So naturally, this mentality is passed on to their kids and the generation after.

This is often linked to face value - the need to not be embarrassed to society despite the weight on their shoulder.

These days, with more and more cases of people not being able to afford paying for loans and debts to creditors happening, the Ministry of Law has introduced schemes to ease the financial difficulties of Singaporeans.

The Debt Repayment Scheme (DRS) is an example of an initiative by the Ministry of Law. This is a scheme that helps people be in control of their finances and avoid bankruptcy although the process you go through when filing is the same as bankruptcy. *This should be considered as a last resort once all other solutions have been exhausted.*

The good part? You’ll gain control of your finances back again. Instead of being hounded by creditors - avoiding calls and letters, spending every single pay on repaying your minimum sum and still not have enough for yourself after, DRS consolidates your total payable loan and calculate your income and expenses before deciding on the best way for you to repay your creditors within a maximum of 60 months.

Gaining control of your finances will get your life back on track. If you’re stuck in a similar situation and have exhausted your resources, drop us a message.

Choose to be responsible for your own financial future.

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