If a borrower owes a debt of at least $15,000 that cannot be repaid, then either the borrower or creditor may file a Bankruptcy Application with the High Court. There are consequences to being declared bankrupt such as restrictions to travelling overseas and access to credit.

However, if one has exhausted all other options for repaying his /her debts, bankruptcy is an option for consideration.

Language: English
Presented by Credit Counselling Singapore.

________________________________
Visit Credit Counselling Singapore – https://www.ccs.org.sg

Information on Bankruptcy – https://io.mlaw.gov.sg/bankruptcy/who-is-the-official-assignee/

Take our Online Debt Management Course – https://www.ccs.org.sg/get-help/odmc/

Address a Debt Problem – https://www.ccs.org.sg/debt-management/

Arrange for Financial Counselling – https://www.ccs.org.sg/get-help/appointment-documents/

Download Counselling Request Package – https://www.ccs.org.sg/sdm_downloads/crf/

There are a lot of misconceptions about what the Debt Repayment Scheme (DRS) is. For one, it is NOT a scheme that you can simply “apply” for when you cannot pay your creditors. It is “pre-bankruptcy scheme which is administered by the Official Assignee (OA) under the Bankruptcy Act (Chapter 20)”.

To put it simply, when you are sued for bankruptcy (or self-file to be a bankrupt), the OA checks your eligibility and assesses your suitability before placing you on the Scheme.

Language: English
Presented by Credit Counselling Singapore.

________________________________
Visit Credit Counselling Singapore – https://www.ccs.org.sg

Information on the Debt Repayment Scheme – https://io.mlaw.gov.sg/debt-repayment-scheme/about-debt-repayment-scheme/

Take our Online Debt Management Course – https://www.ccs.org.sg/get-help/odmc/

Address a Debt Problem – https://www.ccs.org.sg/debt-management/

Arrange for Financial Counselling – https://www.ccs.org.sg/get-help/appointment-documents/

Download Counselling Request Package – https://www.ccs.org.sg/sdm_downloads/crf/

What can you do when you realise that the minimum payments required on all your credit card accounts have become too much to bear? Watch this video to find out how YOU can take the first step to address a growing debt problem.

Language: Mandarin
Presented by Credit Counselling Singapore.

________________________________
Visit Credit Counselling Singapore – https://www.ccs.org.sg

Take our Online Debt Management Course – https://www.ccs.org.sg/get-help/odmc/

Address a Debt Problem – https://www.ccs.org.sg/debt-management/

Arrange for Financial Counselling – https://www.ccs.org.sg/get-help/appointment-documents/

Download Counselling Request Package – https://www.ccs.org.sg/sdm_downloads/crf/

Credit Cards are convenient, such as being able to purchase a large ticket item without forking out a lump sum of cash. So, for a $5,000 vacation that was charged to your card, you could pay $150 when the bill arrives –the minimum amount payable if you can’t settle in full. What happens when the outstanding amount has ballooned to $50,000? You are still expected to make at least the minimum payment, which is now $1,500. That’s when some borrowers realise that even making the minimum payment has become increasingly difficult.

Language: English
Presented by Credit Counselling Singapore.

________________________________
Visit Credit Counselling Singapore – https://www.ccs.org.sg

Take our Online Debt Management Course – https://www.ccs.org.sg/get-help/odmc/

Address a Debt Problem – https://www.ccs.org.sg/debt-management/

Arrange for Financial Counselling – https://www.ccs.org.sg/get-help/appointment-documents/

Download Counselling Request Package – https://www.ccs.org.sg/sdm_downloads/crf/

Debt Consolidation Plan (DCP) is a debt refinancing program which offers the borrower the option to consolidate all unsecured debts (such as credit card debts and some types of unsecured loans) across different banks into a single term loan with one bank. Certain types of unsecured debts are excluded and you must meet the eligibility criteria before banks consider your application.

Language: English
Presented by Credit Counselling Singapore.

________________________________
Visit Credit Counselling Singapore – https://www.ccs.org.sg

Take our Online Debt Management Course – https://www.ccs.org.sg/get-help/odmc/

Address a Debt Problem – https://www.ccs.org.sg/debt-management/

Arrange for Financial Counselling – https://www.ccs.org.sg/get-help/appointment-documents/

Download Counselling Request Package – https://www.ccs.org.sg/sdm_downloads/crf/

In order to work out a feasible repayment plan with creditors, you need to establish a household budget that sets aside enough money for your family’s basic and essential needs before you can determine how much you can afford for monthly payments.

The amount you can afford to repay creditors is your payment capacity.

Language: English
Presented by Credit Counselling Singapore.

________________________________
Visit Credit Counselling Singapore – https://www.ccs.org.sg

Take our Online Debt Management Course – https://www.ccs.org.sg/get-help/odmc/

Address a Debt Problem – https://www.ccs.org.sg/debt-management/

Arrange for Financial Counselling – https://www.ccs.org.sg/get-help/appointment-documents/

Download Counselling Request Package – https://bit.ly/2y4MyFC

A Debt Management Programme (DMP) is a debt repayment arrangement that is facilitated by Credit Counselling Singapore (CCS) for borrowers who are struggling to pay for basic living expenses and at the same time, make minimum payments to all his/her banks.

CCS will work with you to establish a reasonable budget for your household, determine how much you can set aside as monthly payments, and propose a repayment arrangement for your creditors’ approval.

Language: English
Presented by Credit Counselling Singapore.

________________________________
Visit Credit Counselling Singapore – https://www.ccs.org.sg

Take our Online Debt Management Course – https://www.ccs.org.sg/get-help/odmc/

Address a Debt Problem – https://www.ccs.org.sg/debt-management/

Arrange for Financial Counselling – https://www.ccs.org.sg/get-help/appointment-documents/

Download Counselling Request Package – https://bit.ly/2y4MyFC

Dr Tan Cheng Bock helped to start the Credit Counselling Singapore (CCS)

The continuation of how you can settle debts in Singapore.

In part 2, we share a scheme by Credit Counselling Singapore or CCS.

For all other solutions and assistance do click on the following link
https://debtaid.sg/ways-to-settle-debts-in-singapore/

Client – Credit Counselling Singapore
Executive Producer – Sheng Min Ang
Script – Ming Siu Goh
Voice Over Artiste – Samuel Chong
Direction / Design / Animation – Max Emotion Partner – Anomalyst Studio