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- Apr 21, 2012
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Have been thinking Long & hard through the day, after gathering aLL the feeedback from bros here.Here's perhaps my intiaL initiative; and see if he's agreeabLe to it :
SEEKING ASSISTANCE FROM CCS
There is this 3-step process to seek assistance from CCS:
STEP 1 – Compulsory Attendance of the Free Info Talk on Debt Management:
The consumer is requested to attend a compulsory free info talk that is being conducted on a weekly basis. This talk explains the various options in handling a debt problem and the common collection actions taken by the creditors. It will also explain the services offered by CCS so that the consumer can self-assess and decide what he wants to do next.
Consumers are requested to register for the free info talk online.
STEP 2 – Credit Counselling to Explore Solution:
If the consumer wished to seek further assistance after he has attended the free info talk, he needs to collect the Counselling Session Request Package at the end of the talk, complete and submit it with photocopy of the necessary documents to CCS.
After receipt of the submission, CCS will call the consumer to set up a one-to-one counselling session for him to discuss his situation in details with a credit counsellor.
To ensure a meaningful discussion and assessment during the counselling session, consumer must have attended the free Info Talk first. He must also submit all the relevant documents and be upfront about the assets, liabilities, income and other resources available.
To achieve a plausible solution, the consumer needs to be open-minded to explore the various options and be prepared to make lifestyle adjustment in resolving the debt problem.
STEP 3 – Set up a Debt Management Programme (DMP):
At the counselling session, the counsellor will assist the consumer to work out a monthly budget, explore options and identify the most appropriate solution for his debt problem at the moment.
If at the end of the counselling session, both the counsellee and his counsellor concurred that the Debt Management Programme (DMP) is the most suitable option, CCS will then work on it, subject to the DMP Review Committee’s approval, put it up for the creditors’ consideration and acceptance.
A DMP is a debt repayment plan via monthly installment payment over a reasonable time frame.
OPTIONS IN HANDLING A DEBT PROBLEM
There are basically four options in handling a debt problem, namely, Self Administration, Composite Settlement, Debt Management Programme (DMP) and Bankruptcy (or via a Debt Repayment Scheme, ie DRS).
Option 1: Self Administration
As the name suggest, the consumers are to administer the debt problem themselves by liaising with the creditors directly to explain their financial plights and appeal for assistance from the creditors (eg. request for an installment plan to repay the debt owed).
Option 2: Composite Settlement
The consumers may engage a licensed professional (eg. lawyer or accountant) to make a composite offer to the creditors via a Voluntary Arrangement. Alternatively, the consumers may also raise the money and negotiate with the creditors directly themselves, and appeal for a discounted lump sum settlement of the debt.
Option 3: DMP (Debt Management Programme)
This is an unsecured debt repayment plan via monthly installment payment. It is put up by CCS on behalf of suitable individuals who have the desire, determination and means to repay the debt owed.
Option 4: Bankruptcy
This serves as the last resort when all else fail to resolve the debt problem. The indebted individual may either wait to be sued by the creditors or apply for a self-file bankruptcy petition.
When an individual is sued by a creditor for or self-filed a bankruptcy petition, he may qualify for the Debt Repayment Scheme (DRS, effective from 18 May 2009) if his unsecured debt is no more than $100,000, holds a regular paying job and is committed to make repayment in about five years. For more information on DRS, please visit www.drs.gov.sg.
SEEKING ASSISTANCE FROM CCS
There is this 3-step process to seek assistance from CCS:
STEP 1 – Compulsory Attendance of the Free Info Talk on Debt Management:
The consumer is requested to attend a compulsory free info talk that is being conducted on a weekly basis. This talk explains the various options in handling a debt problem and the common collection actions taken by the creditors. It will also explain the services offered by CCS so that the consumer can self-assess and decide what he wants to do next.
Consumers are requested to register for the free info talk online.
STEP 2 – Credit Counselling to Explore Solution:
If the consumer wished to seek further assistance after he has attended the free info talk, he needs to collect the Counselling Session Request Package at the end of the talk, complete and submit it with photocopy of the necessary documents to CCS.
After receipt of the submission, CCS will call the consumer to set up a one-to-one counselling session for him to discuss his situation in details with a credit counsellor.
To ensure a meaningful discussion and assessment during the counselling session, consumer must have attended the free Info Talk first. He must also submit all the relevant documents and be upfront about the assets, liabilities, income and other resources available.
To achieve a plausible solution, the consumer needs to be open-minded to explore the various options and be prepared to make lifestyle adjustment in resolving the debt problem.
STEP 3 – Set up a Debt Management Programme (DMP):
At the counselling session, the counsellor will assist the consumer to work out a monthly budget, explore options and identify the most appropriate solution for his debt problem at the moment.
If at the end of the counselling session, both the counsellee and his counsellor concurred that the Debt Management Programme (DMP) is the most suitable option, CCS will then work on it, subject to the DMP Review Committee’s approval, put it up for the creditors’ consideration and acceptance.
A DMP is a debt repayment plan via monthly installment payment over a reasonable time frame.
OPTIONS IN HANDLING A DEBT PROBLEM
There are basically four options in handling a debt problem, namely, Self Administration, Composite Settlement, Debt Management Programme (DMP) and Bankruptcy (or via a Debt Repayment Scheme, ie DRS).
Option 1: Self Administration
As the name suggest, the consumers are to administer the debt problem themselves by liaising with the creditors directly to explain their financial plights and appeal for assistance from the creditors (eg. request for an installment plan to repay the debt owed).
Option 2: Composite Settlement
The consumers may engage a licensed professional (eg. lawyer or accountant) to make a composite offer to the creditors via a Voluntary Arrangement. Alternatively, the consumers may also raise the money and negotiate with the creditors directly themselves, and appeal for a discounted lump sum settlement of the debt.
Option 3: DMP (Debt Management Programme)
This is an unsecured debt repayment plan via monthly installment payment. It is put up by CCS on behalf of suitable individuals who have the desire, determination and means to repay the debt owed.
Option 4: Bankruptcy
This serves as the last resort when all else fail to resolve the debt problem. The indebted individual may either wait to be sued by the creditors or apply for a self-file bankruptcy petition.
When an individual is sued by a creditor for or self-filed a bankruptcy petition, he may qualify for the Debt Repayment Scheme (DRS, effective from 18 May 2009) if his unsecured debt is no more than $100,000, holds a regular paying job and is committed to make repayment in about five years. For more information on DRS, please visit www.drs.gov.sg.
