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About Us
Credit Counselling Singapore CCS facilitates repayment arrangements for debt-distressed borrowers on behalf of suitable creditors under the Debt Management Program to enable them to fully repay their unsecured debts such as credit cards, personal loans, and lines of credit.
The Debt Management Program DMP, organized by Credit Counselling Singapore with major consumer banks and credit card issuers in Singapore through The Association of Banks in Singapore ABS, enables borrowers who have sufficient payment capacity to settle their debts affordably over a reasonable timeframe.
If you possess adequate funds, as determined during a credit counseling session with our Credit Counselors, you may consider enrolling in the Debt Management Program.
On your behalf, we'll prepare a DMP Proposal and Repayment Plan tlored for each creditor, allowing affordable monthly repayments on full settlement of all unsecured debts. This includes payments on personal debts incurred through banks or credit card issuers: credit cards, lines of credit, overdrafts, personal loans, renovation loans, study loans.
The proposed monthly installment amounts will be based on your financial capacity after setting aside expenses for yourself and your family, as per the budget developed during the counseling session by our Credit Counselors.
Once creditors approve the DMP Proposal, you'll start paying them according to the Repayment Schedule. It's important to note that approval of DMPs is at the discretion of individual creditors; we will communicate their decisions via eml.
You will be informed about your program detls during an Onboarding Session where you'll receive guidance on managing payments and enhancing financial literacy through our Debt Servicing and Support team, who offer talksworkshops for improved financial knowledge and mental emotional wellbeing.
Upon successful completion of the DMP, a Graduates Workshop on rebuilding creditworthiness will be provided to assist you in this process.
Credit Bureau Reporting:
While enrolled in the DMP program, all existing credit cards and unsecured facilities are closed down.
An individual's status on DMP will be reported to Credit Bureau Singapore CBS, which will note your participation in a Debt Management Program with CCS on their credit report.
This status likely prevents creditors from approving future credit or loan applications due to the impact on creditworthiness.
Please understand that an individual's credit report is confidential and only accessible by themselves and financial institutions assessing credit worthiness; it is not publicly avlable information.
Once all creditors are fully repd, inform CCS of your completion status for us to notify CBS about removing the DMP status from your record, allowing you to gradually rebuild your creditworthiness.
Eligibility Criteria:
The Debt Management Program DMP provide debt relief services to borrowers with excessive debts. The general requirements for enrolling in a DMP are as follows:
Have unsecured debts exceeding $10,000.
Possess multiple creditors for unsecured debts.
Be assessed to have sufficient payment capacity to fully repay all debts within an acceptable timeframe.
Consumer Debt Management
Providing Documentation
Participating in Credit Counseling
Initiating a Debt Management Program
Moneyler Debt Management Programs
Other Options for Debt Settlement
Bankruptcy Support Services
Access to Resources
Contact Us: Phone - 6225 5227 Eml - [email protected]
Operating Hours:
Monday - Friday, 9 AM - 6 PM excluding holidays
Location:
51 Cuppage Road
Singapore 229469
Services Offered:
Register for Talks and Workshops
Consumer Debt Management Services
Business Debt Management Solutions
Financial Education Seminars
Bankruptcy Support Programs
Repayment Assistance Schemes RAS
Frequently Asked Questions
Governance Policy Information
Donate to CCS
Data Protection Policies
Conditions of Service Agreement
Website Usage Terms
Whistleblowing Protocol
Annual Report Highlights
Jump To Resources
Educational Materials:
Download a Monthly Budget Template
Copyright 2024 Credit Counselling Singapore. All rights reserved.
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