Debt Repayment Scheme

[nitroKwek]

Anyone on Debt Repayment Scheme now?

Got some questions that im hoping someone can guide me. i'm keen to go on the Debt Repayment Scheme but am afraid it will affect my housing loan with DBS. My EC is currently being build and only 50% of the loan has been disbursed out. With me applying for the Debt Repayment Scheme, will it affect my loan with the bank as there is still 50% yet to be disbursed out.

Im really keen to take up the Debt Repayment Scheme as i cant cope with my monthly credit card repayment and hope someone out there can give me some advise.

Thanks.

 

[townman]

Try consult with Credit Counselling Singapore, call them and ask for advise.

1800 2255 227

Credit Counselling Singapore Society ? Debtors and Creditors - Site

 

[Deathgod]

usually, drs will advise you to liquidate any assets you have that can offset the debts. thus this means your ec may need to go and the money will be use to offset your debt.

if you reach the point where you cant pay the credit card outstanding amount, banks will issue writ of summon, writ of seizure etc. at that moment, you will come to the same situation of selling away your incomplete ec or the bank that give your ec loan may repossessed your ec etc.

drs is not bankruptcy but it is not far from that, the bad credit restructuring methods are pretty much the same as bankruptcy. the only different is that your name will not be advertised on the gazette.

i came thru and survived my 7 yrs of bankruptcy due to parent commitment because they are old and not able to work but there were a huge outstanding home loans, hired purchases etc from them that i took over, so i can tell you its really hell.

do not believe some others may tell you that you could be discharged after 3 years onward. these people are actually playing the grey area of the bankruptcy act. some of these bankrupts are even richer than a normal working sinkies in reality. i see them driving mercz etc to report to OA but they are bankrupt, what an irony.

from my painful lesson, i now only use cash. no credits even if i am able to get some.

 

[lin.ci84]

usually, drs will advise you to liquidate any assets you have that can offset the debts. thus this means your ec may need to go and the money will be use to offset your debt.

if you reach the point where you cant pay the credit card outstanding amount, banks will issue writ of summon, writ of seizure etc. at that moment, you will come to the same situation of selling away your incomplete ec or the bank that give your ec loan may repossessed your ec etc.

drs is not bankruptcy but it is not far from that, the bad credit restructuring methods are pretty much the same as bankruptcy. the only different is that your name will not be advertised on the gazette.

i came thru and survived my 7 yrs of bankruptcy due to parent commitment because they are old and not able to work but there were a huge outstanding home loans, hired purchases etc from them that i took over, so i can tell you its really hell.

do not believe some others may tell you that you could be discharged after 3 years onward. these people are actually playing the grey area of the bankruptcy act. some of these bankrupts are even richer than a normal working sinkies in reality. i see them driving mercz etc to report to OA but they are bankrupt, what an irony.

from my painful lesson, i now only use cash. no credits even if i am able to get some.

bro,

if owe a company $2K

dont pay them what can they do?

lomg story short.
they mislead me leh. so dont plan to pay

 

[Ggdotcom555]

Hi everyone. Just a quick question. I have filed for DRS and is wondering how the hearing at the court is like? Is it like the court room on tv shows or really it’s a small conference room? Will there be many people present and will you see your creditors?