[sharing] Repayment assistance scheme

[OngHuatHuat]

I often read about people struggling to pay off their credit card bills and I think there are not many people knowing this scheme available on credit counselling singapore website.

http://www.ccsras.org.sg/

WHAT IS RAS?

The Repayment Assistance Scheme (RAS) is a new centralised repayment solution administered by Credit Counselling Singapore (CCS) that offers a monthly instalment plan that helps the borrower pays down the amount of unsecured debt in excess of 12 times the borrower’s monthly income. This is to be in line with the industry-wide borrowing limit of 12 times of monthly income that will come into effect on 1 June 2019.
RAS is offered at a lower interest rate of 5% per annum and over a fixed period of 8 years to help reduce the borrower’s debt servicing burden.




WHO IS ELIGIBLE FOR RAS?

1. Singapore Citizen or Permanent Resident,
2. Earn less than $120,000 per annum,
3. Have net personal assets that are $2 million or less,
4. Have total interest-bearing unsecured debt on all credit cards and unsecured credit facilities with financial institutions in Singapore that exceeds 12 times his monthly gross income before June 2015; and
5. Have good repayment records with his financial institutions (e.g. are current in making monthly repayments under his unsecured credit facilities).

If the borrower thinks that he meets the RAS eligibility criteria but did not receive any invitation letters from his FIs, he may contact CCS RAS Unit at 6996 6006 to make enquiries.
If the borrower wants to find out more about his options to resolve his debts problems before he decides his next course of action, he may register online for CCS Info Talk on Debt Management at www.ccs.org.sg (click on “Register Now” on homepage).

 

[OngHuatHuat]

Closing date is 31 December 2015, but I think there is a high likelihood they will extend the dateline for this scheme. Do keep a look out.