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/
Comments