Credit regulator, NGO launch joint debt relief scheme

It is available to those owing money to banks and licensed moneylenders.

The Credit Association of Singapore (CAS) and Credit Counselling Singapore (CCS) have jointly developed a debt relief plan for distressed borrowers, according to a news release.

The Moneylenders Debt Management Programme (MDMP) is a monthly installment debt repayment plan for borrowers who owe money to banks and licensed moneylenders.

From April onwards, CCS is extending its debt restructuring service to individuals indebted to licensed moneylenders provided that the borrower also owes money to banks.

Those with debt owing only to licensed moneylenders can seek assistance from social service agencies, such as Adullam Life Counselling, AMP Singapore, Arise2Care, Blessed Grace Social Services, One Hope Centre and The Silver Lining.

Photo courtesy of CAS Facebook page.