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The Debt Repayment Scheme (“DRS”) is a pre-bankruptcy scheme which is administered by the Official Assignee. It seeks a win-win outcome for both the debtor and his creditor. Debtors with unsecured debts not exceeding $150,000 will be able to enter into a debt repayment plan (“DRP”) under the DRS with their creditors and avoid bankruptcy ...
The Debt Repayment Scheme (DRS) is a pre-bankruptcy scheme administered by the Official Assignee (OA). When successfully placed on DRS, the debtor avoids bankruptcy, along with its restrictions and social stigma. The debtor has the opportunity to start anew financially after committing to the terms of the DRS and making payments to repay ...
Individual Insolvency & Debt Repayment Scheme Division The URA Centre (East Wing) 45 Maxwell Road #07-11 Singapore 069118. Please send in your enquiries/feedback at Contact Us @ OneMinLaw . Alternatively, you may visit us at our website at https://go.gov.sg/io or contact us at 1800-2255-529* (during office hours).
Feb 15, 2024 · A debtor on the Debt Repayment Scheme will be able to repay his debts within 5 years while the period of bankruptcy for a bankrupt may be longer. 5. Zero-interest rates on debts outstanding. A debtor on the Debt Repayment Scheme will no longer have interest penalties levied on balance outstanding. 6.
Oct 22, 2020 · The Debt Repayment Scheme (DRS) is an available alternative to declaring bankrupt. The High Court will appoint an officer of the court from the Ministry of Law’s Insolvency Office, otherwise known as the Official Assignee (OA), to administer the debtor’s affairs. The OA is in charge of investigating the conduct of the debtor and helping to ...
Understanding Debt Repayment Scheme (DRS) In Singapore 2024. In Singapore, being in debt is quite a norm as taking out loans to pay for essentials like housing, education, medical needs or other big-ticket liabilities like cars or business funding. These kinds of debts are socially acceptable and will often not be considered bad debt.
Apr 30, 2021 · Here are 3 main programmes for you to restructure debt in Singapore: Debt Consolidation Plan (DCP) Debt Management Plan (DMP) Debt Repayment Scheme (DRS) DCP. The DCP was introduced in January 2017 to provide an avenue for individuals to be more disciplined in meeting their debt payments or commitments. In a nutshell, it offers individuals the ...
For more information, you can actually contact them directly. If you are still in doubt and would like to find out more about the Debt Repayment Scheme under the Ministry of Law, please visit our website or you can call us at 1800-2255-529. Pre-Bankruptcy Click here to listen to the full podcast! Full Transcripts from Misleading Debt ...
Apr 8, 2020 · The Debt Repayment Scheme is one of several alternatives to bankruptcy in Singapore, constituting a plan for debt repayment under the supervision of the Official Assignee (OA) appointed by the Court. Unlike bankruptcy, in the case of DRS, the Official Assignee does not take over the title to debtors’ property and does not t liquidate the same ...
The Debt Repayment Scheme in Singapore, or DRS, is an alternative to declaring bankruptcy for people struggling with debt repayment.. The DRS works in a similar way to bankruptcy. An officer from the Ministry of Law’s Insolvency Office, known as the Official Assignee (OA), is appointed by the High Court to administer the debtor’s affairs.
