DRS Program
The Debt Repayment Scheme (“DRS”) is a pre-bankruptcy scheme which is administered by the Official Assignee.
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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, along with its restrictions and social stigma.
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The proposed DRP must ensure that the interests of creditors are adequately safeguarded. These debtors will commit to the DRP and repay their debts over a fixed period of time of not more than 5 years. When the debtor meets his financial obligations under the DRS, he will be released from his debts and have a fresh start thereafter.
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Click here to find out more through the Ministry of Law website!
All About DRS Program
Eligibility Criteria
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Total Liabilities:
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Min. SGD 15,000
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Max. SGD 150,000
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Gainfully employed, earning regular income.
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Name must not be in ACRA
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Not a Bankrupt / DRS in the past 5 years
Benefits of DRS
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Consolidate all your debts
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Payment via Ministry of Law Portal (eCollection)
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3 to 5 years repayment plan
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No interest
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No harassment from creditors
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Fresh start without debt after DRS ends
Restrictions under DRS
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No bank loans
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No usage of credit cards
* Remember, the whole purpose of embarking on the DRS program is to get a fresh start in life without debt.​
Address
110A Jalan Besar
Singapore (208830)
Phone
+65 8874 1695