Money Lender Debt Repayment Plan
The thought of quick and easy cash from licensed money lenders has lured many desperate people into taking out a payday loan. Then can lead to a downward spiral: even if you manage to pay off the loan, new loans will be added to old loan and another loan has to be taken out for the next pay cycle. Add initial fees and rollover fees, and suddenly you will be in difficulty. The way you deal with your money on a daily basis can impact your life for many years to come. We can show you that sound financial practices do not always require "doing without, or giving up."
SG Debtbuster and Moneylender's Association of Singapore have signed a Memorandum of Understanding to help distressed borrowers to meet their repayment with their moneylenders through a revised debt repayment plan also known as Money Lender Debt Repayment Plan. The proposed Debt Repayment Plan (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 months. When the debtor meets his financial obligations under the MDRP, he will be released from his debts and have a fresh start thereafter.