Tag Archives: CCS

Everyday is Deepavali

My Indian friend told me that everyday is Deepavali if he never owed the banks money. He went into debt as he borrow money to help his relatives to tide over the money crisis.

I always lend him $50 monthly to help him in anywhere I can. He will usually return me when he get his bonus.

During Deepavali, he will not go his relative houses even though they call him. He does not have the money to give the Hong Bao to the children. But of course he will not tell his relatives. This the reality but others may not realise it, as they cannot see the bigger picture of another person life. He still need the dignity and the best way to escape is work or away from the family.

This is the true picture when people goes into debt due to helping people, healthcare bills, household, poor money management or any other reasons. It will be the lowest point of their life. But in recent years, there are mechanism available to help them to get out of debts if they borrow from the banks.

He told me everyday is Deepavali if he is not in debt and have sufficient money for his family.

Credit Counselling Singapore is one of the non-profit organisation that is helping thousands of Singapore Residents to get out of debt. The only catch is you must have a permanent job with an income and your debts are from the banks.

Visit CCS to find out more》》》

CCS Clearance Session

We get in debts at certain moment of our life due to uncertainty, urgency, lifestyle, family needs and many others. Usually we will not let others know which form part of Asia culture. We may even lose friendship if you try to borrow money from them.

Credit Counselling Singapore was setup with the objectives to get debtors out of the financial crisis. If you are ready down with debts, please consult them early to prevent it getting out of hand.

The 2nd appointment at CCS is the clearance session. You will get a debt management program (DMP) proposal which will be submitted to your creditors, the bank in this case.

The banks will in most cases accept the proposal. The debtors will pay according to the repayment schedule set out in the proposal.  You will start the payment in the calendar month and three working days before the due date.

It is important that you made regular payments before the due date. You are enjoying a very low interest rate and do not give the banks a chance to terminate the DMP.

A DMP status will be logged with the Credit Bureau Singapore (CBS). With the DMP status, you will not be able to apply for any credit card or loan from the banks. You need to informed CCS once full payments had been made in order for them to remove the status from CBS. With the proper discipline, you will be debt free in three to seven years time.

I will talk about the repayment schedule in my next post.

CCS Sponsors

Credit Counselling Singapore focus on helping debtors get out of debt.

The following are their sponsors:

  • Subordinate Courts of Singapore
  • South West Community Development Council
  • Singapore Pool’s (Private) Limited
  • National Council of Social Service
  • Social Enterprise Fund (MCYS)
  • Lien Foundation
  • Lee Foundation
  • The Association of Banks in Singapore
  • Fee Support Fund Programme
  • Credit Bureau (Singapore) Pte Ltd

There are many debtors in Singapore who had get into financial difficulties due to different life situations. I hope our younger generation will not get into the financial traps by planning wisely.