Polonius, in William Shakespeare’s Hamlet, said neither a borrower nor a lender be.
But we all know in today’s world that is hard to achieve when likely your first home is under mortgage. And it has been said that the world is driven by debt. (Did you know that the bond market is larger than the equities market?) So as far as possible, no one wishes to be declared a bankrupt because in Singapore, a bankrupt faces a lot of restrictions and there is a social stigma.
In comes the Debt Repayment Scheme (DRS), to seek a win-win outcome for both the debtor and his creditor. At this point, I wish to state that there is also the concept of being a good debtor and a good creditor. Irresponsibility and oppression are negatives to be avoided respectively.
But this scheme is not for everyone either, and it is applicable for debtors with unsecured debts not exceeding SGD100,000 and debtors must commit to the DRS to repay their debts over a fixed period of time of not more than 5 years. And when the debtor meets the financial obligations under the DRS, he/she will be released from debts and have a fresh start thereafter.
I can help point appropriate persons to the correct people to assist on this matter. So reach out to me. Otherwise, for more information, click here.