Handling finances can be complicated, and sometimes even harder to find someone to help us through it. And while Singaporeans are used to being independent and never dependent on hand-outs with their resiliency, not having anyone to turn to during difficult times can be quite a drag.
Debt can be altogether frustrating and frightening, with nothing in the way of a social security network. But while it can be greatly complex, that doesn’t mean that all hope is lost. With the aid of just the right credit counselling program, you’ll not only be able to dig yourself out of debt but even get your finances in order and be able to handle it better from then on. No need to declare bankruptcy, trust me.
What is Credit Counseling?
Now you might ask, what is credit counseling? It is a program that aims to provide financial advice on debt management, budgeting, with a big touch of encouragement. You’ll be able to overcome your unsecured debt issue in a manageable and efficient way with the right amount of preparation, coaching, and encouraging repayment.
One local non-governmental organisation that offers this in Singapore is Credit Counseling Singapore (CCS), recognised by the Association of Banks (ABS) in Singapore. Since 2004, CCS has taken pride in helping “over 28,000 people resolve their unsecured debt issues as a registered charity and a trusted credit counseling Social Service Provider through education, credit counseling and assisted debt restructuring.” With the goal to help borrowers recover a sense of financial control and integrity, they help them better understand their numerous financial conditions and choices which they face everyday.
The CCS lawyer, who will work with you to facilitate a debt recovery plan for unsecured loans, will engage in 1-on-1 counseling. Such advice sessions are priced at a low and affordable rate.
If you have struggled with your debt and don’t know how to repay it, maybe it’s time to pursue credit counseling.
Struggling in debt can be complicated, but it doesn’t have to be, with credit counseling. CCS will provide a lawyer to work with you to facilitate a debt recovery plan through one-on-one counseling, tackling how to handle unsecured loans in sessions priced at low and affordable rates.
Throughout this process, not only will you be able to improve in handling your finances, but open a more peaceful mind to go through life.
How Credit Counselling Singapore Works
CCS has devised a goal for the entire organisation along with its employees to encourage among their borrowers a conscientious use of credit leading to a debt-distressed life. With 16 years of experience, your financial condition will be understood accordingly, providing a thorough evaluation of your repayment ability, and on your behalf, even negotiating debt repayment agreements with your creditors, when necessary. Through informative talks and seminars, good money habits and money management can be shared with all their esteemed members.
Here are their informative seminars you can choose from to achieve more financial freedom:
Information Talks on Debt Management (Consumer and Business)
These are daily webinars conducted online to provide general knowledge about how to resolve the issue of customer or company debt. You will find out the different solutions you can explore and how to plan a financial counselling session.
One-on-one financial guidance to help you better holistically understand your financial condition, consider realistic options to fix personal debts, and how to improve your money management.
Enterprise Credit Counselling
A financial counseling session to help you and your business partners (if necessary), appreciate your business finances, analyse the financial condition of your company and consider realistic ways to overcome the debt servicing problems of your company. In the case that a corporation is no longer sustainable, company owners can also be guided to recognise their responsibilities and how they can handle their financial liabilities.
Consumer Debt Management Programme (DMP)
CCS is the only social service provider in Singapore with a formal loan repayment policy with consumer banks and credit card firms. CCS continues to provide DMP assistance to people, to track their progress and payments before full settlement is reached.
Licensed Moneylender Debt Management Programme (MDMP)
CCS has partnered with the Credit Association of Singapore (CAS) to facilitate a debt repayment scheme, subject to an assessment of payment capability, for individuals who have both banks and approved moneylender debts.
Sole Proprietor and Partnership Scheme (SPP Scheme)
In response to the small business effect of COVID-19 and with the help of the Association of Banks in Singapore (ABS), the Monetary Authority of Singapore (MAS), Enterprise Singapore (ESG), and the Participating Financial Institutions (PFIs) under the ESG loan schemes, CCS will launch a scheme to assist financially distressed sole proprietors and partnerships to restructure their ESG loan schemes
Financial Literacy Talks and Workshops
In order to encourage responsible borrowing and credit card use, enhance credit and debt literacy, CCS also conducts talks and seminars concentrating on providing realistic money management skills.
When do you know that Credit Counseling is for you?
Credit Counseling may start to become an option for you when you find yourself struggling to secure payments for personal loans and credit cards. Depending on your repayment ability, CCS will be able to negotiate with your creditors directly or indirectly to restructure the repayment of your debt.
To be able to successfully accomplish better money management, it is important to attend their Information Talks and consult with a CCS counselor to go through financial counselling. This may all seem overwhelming, but it’s nothing good guidance, advice, and encouragement can’t fix.