FAQs
Q1
I wish to skip the Info Talk because I am very busy / I work in the
evening / I work in the financial industry / I’ve already received
a lawyer’s letter……
A1
CCS requires individuals to attend the free Info Talk first before
they request for a counselling session for two important
reasons:
(1) The Talk provides information on one’s options in
settling a debt problem, the collection process, and the services
offered by CCS. This will give the individual a better idea
of what they can do regarding their debt problems and also what CCS
can do for them. Individuals will be able to decide on their
next course of action which are more suitable for their situation
and which may not involve CCS.
(2) The counselling session assumes the individual
already has an understanding of the procedures of common collection
action taken by the creditors, the requirements stipulated by the
banks, and the services provided by CCS which will be provided at
the information talk.
The counseling session will explore in detail the options available
to a debtor. Therefore, the individual is required to attend
the Talk to learn about the above first to ensure that no time is
wasted covering information which would have been already discussed
at the information talk, thus making the counseling session more
productive and meaningful.
Q2
If an individual already have a legal suit issued against him, can
he skip the Info Talk?
A2
No. The individual is advised to quickly register for and attend
the next available Info Talk, this will help to ensure that he will
have a meaningful discussion at the counselling session to identify
an appropriate solution to address his concerns/problem.
If the individual decides that he still wants to go for a
counseling session after the information talk, we can give priority
in fixing the counseling session if there is an impending legal
action against him, subject to the availability of
counsellors.
Q3
Can CCS talk to my banks and tell them not to take legal action
against me and/or to give me an installment plan?
A3
CCS can only intercede with the Banks after understanding the
debtor’s financial situation and ascertaining that the debtor is
suitable for the debt management plan.
This is why individuals have to attend the Information Talk and go
through a detailed counselling session in order for CCS to
ascertain his status and the options available to him.
To learn more about how to obtain assistance from CCS, please
register online for the Info Talk.
Q4
How does CCS differ from the other debt consultancy firms?
A4
CCS is a non government organisation and a charity registered with
the Commissioner of Charities.
CCS has been established since 2004 and is the only debt
counselling organisation supported by The Association of Banks in
Singapore. Among its many sponsors is the Subordinate Courts
of Singapore which first mooted the idea for CCS.
CCS provides professional debt advisory services to the general
public in Singapore and is the only debt counselling organisation
that has a formal debt restructuring scheme with the major consumer
banks in Singapore.
Being a non profit organisation, its charges are nominal compared
with other debt consultancy firms.
Q5
Will CCS inform my employer that I have come to seek assistance
from CCS?
A5
All information provided by individuals to CCS is on a strictly
private and confidential basis. CCS will not divulge any
information to third parties without the expressed approval of the
debtor.
It does not inform employers of an individual’s debt problems or
that the individual has come to CCS for assistance.
With the permission of the debtor, CCS will provide relevant
information to creditors as well as the Credit Bureau of Singapore
if the person qualifies and opted for the debt management program
which it has with bank creditors.
Q6
Is Debt Management Programme (DMP) status on public record?
A6
It is a requirement that individuals who are placed on the debt
management programme will be reported to the Credit Bureau.
Credit Bureau reports are only available to the individual
concerned as well as the participating institutions (eg.
banks).
Q7
Will the information I shared with CCS be kept confidential?
A7
CCS has a policy about keeping all debtors information
confidential. Information will only be released to relevant
parties with the permission of the individuals concerned.
Q8
Can CCS help me to put up a Debt Management Programme (DMP) that
includes my housing loan or car loan?
A8
CCS only deals with unsecured debts and therefore does not handle
secured debts such as housing loans and car hire purchase
loans.
However in the event that the security is sold and there is a
shortfall, such amounts can be assessed together with the other
unsecured debts of the individual.
Q9
How often does CCS conduct the Info Talk?
A9
CCS conducts the Info Talk every week (except during certain
festive seasons, eg. Chinese New Year).
Q10
What is the duration of the Info Talk?
A10
The Info Talk lasts about 2 hours inclusive of a Q&A
session.
Q11
Can I bring someone to attend the Info Talk with me?
A11
Yes. We would appreciate all attendants of the Info Talk to
register in order to control the number of people coming for the
talk.
Q12
How do I register for the Info Talk?
A12
Please register online by clicking "Sign up Info Talk"
Q13
Do I have to pay for the Info Talk?
A13
The Info Talk is free of charge and opens to members of the public
regardless if s/he has a debt problem.
Q14
How to apply for a Debt Management Programme (DMP)?
A14
(1) The individual must firstly attend the Info Talk.
(2) After the talk, if he decides that he needs to attend a
counselling session, then he will have to submit the counselling
request form and supporting documents, provide us with information
and data in order for us to ascertain his financial
situation.
After the receipt of the counselling request and the
documents. CCS will contact the individual to set up an
appointment to meet with a counsellor.
(3) During the counselling session, the options available to the
debtor will be discussed and explored. The debtor will
then have to decide whether he wants to proceed with a debt
management program if he meets the requirements for the DMP.
(4) It must be stressed that the DMP is only one of the options
available to debtors and not all individuals will qualify for a
DMP. Debtors should not assume that a DMP will be assured at
the end of the counselling session as CCS needs to further
ascertain the suitability after the counselling session.
(5) If he is suitable and also opts for the DMP, CCS will then
process a DMP on his behalf for his unsecured creditors’ review and
approval.
Q15
What are the requirements to put up a DMP?
A15
Briefly, the individual must have an income which after deducting
living expenses will yield a surplus that will allow his debts to
be repaid over a reasonable time period.
The details and process of putting up a DMP will be covered during
the free Info Talk.
Q16
Can CCS help me get a lower interest rate?
A16
The DMP is only for genuinely distressed debtors who are unable to
meet their debt repayments without some concessions from the
creditors. It is not a scheme to reduce interest costs for
the debtor. Any interest reduction is solely at the
discretion of the creditors to help distressed and deserving
debtors.
Q17
Does CCS handle debts incurred with overseas financial
institutions?
A17
CCS only works on unsecured debts incurred with financial
institutions and other relevant parties in Singapore.
Q18
Where can I check my credit rating or obtain my credit
report?
A18
You may check your credit rating or obtain a copy of your credit
report of your borrowings from all financial institutions from
Credit Bureau Singapore (www.creditbureau.com.sg).
Q19
Do I have to pay for the credit report?
A19
Yes. Please check with the credit bureaus directly on the fee
of the report.
Q20
I want to know about bankruptcy and/or Debt Repayment Scheme
(DRS)
A20
Please visit the Insolvency and Public Trustees’ Office’s website:
www.ipto.gov.sg for information.
Q21
How do I file for bankruptcy?
A21
Please seek advice from the Insolvency and Public Trustee’s Office
(www.ipto.gov.sg) or a lawyer (please refer to "Useful Link" for a
list of free legal advice)
Q22
What is the difference between bankruptcy and DMP?
A22
(1) Bankruptcy is a legal process where the debtor is publicly
recognised to be insolvent by the Supreme Court and the Official
Assignee (OA) is appointed by the Court to administer the
bankruptcy estate. There are laws and regulations covering
bankrupts which have to be observed.
(2) DMP is a voluntary debt repayment plan put up by the debtor to
his unsecured creditors for review and approval. This is purely a
private arrangement between the debtor and his creditors and is not
a legal arrangement.
(3) For more information about bankruptcy, please visit the
Insolvency and Public Trustees’ Office’s website: www.ipto.gov.sg /
Email: ipto_enquiry@ipto.gov.sg / Tel: 6325 1500 for information
about bankruptcy.