Frequently asked questions

 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 ...

 

CCS requires individuals to attend the free Info Talk first before they request for a counselling session for two important reasons:

  
  • The Info 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.
  • 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 Info 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?

 

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? 

 

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 credit 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?

 

CCS is a non-government-link 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 (ABS). Among its many sponsors include 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?

 

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?

 

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?

 

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?     

 

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?

 

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?

 

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?

 

Yes. We would appreciate all attendants of the Info Talk to register in order to ensure that there is enough seats for everyone.

Q12

How do I register for the Info Talk?

 

You may register for CCS Info Talk by clicking - Register now

Q13

Do I have to pay for the Info Talk?

 

The Info Talk is free of charge and opens to members of the public regardless if he/she has a debt problem.

Q14

How to apply for a Debt Management Programme (DMP)?

 
  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?

 

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?

 

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?

 

CCS only works on unsecured debts incurred with financial institutions and other relevant parties in Singapore.

Q18

How to avoid interest charge and late fee charge?

 

If you pay your outstanding balance in full before the due date, you can avoid paying the interest charge; and if you pay your minimum payment amount before the due date, you can avoid paying the late fee charge.

Q19

How to stop the bank from calling?

 

If you pay off the outstanding balance in full, the bank will stop calling.

Q20

I have already informed the bank that I am unable to pay the high amount they asked for/need time to raise money/unemployed, why are they still calling me and sending chasers to me?

 

Your inability to make payment is no excuse for the bank / collection agency staff to stop calling you, because he is employed to collect / recover the loan taken by the bank’s customers.

Q21

Where can I check my credit rating or obtain my credit report?
 

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

Q22

Do I have to pay for the credit report?

 

Yes. Please check with the credit bureaus directly on the fee of the report.

Q23

I want to know about bankruptcy and/or Debt Repayment Scheme (DRS)

 

Please visit the Insolvency and Public Trustees’ Office (IPTO) website - www.ipto.gov.sg for information.

Q24

How do I file for bankruptcy?

 

Please visit the Supreme Court website - www.supremecourt.gov.sg under Civil Proceedings or seek advice from a lawyer (please refer to "Useful Link" for a list of free legal advice).

Q25

What is the difference between bankruptcy and DMP?

 

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.

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.

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.