Ccs Credit Counseling

Credit advice

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The MAS will gradually introduce the credit line for uncollateralised loans over four years.

After the Monetary Authority of Singapore (the'MAS') in September 2013 announcing that it would allow banks ('FIs') to grant further uncovered loans to a debtor whose unfunded debts owed in all MFIs exceed twelve fold its total gross domestic product for three successive month, the MAS on 6 April 2015 announce that overdrawn debtors would be given more adjustment to the new measures.

Twenty-four incomes per month from 1 June 2015; twelve incomes per month from 1 June 2019. Financial institutions are not permitted to provide further uncollateralised loans to a person whose uncollateralised loans are above the applicable credit line for three successive years. Simultaneously, on 6 April 2015, the Singapore Bankers Association (the "ABS") proclaimed the launch of a central redemption facility known as the redemption assistance system (the "RAS").

RAS is designed to help debtors scale back their uncollateralised debt over the course of their lives. Credit Counselling Singapore (the "CCS") will manage the RAS by co-ordinating all accounts payable funds of a single debtor to develop a central redemption paymentolution. RAS will be available at a lower interest of 5% per year and over an eight-year term to help debt holders repay debt exceeding twelve months of their income before June 1, 2015.

Borrower must submit RAS application by 31 December 2015.

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