What is DRS?
What is Debt Repayment Scheme? Debt Repayment Scheme (DRS) is a scheme administered by the Official Assignee, who is also in charge of bankruptcy cases. It’s an alternative for
Debt Repayment Scheme
Debt Repayment Scheme is a debt consolidation plan administered by Ministry of Law in 2009. It is designed to help Singaporeans get out of debts to avoid bankruptcy, along with its social stigma and restrictions. Under this scheme, you can consolidate all your unsecured personal debts with a monthly repayment plan according to your affordability level and be debt-free in less than 5 years.
Stop Accumulating Interests
Do you know credit cards have 25% p.a. interest rates? Stop paying these exorbitantly high interests. Consolidate your debts and pay off at very low to no interest.*
Debt Relief
Most of our applicants are approved for a debt relief of 30% to 70% depending on court’s approval. Your income and expenses would be taken into consideration.
Lower Monthly Repayments
Your proposed monthly repayment will be lowered and set within your payment capacity, after setting aside expenses for you and your family.
Protection from creditors' harassment
Tired of spam calls, letters and even creditors visiting your homes? This scheme will protect you and deter this harassment from continuing.
Hiring Grants
We also provide services to facilitate and ensure approval for various hiring grants from Workforce Singapore, including Career Trial, Mid Career Pathways and Career Conversion Programme.
Career Trial
Mitigate your hiring risks by going through a trial period before hiring full-time. WSG provides fully-sponsored training allowance for up to 3 months.
Mid Career Pathways
Receive 70% funding for up to 6 months for mature individuals looking to experience a new career pathway.
Career Conversion Programme
Upskill your current employees and new hires and receive up to 90% salary support (up to $7,500 per month) for up to 9 months.
Successful Applications for DRS
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Congratulations to our recent successful applicants on achieving up to 77% in debt relief!
Find out how we achieved this in a detailed analysis of our case study.
Blog
The Debt Traps
#1 Making minimum payments Do you find yourself making minimum payments to your credit card debts every month but the total debt size is not decreasing? Well, this is