SINGAPORE Fourteen financial institutions in the Republic have come together to launch a new repayment scheme to help overextended borrowers reduce their debts, the Association of Banks in Singapore (ABS) said on Tuesday (Jan 17).
The move followed the Governments decision to tighten borrowing limits for unsecured loans from the current 24 times monthly income to 18 times in June this year, and a further reduction to 12 times in June 2019.
The new scheme, called the Debt Consolidation Plan (DCP) will commenced on January 23. The plan allows eligible customers to consolidate their existing outstanding unsecured loans across financial institutions with just one participating institution.
On…
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