24 Nov '14, 3am

#GlobalREBubble #Singapore 'Debt restructuring programme in the works' @SGPropertyGuru

#GlobalREBubble #Singapore 'Debt restructuring programme in the works' @SGPropertyGuru

Comment E-mail to friend Bookmark & Share Credit Counselling Singapore plans to collaborate with the Moneylenders Association to create a debt restructuring programme for those who borrow from licensed moneylenders, according to media reports. At present, banks have implemented this type of programme, but licensed moneylenders have yet to follow suit. Notably, moneylenders only account for about one percent of the overall consumer credit in the republic. This amount is miniscule, but problems arise when borrowers take out loans from multiple moneylenders due to dire financial circumstances. “Usually for many people, by the time they get to that stage, they would also be in debt with the banks. You may call it the end of a borrowing process. They have now maxed-out with the banks. They then go to the moneylenders, they are maxed-out as well,” said Credit Counselling Singapo...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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