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What if a Debt Repayment Scheme (“DRS”) debtor has entered into a hire-purchase agreement or a mortgage loan?


Updated by MLAW

If a debtor has entered into a hire-purchase agreement before the bankruptcy application was made against him or has an existing mortgage loan on a property, he is to inform the Official Assignee of this when he is being considered for the Scheme.

The debtor should continue to make payments to the hire-purchase company or the bank in accordance with the terms of the hire-purchase agreement or the mortgage agreement.

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