What if I become unemployed while on Debt Repayment Scheme (“DRS”)?
If the debtor is out of job, the Official Assignee ("OA") may suspend the monthly repayment for a maximum of 3 months but this is subject to the OA's approval. The debtor may also be granted an arrears instalment plan once he has found a new employment.
The debtor has to submit documents to substantiate the unemployment such as a letter of retrenchment from the employers or the latest CPF contribution statement indicating zero contribution in his last month of employment.
Related questions
How does a debtor in Debt Repayment Scheme ("DRS") make payment for the monthly instalments and fees under the DRS?
How will a debtor be eligible and suitable for the Debt Repayment Scheme ("DRS")?
How and when will the debtor be informed that he can commence the Debt Repayment Scheme ("DRS")?
How does a debtor in Debt Repayment Scheme (“DRS”) repay his debts to his creditors?
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