New official scheme to help overstretched borrowers restructure loans

The Moneylenders Debt Restructuring Scheme will provide an official structure to aid borrowers who overstretch themselves.
The Moneylenders Debt Restructuring Scheme will provide an official structure to aid borrowers who overstretch themselves.PHOTO: AFP

SINGAPORE - A formalised approach to help borrowers repay moneylender debts is set to be introduced by the end of this year.

The Moneylenders Debt Restructuring Scheme is the first of its kind to implement an official structure to aid borrowers who overstretch themselves and the Credit Association of Singapore (CAS) hopes to get all licensed moneylenders on board.

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