New scheme soon to help overstretched borrowers

The Moneylenders Debt Restructuring Scheme was first announced in by then Senior Minister of State for Law Indranee Rajah, and is the first of its kind to implement a structure to aid overstretched borrowers.
The Moneylenders Debt Restructuring Scheme was first announced in by then Senior Minister of State for Law Indranee Rajah, and is the first of its kind to implement a structure to aid overstretched borrowers. PHOTO: YOUTUBE/GOV.SG

A formalised approach to help borrowers repay their debts to moneylenders 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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A version of this article appeared in the print edition of The Straits Times on July 16, 2018, with the headline 'New scheme soon to help overstretched borrowers'. Print Edition | Subscribe