Watch the video to the end to understand more about the debt repayment scheme (DRS) in Singapore. The Debt Repayment Scheme (DRS) is a pre-bankruptcy scheme which is administered by the Official Assignee under the Bankruptcy Act. It is basically the last available option to help you avoid bankruptcy and along with it's social stigma.
This scheme is introduce by the government and it does not belong to any private entity or organization. If you've ever been promised of any discounts, rebates, debt free or any outrageous claims, you're probably been misled.
The purpose of this scheme is to seek a win-win outcome and fairness between you and your creditors. Only the Official Assignee (O.A) as appointed by the court have the final say on the outcome.
The DRS scheme does not guarantee you a debt free life. In fact upon entering DRS, you're expected to commit to your monthly repayment for up to 5 years.
A fresh bankruptcy proceeding may be filed against you should you default in your monthly repayment.
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