How To Apply For Credit Counselling In Singapore (Easy Guide)
Jan 20, 2021
In situations where credit card debt spirals out of control due to various reasons ranging from spending habits to medical issues, you may need help to get back on track.
There’s nothing to be ashamed about in getting help. In fact, you should be proud of reaching out!
For some, they may choose to take on a credit card consolidation loan that helps to lower overall interest charged.
For some, they choose to see credit counselling which involves working towards setting up a viable budget and payment plan that will enable you to tackle outstanding debt and secure your finances.
What is credit counselling?
Credit counselling in Singapore refers to a professional service that is offered for the purpose of giving consumers advice regarding credit, budgeting and debt management. This is a service that makes it possible to create a plan according to your circumstances through personalised counselling. There is no cost. Debt counselling and credit counselling are free for all.
During the process of credit counselling, a trained and experienced financial counsellor works closely with you to improve your financial situation. This may consist of providing resources and tools that are designed to help you regain control of your finances.
Credit counselling Singapore is useful for helping consumers to deal with a variety of situations by offering additional support that can help them manage their debt and organise their financial future. Analysing their debt, assets and income helps the counsellors determine the most suitable solutions for the consumers’ financial challenges.
Getting professional help through debt counselling in Singapore ranges from helping you understand your earnings and expenses along with creating a budget to receiving advice about starting a business or navigating student loans.
As quoted in The Straits Times, some bad financial habits such as overspending will have to go.
When should I go for credit counselling?
One of the main reasons Singaporeans seek credit counselling is usually debt.
It is advisable to get help from a financial counsellor as soon as you can because the situation may get much harder to deal with as you plunge deeper into debt or miss multiple payments. This is why you should contact a credit counsellor as soon as you think your debt situation is out of control.
You might need credit counselling if you are concerned or overwhelmed by your inability to pay off debt. If you are finding it difficult to fulfil your financial obligations, counselling can be beneficial. Credit problems usually pile up gradually and your debt may eventually go beyond your control.
Credit counselling Singapore is also beneficial when you need to find options that will help you get rid of debt faster, improve your spending habits, negotiate favourable interest rates and avoid late fees in order to achieve a better financial situation currently as well as in the future.
What are the credit counselling services provided by CCS?
Credit Counselling Singapore is a locally based non-profit organisation that provides a credit counselling program that aims to give consumers access to financial guidance on debt management through a supportive framework of professionals. This is essential for helping you effectively tackle the unsecured debts that you may have.
CCS has been actively involved in the financial lives of thousands of consumers in Singapore for more than a decade. It has established its reputation as a credible and efficient credit counsellor. Its objective is to enable borrowers become empowered by equipping them with the knowledge they need to gain an understanding on their financial options and circumstances on a daily basis.
Read about their testimonials here.
CCS staff work with consumers through a one-on-one approach to create a debt management plan in a cost-effective manner. If you have been feeling overwhelmed by debt and how to repay it, credit counselling is a worthwhile consideration.
Handling debt can be a major challenge but the good news is that CCS provides practical financial solutions that are facilitated by counselling sessions that give you a chance to improve your financial situation and enjoy the peace of mind that comes with taking control of your finances.
Debt counselling Singapore consists of lessons on how to use credit responsibly and efficiently to minimise debt problems. It is important to have an in-depth understanding of your finances and receive a clear assessment of your ability to make repayments.
1. Talks on debt management
Talks on debt management are provided via informative online webinars that are held regularly to give borrowers valuable knowledge regarding consumer and business debt issues.
These talks are useful for learning more about the range of solutions that are available for dealing with debt in addition to finding out how to arrange for a one-on-one counselling session.
2. Financial counselling sessions
Financial counselling sessions are all about taking a comprehensive approach to understanding your financial situation by receiving personalised financial help that is geared towards improving how you manage your money and identifying viable solutions for resolving debt problems.
3. Debt management programme
Credit Counselling Singapore offers a debt management programme that helps borrowers by monitoring their payments and overall progress before reaching a full settlement. The counselling service has a unique loan repayment policy with credit card companies and consumer banks, which continues to facilitate an effective payment process for consumers.
Through a debt management programme, it is possible to determine how much money is available as the starting point for getting out of debt. A clear plan enables creditors to participate in negotiations.
4. Enterprise credit counselling
Credit counselling sessions are available for different types of businesses. These sessions are targeted at business owners.
They are also beneficial for evaluating your company’s finances and identifying practical options for handling the debt challenges that your business faces. In situations where sustaining a company is no longer an option, owners can receive the advice and help they need to understand their obligations and liabilities.
5. Financial education programmes
Credit Counselling Singapore conducts workshops and talks that focus on enhancing money management and financial literacy in order to improve debt and credit education as well as to emphasise on the importance of using credit effectively and borrowing funds responsibly.
How to apply for credit counselling in Singapore?
Applying for credit counselling with CCS begins with attending a debt management webinar.
This gives you an opportunity to receive credible and practical information about debt problems and how to address them. The objective of CCS, a non-profit organisation, is to help you make crucial decisions on the steps you should take to move forward and ultimately have peace of mind.
Attending a debt management webinar enables you to gain insight into a variety of options that you should keep in mind when dealing with debt issues, handling creditors and the steps that creditors usually take to get back their money.
The next course of action is to submit a counselling request if you need help that will enable you to understand your financial situation. Financial counsellors are available to provide debt advice that is tailored to address your particular situation and figure out the most effective way to navigate your finances.
All counselling sessions require an appointment beforehand, so be sure to make one! Getting a financial counselling appointment involves completing a request form that is provided during information webinars and talks as well as after online courses. This is followed by attaching all the specified supporting documents and sending them to the organisation.
CCS will contact you via email or phone after receiving your documents to arrange for a financial counselling appointment. Not to worry, everything will be confidential.
Attending a one-on-one financial counselling session helps you understand various aspects of finance, including your monthly income and expenses, determining the most viable solution for tackling debt issues and establishing whether you are eligible for a debt management programme.
It’s time for you to get back on track
Credit counselling can help you gather more information about your financial options when you feel overwhelmed by debt. In some situations, it can help to prevent extreme outcomes such as bankruptcy.
This service is also useful for major changes in your life that require you to borrow money like starting a business or if you have encountered a financial emergency and no longer have the ability to make repayments. After you take control of your debt, it will then be time to boost your savings and start planning for your financial future. Whether you have a few basic questions or need extensive assistance with managing your finances, professional credit counselling can help.
Working with CCS can help you access valuable financial resources and tools that are necessary for improving your circumstances.
Seeking an established credit counselling service is a worthwhile step that can go a long way towards easing your financial burdens. The financial counsellors at CCS are trained to provide advice regarding debt management, consumer credit and budgeting. They can provide a tailored plan according to your situation through educational materials, workshops and one-on-one counselling.
An alternative for financial emergencies would be seeking help from a licensed moneylender with very good reviews. They are legal companies that offer affordable loans, even if you have a poor credit score.
A good financial counsellor is ready and willing to review your situation and answer any questions that you may have. When a counsellor understands your financial situation, they can help you set up a new budget that includes savings and debt repayment.