Debt Relief Plan

Life can present unexpected financial hurdles. Whether it's a sudden loss of income, an illness, a family emergency, or other external circumstances, we understand that managing your finances can become overwhelming.

At DBS, we are committed to helping you navigate these difficult times. You don't have to face them alone. We're here to listen to your concerns and work with you to find a practical solution.

Exploring Your Solutions

We believe in providing compassionate and tailored support. Our Debt Restructuring Team is ready to work directly with you. They will offer personalized advice and help you design a repayment plan that fits your current situation and needs. Our goal is to help you manage your debts more comfortably and regain financial stability.

Interbank Debt Relief Plan (IDRP)

If you have multiple creditors, an Interbank Debt Relief Plan (IDRP) may be one of the possible solutions to your debt problem. All retail banks (including digital banks) and major money lenders that offer consumer credit products have participated in the IDRP framework. We will work together to see if a viable debt restructuring proposal can be drawn up for you.

An IDRP offers several key advantages, including:

• Streamlined Repayments: You can renegotiate the terms and monthly repayments of your unsecured debts, without incurring any additional fees or charges.

• Consolidated Payments: Combine multiple unsecured debts into a single, manageable monthly installment.

• Bankruptcy Prevention: It provides an alternative to bankruptcy, helping you avoid its long-term consequences such as difficulties in obtaining future credit and travel restrictions.

• Path to Financial Recovery: An IDRP helps you regain financial stability and establish a positive credit history for the future.

How We Can Assist You

If you're dealing with challenging debt, the first step is to review your financial commitments. Together, we can:

• Assess your situation: Understand your current income, expenses, and overall financial health.

• Identify areas for adjustment: Explore practical steps to reduce non-essential spending. While cutting back on things you enjoy is never easy, focusing on protecting essential payments like housing, utilities, and medical insurance is crucial to avoid bigger issues and potential legal action.

• Develop a personalized repayment plan: Create a manageable plan that helps you repay your debts over time.

Understanding the Process

• How long does it take? We recognize that you may be experiencing stress, and our team is committed to finding a suitable solution for you as quickly as possible. The timeline can vary, and can take approximately up to a month, particularly if coordination with other financial institutions is required or if there are delays in submitting necessary documents. We will keep you informed of our progress and pause any other debt recovery actions while our specialist assists you. The sooner you reach out, the sooner we can begin to help.

• Are there any costs involved? No, there are no administrative fees for any services provided by our Debt Management Team. Our primary objective is to support you in comfortably repaying your debts.

Important Considerations

• Credit Reference Agencies (CRAs) Registration: Please be aware that industry regulations require details of any debt restructuring to be registered with CRAs. This registration could potentially affect your future ability to obtain credit from DBS and other financial institutions in Hong Kong. If a restructured loan becomes overdue by more than 60 days during its repayment period, your default history will remain on record for 5 years after the final settlement. However, maintaining timely payments may allow for the record's removal sooner after the loan is fully settled.

• Suspension / Closure of Unsecured Credit Facilities: If debt restructuring is the chosen path, all your existing unsecured DBS credit facilities, such as credit cards and loans, will be suspended / closed. You will need to make alternative arrangements for any auto-payment services (e.g., insurance, utility bills, Octopus, Payment by Phone Service) linked to these accounts. Any unredeemed DBS$ will be forfeited when your credit card accounts are closed. We will provide more specific information on this process once we have a clear understanding of your financial situation. Please note that your existing current or savings accounts can remain open for repayment purposes.

Contact Us Today

Don't let financial worries weigh you down. Reach out to DBS and let us help you find a path forward. While bankruptcy remains an option, it has far-reaching consequences, and the decision to file for bankruptcy should not be taken lightly.

• Phone: +852 3668 9204 (Monday - Friday, 9:00 AM - 5:30 PM)

• Email: debtreliefplan@dbs.com

• Mail: DBS Bank (Hong Kong) Limited - Collection Centre, Level 6, Two Harbour Square, 180 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong

To borrow or not to borrow? Borrow only if you can repay !