At SG DebtBuster, we believe a debt free life is a stress free life. As a one-stop service provider, SG DebtBuster is a consultancy firm assisting consumers with unsecured credit debts. As one of the first few to establish a footprint in this niche industry back in 2004, we have the experience and expertise in the solutions available and are familiar with Singapore’s bankruptcy laws.
We are confident our offerings are as comprehensive as it gets, in that; we are assisting with unsecured credit debts of various natures; from personal loans with banks, credit cards and credit lines, to loans taken from licensed moneylenders and in some cases, terminated hire purchases as well. We would work hand in hand with clients toward being debt free.
Being conscientious, we always look out for the well-being of our clients with appropriate advice and suggestions. In line with this approach, we would evaluate the situation meticulously, for anyone seeking our assistance, taking into consideration a myriad of factors. Only then would we propose possible options or remedies. During which, we would also be sharing relevant information with the consumers such that they have a better insight of debt management. The intent has never been, and will never be, to flee from the debts; rather it is to be free from debts. There are no two ways about it; it has to be a win-win situation for our clients as well as not discounting the creditors.
#sgdebtbuster is not a financial institution, nor are we licensed to provide loans. Specifically, we provide services in assorted forms of debt restructuring – a variety of options suiting different needs or circumstances. By and large, we are confident the available options would provide more than adequate assistance for consumers in difficult predicaments. The key is the suitability of each procedure by way of affordability or the consumer’s capacity to sustain repayments. Over the years, we have seen and worked on different and distinct programs such as the common Debt Relief Programs (or otherwise known as Debt Repayment Plans), Debt Repayment Scheme (DRS), restructuring debts with licensed moneylenders and self-petition for bankruptcy. In essence, we are perhaps the only service provider who covers so much aspect of difficulties about unsecured debts with various debt solutions.
Unsecured Debts
Unsecured debt is any debt that is not tied to an asset, like a home or automobile. There are no items involved, no collateral. This most commonly means credit card debt, but can also include credit facilities such as personal loans and credit lines. Different banks would have different names for these facilities plainly for branding purposes. Unsecured debt typically creates less stress and fewer problems for consumers than secured debt because they do not stand to lose an asset if they are unable to repay the debt. If payments for unsecured debts fell behind, financial institutions have no claim on properties or foreclose on homes.
It is worthwhile to understand though, there are many modes of debt recovery, which typically cause mental stress, degenerate debt difficulties and inject negatives in life. Being unsecured debts, it presents an opportunity to explore debt reduction options in an attempt to clear debts faster and for less money. And that is where SG DebtBuster come in.
Debt Relief
Being in debt can be an overwhelming and draining experience. Mounting debts can undermine borrowers’ well-being and even derail life plans. Debts can quickly grow from nuisance to monster. Narrowing down to unsecured debts, familiar sources would be credit cards and personal loans, which would usually be caused by common habits such as excessive spending, gambling, vacations, and weddings. If you need help getting out of debt, you are not alone. There are proven ways to manage debts to get back into sound financial health again – eliminating debts and going #debtfree. Take note though, these are not quick fixes and entail your full commitment to restore your life. Regain control of your finances now!
Debt Consolidation
As the name suggests, this is about merging everything into one. With multiple debts, becoming just one debt and only one payment is to be made every month. Like other possible solutions to debt issues, a successful consolidation would allow a consumer to pay at adjusted interest rates. Technically, the sole, or obvious, manner to do debt consolidation is through a new single loan that is enough to pay off existing ones. However, this can be a challenge for most folks as borrowing limits with a single lender is curtailed by the earning capability of the borrower – to borrow a large amount, one must have a high enough income. It becomes difficult when the total amount of existing debts exceeds borrowing limits, which signals the need to look into alternatives. Equally important, the borrower must be in the pink of health where credit ratings are concerned. In summary, this is perhaps suitable for a smaller or specific group of individuals.
Debt Management
Here, it is a strategic effort to eliminate unsecured debts achieved by restructuring the debts and a proper debt management program is NOT a loan. By restructuring debts, it means working out lower interest rates for the existing debts and in turn, results in reduced repayment amounts every month. Along the process, late fees or any other similar penalties are resolved with either a waiver or at least a reduction. In such programs, borrowers’ difficulties are improved with well-planned finances.
Responsibilities in a Typical Debt Management Program
A successful debt management program involves serious discussions to construct a plan that eliminates all debts and steers the debtor toward a debt free life. Each party has a role to play in building a foundation for success.
*SG DebtBuster is not a law firm and we cannot represent our clients in any way. Debt management is about teamwork. Given any of the available alternatives, it is critical for the consumer to work collectively with us in order for the program to be successful. It is especially paramount that consumers do not withhold or conceal any details, information or materials that may be associated with the state of affairs.
