For those who have delinquent loan account in Social Security System, this is now your chance to clear your record without the added pain of high interest. SSS has announced its second offering of its Loan Restructuring Program (LRP) to delinquent member-borrowers starting April 2 to October 2.
SSS President and CEO Emmanuel F. Dooc said that the re-implementation of LRP is expected to generate Php1.2 billion from the program while condoning some Php2.85 billion in penalties.
Around 250,000 members are expected to benefit from the re-implementation of the said program. They have six months to avail of the service.
The LRP will allow member-borrowers to settle their overdue loan principal and interest in full of by installment with a restricted term depending on the member’s capacity to pay. Both payment schemes shall be waived loan penalties after the member has completed paying the restructured loan.
Check out how to apply for SSS Loan Restructuring Program here.
To qualify, the delinquent member-borrower should be residing or working as of the date of the disaster in a calamity or a disaster-stricken area as declared by the National Disaster Risk Reduction and Management Council (NDRRMC).
You can download the SSS Loan Restructuring Application here.
According to SSS, “The program covers all member-borrowers who have past-due loans like the salary loan, emergency loan, (old) educational loan, study now pay later plan, voc-tech loans, Y2K loans and investments incentive loan,”
Last April 2016, a Condonation Program was also implemented which lasted for one year and was also availed by around 800,000 individual member-borrowers. This program generated Php6 billion for the pension fund.
“Income is secondary; the goal is really to help borrowers. There are some who were not able to avail [themselves] of the LRP last time. And there are new members covered who are affected by calamities in 2017, like the Marawi and Zamboanga siege. The latest would be the victims of the Mayon Volcano eruption,” Dooc said.
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Source: Business Mirror – https://businessmirror.com.ph/sss-offers-new-loan-restructuring/