Credit Counselling (Consumer Debt)
If you need help with financial difficulties due to unsecured debt problems, our Credit Counsellors are trusted professionals who will work with you. From determining your financial situation to providing debt advice, we can help you decide on your most suitable course of action.
During a credit counselling session, our counsellors will help you understand your financial situation and go through with you the possible options that you may consider to manage and pay down your debts.
This involves considering your income and spending to draw up a personal budget, so that you can manage your finances based on standard expenses for yourself and your family. We will then assess your payment capacity and help you decide on the most suitable debt settlement option, based on your specific circumstances.
A session normally lasts about one hour but may take longer depending on how complex your financial circumstances are. In most cases, having one session will be sufficient. However, you may request for a subsequent review session, if necessary.
1-to-1 Credit Counselling Session
During a credit counselling session, the focus is on providing you with personalised debt advice.
What can you expect from a credit counselling session?
1. The Credit Counsellor will help you take stock of your financial situation.
2. You should be forthcoming and prepared to answer questions such as:
a. What are your other sources of income?
b. What other assets (for example, second property for investment) do you own?
c. Who are your other creditors (such as family members)?
3. The Financial Counsellor will also work with you to draw up your monthly personal / household budget. Be prepared to make lifestyle adjustments and live with basic necessities.
4. Do volunteer relevant information that may affect your ability to pay down your debts.
5. You may discuss and explore other suitable options to better understand each option's consequences. Only you can make an informed decision on the most appropriate course of action to address your debts, based on your circumstances.
6. Be open to other options which you may not have considered and be willing to receive the debt advice given.
7. Should you wish to be on a Debt Management Programme (DMP), the Financial Counsellor will assess your payment capacity and suitability. Do note that DMP Proposals are subject to approval by your creditors.
Arranging for a Credit Counselling Appointment
To request for credit counselling, you must first attend an information talk on Debt Management (conducted via webinar or in-person talks) or complete our Online Debt Management Course.
Why can’t I arrange for an appointment now?
We are not able to provide you with credit counselling services without your explicit consent.
To establish a complete understanding of your financial situation and offer personalised debt advice, we request your cooperation in providing relevant personal and financial information beforehand. This will facilitate a comprehensive discussion during the counselling session and enable us to offer better assistance to you.
Please click here for guide to preparing documents for a counselling appointment.