If you have a debt problem, answer the calls and respond to letters from your banks and creditors as best as you can.

It is important to remain contactable and to let the banks know of your intention to make repayment. However, do not make empty promises to the banks if you know you are unable to make the repayment amount as specified by them.

Make best effort payment at least once a month to each and every bank account that you owe money to. Best effort payment refers to a sum of money that is within your capacity to pay, though it is probably less than what the banks expect you to pay.

However, as long as you do not pay the amount required by the banks, the collections officer will continue to call you. In the event that payments become overdue, banks will eventually send you a letter of demand and take legal action against you. These are all part of the collection process.

Meanwhile, discuss with the collections officer or write in to the banks, to appeal for a debt relief plan that is within your capacity to service.

If you have multiple creditors and/or are overwhelmed by the collection actions taken against you, you may wish to seek financial counseling to better understand your financial position, the options available to you, and the feasibility of working out a Debt Management Programme (DMP) - a monthly installment debt repayment plan facilitated by CCS on your behalf to your creditors for review and approval.

Remember to

• Remain contactable
• Respond to letters from the banks
• Make best effort payment