Disadvantages of Debt Repayment Scheme

The Debt Repayment Scheme (DRS) is a repayment plan in Singapore designed for people who owe unsecured debts not exceeding S$150,000. Instead of being declared bankrupt, you are given a structured plan to repay your creditors over a set period, usually up to five years. The scheme is managed by the Official Assignee (OA) from…