VIRAC, Catanduanes, May 12 (PIA) -The Social Security System (SSS) has launched the Loan Restructuring Program (LRP) for members with past due calamity loans and other short term-member loans who reside or work in calamity areas as declared by the national government or National Disaster Risk Reduction and management Council (NDRRMC) .
SSS Virac Branch head Divina T. Avila said that the program aims to ease the burden of calamity-stricken workers, who face difficulties in paying their SSS loan dues.
Avila said that under a restructured term, depending on their capacity, members can clean up their overdue loan principal and interest in full or by installment wherein both payment schemes offer condonation of loan penalties.
According to Avila, the program gives delinquent member-borrowers a chance to regain their good SSS standing and enjoys SSS benefits and privileges in the future but she clarified that borrowers can only avail of the LRP once and they cannot participate in any future SSS condonation or restructuring programs to instill credit discipline.
The LRP covers short term SSS loan programs including the Salary Loan, Salary Loan Early Renewal Program (SLERP), Emergency Loan, Calamity Loan, Voc Tech Loan, Y2K Loan, Investments Incentives Loan, Study Now Pay Later Plan, and the previously offered Educational Loan, which is different from the ongoing Educational Assistance (Educ-Assist) Loan Program. Stock Investment, Privatization Fund and Educ-Assist loans are excluded from the LRP.
To qualify, the loan must be past due for at least six months and the member must be living or working in a declared calamity area as of the date of the disaster attested through an affidavit of Residency. Members granted any final benefit claim prior to the LRP availment period and those who committed fraud against the SSS are disqualified from the program.
Members can file their LRP application at any SSS branch and monitor their loan statement of account at the SSS website (www.sss.gov.ph)
The one year availment period started last April 28. (MAL/EAB-PIA5/Catanduanes)
- See more at: http://news.pia.gov.ph/article/view/841463098709/sss-offers-loan-restructuring-program-for-calamity-stricken-members#sthash.qMvId9yZ.dpuf
SSS Virac Branch head Divina T. Avila said that the program aims to ease the burden of calamity-stricken workers, who face difficulties in paying their SSS loan dues.
Avila said that under a restructured term, depending on their capacity, members can clean up their overdue loan principal and interest in full or by installment wherein both payment schemes offer condonation of loan penalties.
According to Avila, the program gives delinquent member-borrowers a chance to regain their good SSS standing and enjoys SSS benefits and privileges in the future but she clarified that borrowers can only avail of the LRP once and they cannot participate in any future SSS condonation or restructuring programs to instill credit discipline.
The LRP covers short term SSS loan programs including the Salary Loan, Salary Loan Early Renewal Program (SLERP), Emergency Loan, Calamity Loan, Voc Tech Loan, Y2K Loan, Investments Incentives Loan, Study Now Pay Later Plan, and the previously offered Educational Loan, which is different from the ongoing Educational Assistance (Educ-Assist) Loan Program. Stock Investment, Privatization Fund and Educ-Assist loans are excluded from the LRP.
To qualify, the loan must be past due for at least six months and the member must be living or working in a declared calamity area as of the date of the disaster attested through an affidavit of Residency. Members granted any final benefit claim prior to the LRP availment period and those who committed fraud against the SSS are disqualified from the program.
Members can file their LRP application at any SSS branch and monitor their loan statement of account at the SSS website (www.sss.gov.ph)
The one year availment period started last April 28. (MAL/EAB-PIA5/Catanduanes)
- See more at: http://news.pia.gov.ph/article/view/841463098709/sss-offers-loan-restructuring-program-for-calamity-stricken-members#sthash.qMvId9yZ.dpuf
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