"DRP (Debt Relief Plan) "

We are a rare organization that is knowledgeable in handling DRP successfully

Actually, DRP – Debt Relief Plan is a feasible way for some of the debtors, and is even more appropriate than IVA for some cases. For instance, if the debtor has comparatively few creditors (including bank, financial institution, government department and some credit union organizations, etc.) and the creditors accept DRP, then the debtor can choose DRP as his / her solution with a lower application cost and time saving. For example, for the debtor who is working in a bank or financial institution, his / her employee will be notified of the IVA application and that may have a negative impact, therefore, DRP can be an alternative. For some debtors who have failed to apply for bankruptcy or IVA, DRP can be a possible way for them to proceed and the result will be similar to IVA.

There are some consultancy companies in the market that advise debtors to apply for bankruptcy first as their strategy to persuade debtors to accept DRP with a lower interest and monthly repayment amount. In doing so, the consultants can ask for a higher handling fee but actually, this approach still leaves the application of bankruptcy record to the court as well as creating the credit rating report. Moreover, this approach could endanger the debtor who may have had no intention to go bankrupt because in this process, the debtor needs to apply for the extension of the bankruptcy order many times which is very time consuming and the creditors may not necessarily accept the proposal. Some of the creditors even require the debtor to pay up the loans immediately. Finally, the debtor would have no choice but to go bankrupt.

*Creditors – including banks, financial institutes, government department and credit unions, etc.

  • One or more creditor is qualified to apply.
  • Debtor who has debt under $100,000 can also apply. (but the debt should be exceeded 10 times of debtor’s monthly salary)
  • Very suitable for sensitive occupation. (Example: bank staff)
  • Partial debt arrangement is allowed.
  • Part of the credit cards or overdrawn accounts can be kept.