CCAP Interbank Debt Relief Program

CCAPpng

IDRPjpg

Website : CCAP-IDRP

Credit Card Association of the Philippines has initiated a program that will allow restructuring existing debts. The Inter-Bank Debt Relief Program (IDRP) was precisely developed in order to help highly indebted and financially distressed (but well-meaning) customers get back on track towards responsible credit use.
Notwithstanding the best Intentions and careful money management, however, life sometimes presents unexpected twists and turns. While there are those who become saddled with credit card debt purely out of reckless use and impulse spending, some individuals find themselves in a credit dilemma due to circumstances beyond their control, such as sickness in the family, loss of a job, the death of the primary breadwinner, or even costs brought about by natural calamities.

The Credit Card Association of the Philippines through Its member card companies partnership with the Bangko Sentral ng Pilipinas (BSP) and the participation of BDO Unrbank, Inc., has initiated a program that will allow restructure existing debts in order to help highly indebted and financially distressed (but well-meaning) customers get back on track towards responsible credit use.

  • Asia United Bank
  • Bank of Commerce
  • Bank of the Philippine Islands
  • Citibank
  • China Banking Corporation
  • Eastwest Banking Corporation
  • Equicom Savings Bank
  • HSBC
  • Maybank
  • Metrobank Card Corporation
  • Philippine National Bank
  • RCBC Bankard
  • SB Cards Corporation
  • Standard Chartered Bank
  • Union Bank of the Philippines)

“With the help of the Bangko Sentral ng Pilipinas (BSP), CCAP, and BDO Unibank, Inc., the IDRP aims to offer more affordable terms, lower interest rates, and reduce the equal monthly amortization of the customer to enable him or her to sustain paying the account and prevent further delinquency,” explained CCAP Executive Director Alex llagan.

Under this program, the repayment period can extend to as long as ten (10) years for severe cases of indebtedness while interest rates will only be 1.5% per month or even lower depending on the profile of the CUStomer, debt to income ratio and completion of documents required for the program. The participating banks may also have the option to disapprove application for customers who misused and abused the credit facility granted by the banks.

Guidelines of Inter-Bank Debt Relief Program (IDRP) Program

As part of the guidelines of the Program, all existing credit cards of the customer will have to be blocked or canceled upon enrollment of the accounts to the program.
  • Accordingly, any rebates or rewards earned will also be forfeited. Additionally, customers cannot apply for new credit facility With the accounts under the IDRP are not yet fully settled, in the program likewise need to show a reasonable amortization prior to being accepted.
  • All credit card accounts must be at least months old, With an of at least P 10,000 per card and total card obligations of cards.
  • Acceptance into the program will be subject to qualifications, as well as, submission of pertinent documents, compliance with their approved terms, may opt to issue post-date’ interest rate, or pay cash to each bank separately on the for the customer in the future, CCAP now developing payment channel so customers can consolidate all payments location in case of cash payments.
  • This facility will be made available before the end of this year.
  • Moreover, customers are not allowed to apply on a selective basis only, and are required to disclose and include all credit cards owned with the participating banks.

Once a customer applies for the program, of his or her existing credit card accounts, whether delinquent or not, will be included. This will mean that he or she will no longer be able to use credit cards that are not ye delinquent until after the repayment schedule is completed. The cardholder’s name will also be reported to the Credit Bureau, and this will affect their ability to apply for new credit cards or new loans. This is to prevent customers from making a cash advance in one card to

The cardholder’s name will also be reported to the Credit Bureau, and this will affect their ability to apply for new credit cards or new loans. This is to prevent customers from making a cash advance in one card to pay off obligations in another.

It also eliminate, possible abuse from customers may be looking for a way to pay lower interest on their outstanding balance that are yet past due.

Credit Card Association of the Philippines as Mediator
The aim of the CCAP is to act as a mediator between the credit card industry, merchant establishments, and most importantly, the consumer. Its objective is to promote wider ownership and acceptance of credit cards as a safe, reliable, and beneficial payment instrument. Ultimately, this will enhance purchasing power, thus contributing to the economic development of the country.

To achieve this, CCAP engages itself in cooperative and collaborative efforts with government agencies such as the Bangko Sentral ng Pilipinas (BSP), the Department of Trade and Industry (DTI), and the Bureau of Internal Revenue (BIR); as well as law enforcement agencies and private organizations like the Bankers Association of the Philippines (BAP).

The Inter-Bank Debt Relief Program (IDRP) will be officially launched this June and will initially cover credit card debts. It will eventually include unsecured personal loans within its scope.
«1

Comments

  • jchanjchan Member PExer
    last 2007 last payment ko sa Citibank, I think nasa 40k. kung today yan, how much na kaya? *** bankard kasi tinawagan ko, I want to settle it and I asked how much pero credit collection daw tatawag sa akin. kaya ba kung makiuasap ako iwaive interest and installment payment?
  • Ducati_DiavelDucati_Diavel PEX Big Boss PExer
    jchan wrote: »
    last 2007 last payment ko sa Citibank, I think nasa 40k. kung today yan, how much na kaya? *** bankard kasi tinawagan ko, I want to settle it and I asked how much pero credit collection daw tatawag sa akin. kaya ba kung makiuasap ako iwaive interest and installment payment?

    Try to contact your creditor if you can avail of CCAP-IDRP Program. Citibank and Bankard is one their participating banks.

    Or contact CCAP for application inquiries, and concerns, thru their hotline 02-511-9500 from 8:30am to 5:30pm.

    Kindly see details below for eligibility and requirements.

    Eligibility

    The CCAP’s debt restructuring program is not for everyone; it’s intended to help only the most deserving people with huge credit card debts. You can check here if you’re eligible for the said scheme:

    • Customer should have at least one credit card from two participating banks

    • Credit card accounts must be at least six months old with an outstanding balance of at least P10,000 per card and with total combined obligations of at least P100,000 with all card issuers.

    • Customer is not allowed to apply on a selective basis. Applicant should declare all credit card outstanding balances. Validation will be done through credit bureau information and/or confirmation from CCAP member banks.

    • Customer may be required to submit proof of financial distress or an indication of card payment difficulty.

    • Combined age of the customer and end of tenor of the restructured accounts must not be more than 65 years. Otherwise, a co-maker/guarantor is required. A co-maker is also mandatory if customer has no source of income or if the current income is not sufficient to cover the monthly amortization of the restructured accounts. Financial status of the co-maker/guarantor will also be assessed.

    • The banks have an option to disapprove application due to moral hazard and if customer has shown abuse and irresponsible usage of credit cards. Nature and types of transactions will be reviewed.

    • Banks may disapprove the application if there were purchases on the card of luxury items, showing extensive travel, and/or are gambling related.

    • Customer has not previously applied for the same program in the last six months.

    • Customer has not filed legal actions such as Petition for Insolvency or Rehabilitation.

    • Foreigners are excluded from the Program. Citizenship and residency of the applicant will be evaluated

    Requirements

    To avail of the much better credit card payment method offered by the IDRP, interested credit cardholders must accomplish the following:

    • A completely filled-up application form

    • Statement of income and expenses

    • ITR or last three months’ payslip or COE (if employed), latest ITR or audited FS (for self-employed). If applicant has no source of income, he/she will need to
    find a co-maker who can help him/her pay for the amortization on a monthly basis. The co-maker will also need to sign an agreement

    • Proof of other source of income

    • IDRP Payment Agreement Contract including Terms & Conditions signed by you and your co-maker, as applicable.

    • Debtor’s Consent Form, Promissory Note, or Post-Dated Checks

    • One valid government ID including that if the Co-Maker if required
  • Gly22Gly22 Member PExer
    Banker:
    Pwede po humingi ng advice meron po kc akong cc at sa kadahilanang nbankrupt di ko sya kayang mabayaran 2 years ago. 300k po *** amount with all interest.after two years my ngpunta ky mama this month at pinpilit n kming mg bayad same din po si atty.ruberto ultado jr. Tinatakot n sina mama till may 18 nlng dw po ** pwede mgbyad pg d ** ng byad dedemanda na ko. Kng mkkbyad dw ** till may 18 mgiging 170k nlng daw po. Willing ** magbayad pero natatakot ** kung totoongang collector sya ng banko. Ano pong pwedeng gawin. Nkikiusap ** ng july at novermber in two payments *** 170k ayaw pong pumayag.
  • english.majorenglish.major Faculty PExer
    Try to contact your creditor if you can avail of CCAP-IDRP Program. Citibank and Bankard is one their participating banks.

    Or contact CCAP for application inquiries, and concerns, thru their hotline 02-511-9500 from 8:30am to 5:30pm.

    Kindly see details below for eligibility and requirements.

    Eligibility

    The CCAP’s debt restructuring program is not for everyone; it’s intended to help only the most deserving people with huge credit card debts. You can check here if you’re eligible for the said scheme:

    • Customer should have at least one credit card from two participating banks

    • Credit card accounts must be at least six months old with an outstanding balance of at least P10,000 per card and with total combined obligations of at least P100,000 with all card issuers.

    • Customer is not allowed to apply on a selective basis. Applicant should declare all credit card outstanding balances. Validation will be done through credit bureau information and/or confirmation from CCAP member banks.

    • Customer may be required to submit proof of financial distress or an indication of card payment difficulty.

    • Combined age of the customer and end of tenor of the restructured accounts must not be more than 65 years. Otherwise, a co-maker/guarantor is required. A co-maker is also mandatory if customer has no source of income or if the current income is not sufficient to cover the monthly amortization of the restructured accounts. Financial status of the co-maker/guarantor will also be assessed.

    • The banks have an option to disapprove application due to moral hazard and if customer has shown abuse and irresponsible usage of credit cards. Nature and types of transactions will be reviewed.

    • Banks may disapprove the application if there were purchases on the card of luxury items, showing extensive travel, and/or are gambling related.

    • Customer has not previously applied for the same program in the last six months.

    • Customer has not filed legal actions such as Petition for Insolvency or Rehabilitation.

    • Foreigners are excluded from the Program. Citizenship and residency of the applicant will be evaluated

    Requirements

    To avail of the much better credit card payment method offered by the IDRP, interested credit cardholders must accomplish the following:

    • A completely filled-up application form

    • Statement of income and expenses

    • ITR or last three months’ payslip or COE (if employed), latest ITR or audited FS (for self-employed). If applicant has no source of income, he/she will need to
    find a co-maker who can help him/her pay for the amortization on a monthly basis. The co-maker will also need to sign an agreement

    • Proof of other source of income

    • IDRP Payment Agreement Contract including Terms & Conditions signed by you and your co-maker, as applicable.

    • Debtor’s Consent Form, Promissory Note, or Post-Dated Checks

    • One valid government ID including that if the Co-Maker if required



    Must admit I owe around 1M in CCs and PL. Ok siya sana kaso parang hindi talaga siya fair or makakatulong kasi
    1. Kelangan iclose lahat ng credit facilities mo kahit current and active ang status.
    2. Irereport ang credit status mo at sila parin ang may say kung approved or hindi ang application. Kala ko ba "help" ang binibigay nila bakit for approval pa hindi tamang CSR yan. Edi takbuhan mo nalang pareho lang pala ang situasyon (walang nakukulong sa di pagbayad ng utang generally except kung tumalbog ang cheke mo or any other similar derivative, there is a proper law for that).
    3. May presumption agad na dadayain mo ang bangko through supposed cash advances kahit na ikaw na ang harap-harapang dinadaya ng bangko through factually "excessive, iniquitous, unconscionable and exorbitant" interest rates and charges (Supreme Court na nagsabi nyan)
    4. How can they define luxury goods, and extensive travel? Pano kung if I used my card for travelling kasi may card na ganun talaga like GetGo, and travel is a kind of therapy for some people?

    At any case who here has tried availing of this "program"?
  • raylimraylim Member PExer
    Must admit I owe around 1M in CCs and PL. Ok siya sana kaso parang hindi talaga siya fair or makakatulong kasi
    1. Kelangan iclose lahat ng credit facilities mo kahit current and active ang status.
    2. Irereport ang credit status mo at sila parin ang may say kung approved or hindi ang application. Kala ko ba "help" ang binibigay nila bakit for approval pa hindi tamang CSR yan. Edi takbuhan mo nalang pareho lang pala ang situasyon (walang nakukulong sa di pagbayad ng utang generally except kung tumalbog ang cheke mo or any other similar derivative, there is a proper law for that).
    3. May presumption agad na dadayain mo ang bangko through supposed cash advances kahit na ikaw na ang harap-harapang dinadaya ng bangko through factually "excessive, iniquitous, unconscionable and exorbitant" interest rates and charges (Supreme Court na nagsabi nyan)
    4. How can they define luxury goods, and extensive travel? Pano kung if I used my card for travelling kasi may card na ganun talaga like GetGo, and travel is a kind of therapy for some people?

    At any case who here has tried availing of this "program"?

    Kasama pala. Pero tanong lang din, may naka avail na neto?
  • nickzmnickzm PExer
    edited May 14
    I have 3 credit cards and I am currently unemployed. I've read about this IDRP and decided to apply. Nahirapan ako nung una kasi sabi sa site, contact your bank if you meet the requirements which you can find sa site ng CCAP. Everytime nagkokol ako sa Customer Service ng 3 bank ko, hindi sila aware sa IDRP, like sinasabi nila na wala daw sila ganong service wherein kasama naman name  nila sa mga participating banks. Yun pala, Collections Department naghahandle nito. So kelangan muna mapunta account mo sa Collections and then proactively ask about this IDRP. So dapat wala kang credit card na less than 6 mos and then dapat pag tinotal lahat ng outstanding balance mo eh aabot dapat  ng 100k to qualify for lower interest which is payable for up to 10 years depende sa net income mo na natitira. So first step ko is nagsend nako ng letter of intent including the reason bat ako mag aavail ng IDRP and then this particular bank na nakausap mo will initiate a communication sa ibang bank mo and then ung Lead Bank yung magpoprocess and magdidiscuss ng further details and instructions. So far, nandito palang kami sa process na to. I'm about to fill out palang the Application form pag nakakuha nako ng go signal na informed na lahat ng bank. I can see na maganda ung initiative ng program na to. Yung credit score mo eh maaayos naman as soon as ma fully settle mo na balance mo. Mejo strict nga lang ung screening process so hindi talaga sya para sa lahat. I think, iilan lang din nabibigyan ng  chance. Sana maging positive yung outcome ng saken :)
  • nickzmnickzm PExer
    edited May 14
    May nakapag avail na ba dito ng IDRP, yung recent and how was it po?
  • nickzmnickzm PExer
    edited May 14
    May nakapag try naba mag enroll dito so far na recent lang sa IDRP? How was it po?
  • mr_suave177mr_suave177 Member PEx Veteran ⭐⭐
    Hi nickzm pinagaaralan ko dn if magaapply ako wala dn kasi familiar sa mga customer services, collections ppla e hndi p naman ako endorsed to collections..
  • Nakapag-apply nako sa IDRP at approved naman siya, medyo mahabang process lang talaga, May ako nakipagusap sa bangko na may pinakamalaki akong balanse then sila nakipagcoordinate sa mga bangko, the good thing with IDRP is that you can disregard those collections activity and advise them na on-going yung IDRP mo. On my case, si Eastwest Bank ang lead bank ko, marami-raming requirements lang ang hiningi sakin then nagrequire ng co-maker kasi medyo mababa raw income ko for IDRP. Ang nakuha kong tenor across all my cards ay 72 months with 1% interest rate per month. Kay lead bank manggagaling yung application form, T&C ng program then yung Promissory Note stating the bank, your interest rate, payment due date at payment amount. Kung may co-maker ka, dalawa kayong pipirma jan at ganun din sa application form, kayong dalawa ng co-maker mo ang pipirma EVERY PAGE. At also, kung may several cards ka sa iisang bangko, dapat ang balanse ng bawat cards mo ay P10,000 minimum yan or else maeexclude yung card na less than 10k ang balance sa IDRP at kailangan mo siyang bayaran para maipaclose yung card na hindi qualified kay IDRP. Sa kaso ko, kay BDO ito nangyari, I have 4 credit cards with them, yung dalawa di pumasok kasi less than 10k ang balance, per card ang pasok sa IDRP at ang sabi pa sakin ng lead bank, si BPI at HSBC ang pinakamaarte in terms of amortization kasi ayaw nila na less than P1,000 ang amortization. So if ever you want to avail IDRP tawagan lang yung bank na may pinakamalaki kayong balance.
  • nickzm said:
    May nakapag avail na ba dito ng IDRP, yung recent and how was it po?
    Ako nakapag-apply na. Approved na yung ibang banks ko at waiting pa kay RCBC at PNB. Medyo inalat business ko kaya ayan baon na baon sa utang :( hahaha pero salamat dito sa IDRP sobrang baba ng amortization
  • calix12calix12 Member PExer
    gano po katagal process ng idrp? im my case po kakatawag palanh sakin bdo confirming my application ko. makikipag coordinate daw sila muna sa other banks na may balances ako and makakareceive ako call from the bank na may pinakamataas akong balance para sila ang maging lead bank..
  • i just called unionbank for IDRP, i lost my job kasi recently and ayaw ko naman mapunta na yung utang ko sa collecting agency. So if pati walang utang na credit card, icacancel na din if mag avail ako ng IDRP? 

  • @Tito_Platito ano po yung mga requirements na binigay niyo para maapproved kayo agad? May co-maker ba na hiningi sayo? Interesado din kasi ako mag apply ng ganitong program dahil halos half a million yung utang ko sa 3 combined cards ko..although si Citibank maliit lang at need ko pa yun ireklamo dahil may mga illegal charges sila na interest sa akin. Nagcharged sila interest kasama sa compute yung current purchase ko. Yung BPI at Metrobank lang yung malalaki ko na amount which is tig 200k+ sila pareho. Ang problem ko rin kaya nagdadalawang isip ako mag apply ay yung active card ko na BDO..yun lang kasi ang namimaintain ko sa ngayon. Meron pa nakiride dun na binabayaran niya naman monthly at nxt yr pa matatapos ang hulog. If ever ba na tumuloy ako apply pati yung monthly na binabayaran na active naman isasama dun sa IDRP?
  • calix12 said:
    gano po katagal process ng idrp? im my case po kakatawag palanh sakin bdo confirming my application ko. makikipag coordinate daw sila muna sa other banks na may balances ako and makakareceive ako call from the bank na may pinakamataas akong balance para sila ang maging lead bank..
    Yes. This is the process. Yung bank na may pinakamalaki kang balanse ang magiging lead bank mo and will be responsible sa pakikipagcommunicate with other banks. If ever na may mga collection agencies na tatawag sayo, advise them na you have an on-going IDRP application para di ka pinuputakte or advise your lead bank na may mga collections agencies na tawag nang tawag sayo. Medyo matagal yan kasi ako May nagsimula nag-inquire, then nitong August 5 lang nagstart unang payment. 72 months and term and 1% interest. Lahat ng banks, iisa due date which is ayan nga every 5th. :)
  • Mj0731 said:
    i just called unionbank for IDRP, i lost my job kasi recently and ayaw ko naman mapunta na yung utang ko sa collecting agency. So if pati walang utang na credit card, icacancel na din if mag avail ako ng IDRP? 

    Unfortunately, yes. Nasa terms and conditions siya ng IDRP na macacancel yung cards mo na active whether you are paying it religiously. Kasi you cannot select to enroll a certain card lang e. Saka dapat minimum balance mo ata per card is P10,000 then accumulated balance across sa lahat ng card (kapag pinagsama) is totalling to P100,000. Pero you might want to consider payment arrangement muna baka kasi kaya naman. Try to call Unionbank at bangko na meron ka to check if they could offer payment arrangement since you lost your job 
  • denzkie18 said:
    @Tito_Platito ano po yung mga requirements na binigay niyo para maapproved kayo agad? May co-maker ba na hiningi sayo? Interesado din kasi ako mag apply ng ganitong program dahil halos half a million yung utang ko sa 3 combined cards ko..although si Citibank maliit lang at need ko pa yun ireklamo dahil may mga illegal charges sila na interest sa akin. Nagcharged sila interest kasama sa compute yung current purchase ko. Yung BPI at Metrobank lang yung malalaki ko na amount which is tig 200k+ sila pareho. Ang problem ko rin kaya nagdadalawang isip ako mag apply ay yung active card ko na BDO..yun lang kasi ang namimaintain ko sa ngayon. Meron pa nakiride dun na binabayaran niya naman monthly at nxt yr pa matatapos ang hulog. If ever ba na tumuloy ako apply pati yung monthly na binabayaran na active naman isasama dun sa IDRP?
    Hello. Oo masasama yung BDO mo dun kasi di ka pwedeng mamili ng card na ipapasok mo for IDRP. Ngayon, most likely, si BPI or Metrobank ang magiging lead bank mo depende kung sino sa kanila ang may pinakamalaki kang balance. 3 months payslips, ID, specimen signature, signed IDRP application form lang ang hiningi sakin pero nagrequire ng co-maker. Don't worry ididiscuss ni lead bank sayo everything you have to know and submit. Kung sino may pinakamalaki kang balanse, call them and advise you want to be enrolled sa IDRP. 
  • kenj1988kenj1988 Member PExer
    Pano po yun kung may isa card na may installment arrangement na. Di ko na po maipapasok sa IDRP yung iba ko cards? Thanks
  • Hello po. Plan ko po mag apply for this. Nabaon po ako sa utang kse breadwinner po ako, nagpaaral po ako ng kapatid sa college. Ask ko lang po if pili lang po ba ang naapprove dito? Ayoko po kse sana madefault cc ko pero di ko na talaga kaya bayaran and wala po ako plano takbuhan. 
  • hsusonhsuson Member PEx Influencer ⭐⭐⭐
    kylesher said:
    Hello po. Plan ko po mag apply for this. Nabaon po ako sa utang kse ubreadwinner po ako, nagpaaral po ako ng kapatid sa college. Ask ko lang po if pili lang po ba ang naapprove dito? Ayoko po kse sana madefault cc ko pero di ko na talaga kaya bayaran and wala po ako plano takbuhan. 
    Apply ka ng IDRP. Your problem CCs should be indicated in the form. You will be advised on how to proceed.

    Goodluck.

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Emoji
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file