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Credit Card Association of the Philippines Inter-Bank Debt Relief Program

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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.

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?

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