Good news to SSS Members! SSS has now created a new Loan Restructuring program to help our kababayan bounce back post pandemic.
All member-borrowers with past due short term member loan/s whether or not the original or previously restructure term has already expired. Shor Term Member Loans shall include the following:
*Past due shall mean that the loan is delinquent for a period of at least six (6) months as of the first day of the condonation period.
The availment period for the condonation program is up to three (3) months which shall commence on 15 November 2021.
This Program shall take effect fifteen (15) days after publication of its Terms and Conditions in a newspaper of general circulation and submission of a copy to the Office of the National Administrative Register.
The sum amount of all due and demandable arrears composed of outstanding principal and interest of the member-borrower’s past due loan/s shall be consolidated into one Consolidated Loan.
Full payment of the Consolidated Loan within thirty (30) calendar days from receipt of the notice of approval of the Penalty Condonation Application in a single payment transaction. No staggered/partial payments are allowed even if the required payment is completed within the 30-day prescribed period. Member-borrowers who are sixty-five (65) years old or older who will not file their final benefit claim within the availment period may avail of One-Time Payment term only.
Notes:
a. Under One-time Payment Term — 100% of the consolidated penalty shall be condoned upon full payment of the Consolidated Loan within the approved payment period.
b. Under Installment Term — 50% of the consolidated penalty shall be condoned upon payment of the 50% downpayment within the approved payment period. The remaining 50% penalty shall be fully condoned after full payment of the RL1 within the approved terms and conditions.
2. Any partial payment made for the Consolidated Loan under One-time Payment or 50% downpayment shall not entitle the member-borrower to condonation of penalty. The Penalty Condonation Application shall be deemed cancelled, without prejudice to re-submission of the application within the availment period. However, any partial payment made for the cancelled application shall be treated as regular payment and shall be applied to the oldest outstanding short-term member loan in the following order of priority: penalty first, then to interest and last to principal. Any excess after posting of payment shall be applied to the second oldest outstanding short-term member loan and so on.
3. The balance of the RU should be zero at the end of the term. Otherwise, the unpaid principal of RU and the proportionate balance of condonable penalty shall become part of a new principal under Restructured Loan 2 (RL2). The RU shall be closed and RL2 shall be setup
1. RL2 shall be charged with an interest rate of 10% per annum until fully paid.
2. The full amount of RL2 including all accrued interests shall be immediately due and demandable.
For inquiries, members are advised to log on to www.sss.gov.ph or call at 1455 for assistance
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