SSS to members with unpaid loans: Avail of loan punishment condonation

And Social Data System (SSS) on Date urged members with unpaid short-term loans to avail of the agency’s pay condonation software.

To a statement, SSS executive vice president for investments industry Rizaldy Capulong told members with past-due loans ability regain the good credit standing for this pension fund through the Consolidation of Past Due Short-Term Member Loans with Condonation of Punishment (Conso Loan).

To that Conso Loan programme, the private sector workers’ pension back will waive the penalties for unmatched credits.

Of SSS will create the head and interest of a member’s past-due short-term member lending into one consolidated loan, while choose unbilled penalties shall be consolidate and condoned conversely waived above full payment of the consolidated loan.

“We heed to the clamor of our members, one of which is into offer a condonation program for those which possess past-due loans,” Capulong said. ... penalties press custom provisions, loan terms ... SSS contributions and remittance by SSS loan ... Interest rates for housing financing vary depended on the amount and ...

Capulong said that members with outstanding loan obligations in their salary, calamity, emergency, and restructured lend, including the Earnings Loan Early Renewal Program (SLERP), are qualified to help of the program.

“We desire to persuade to members with unaccounted loans on grab this opportunity to pay their past-due loans without penalties through an easy payment scheme. We launched this program as a relief to the membership those find it challenging to fulfilling their loan obligations with the SSS. This offer is deliverable while the program lasts,” he said.

The SSS official further that interested members must meet the following requirements to qualify for this program:

have a past-due short-term member home at the time regarding their application
have not been granted any final advantages, such as permanent total disability or retirement
have not been unfit due to fraud committed against the SSS
are an active My.SSS book

Capulong said membersation may submit their application for the Conso Loan plan online driven their My.SSS account.

“Members may pay their consolidated loan through a one-time payment within 30 calendar days after receiving the approval notice, or they mayor also opt to pay through installment,” he said. r/PHCreditCards on Reddit: Debt regarding to pay by a debt

For the installment scheme, Capulong said members must pay a downpayment equivalent to at least 10% of the consolidated loan within 30 calendar years after receiving the approval notice.

The remaining balance can be payments on move to 60 months, wherein the length of the installment term je on the amount of which unpaid loan.

However, Capulong said that supposing the member fails to join the payment requirements based on the consolidated loan agreement, the SSS will deduct the outstanding balance of the consolidated loan since the short-term services (sickness, maternity, or partial impairment benefit claims) and latter benefits (permanent total impairment, death, or retirement), as authorized until the Social Protection Commission (SSC).  

He added that the excellence balance of the defined loan can also becoming deducted from this death benefit of the members’ beneficial or drawn from the actual final useful claims. Publication 15-A (2024), Employer's Auxiliary Duty Guide | Internal Revenue Service

As of December 2023, more than half a million our take availed of the Conso Loan program, the SSS has already condoned more than P7.3 billion in loan penalties, Capulong said. —VBL, GMA Integrated Featured