Monday, November 6, 2017

SSS Loan Restructuring Program

Part of my goal last year was to pay my SSS loan that I took late 2012. This wasn't done so I had to recycle this goal to this year. Good thing, they have a restructuring program that's open to those who has a delinquent loan status.

Just to give you a background, I took out the loan without knowing where to put the money. Maka-loan lang ganun! Hahah. I cannot remember if somehow, I had the need back then but definitely don't remember using it to something worthwhile. I submitted the voucher 3 months late to our payroll because I didn't know that I had to. Basta tinago ko lang and I thought it will be automatically deducted na. Hay naku, those days na batang-isip ka pa talaga.

I know I have mentioned before that I tried to pay this off when I get back to corporate 3 months after giving birth to Jami but our company said I cannot since it's near maturity date daw. Good thing, the SSS Loan restructuring program opened its opportunity last year up to April 2017.

When my schedule allowed me, I took advantage of the program to finally settle my outstanding loan with SSS.

How to Apply in SSS Restructuring Program 

 

Photo from sss website
Applying for the program is easy.
  1.  You just have to go to the nearest SSS branch and ask about the Loan Restructuring Program.  
  2. You will be asked to fill out a form. Lining up can take a while but surely it will be worth the wait. When you're called, bring the paper back to the staff for processing. Take note that they require you to notarize some papers/forms.
  3. You will be asked to wait for your name to be called again. This time, the paper works are ready and the staff will explain to you how much your amortization will be depending on how long you wish to pay for your balance. Once agreed, you will then sign the papers. Copies will be given for your own records along with a voucher like paper.
That's it! Or at least how I remembered it was. It just took a little over an hour waiting for my name to be called which I understand since it was the last couple of days of the program. You may check SSS website as to when the offer will recommence.

Paying the SSS loan is very convenient since you can drop by at any bayad center, Department Stores etc. I am paying mine here in Savemore, Chino Roces and so far so good. I haven't visited the SSS branch yet to confirm if my payments are going thru, but for my own records, I kept all the receipts just in case I need it in the future.

My SSS loan reached Php24,000++ because of interests and penalty. The principal amount was only Php15,000. Because of the restructuring program, I was able to minimize it to Php18,000. They removed the penalty charges around Php6,000+ which was a really big help. Sayang din yung Php6,000 ha. Anyway, I have decided to pay it for 24 months. I want to be able to pay it slowly but surely. Yeah, sayang yung interest rate charged for another year instead of paying it for 12 months lang but I opted to stick to my budget of less than Php1,000/month. I think it will be better knowing that I will be able to pay it slowly kesa mapasubo ako to pay more than my budget could allow tapos magmi miss din ng payment diba?

As of the moment, I was able to pay 6 months of my monthly dues so that means I have 18 months left. Thinking of it that way makes paying the loan easier than to think of it as if one and a half year ko pang babayaran. Lol! Hindi ko nga na feel na pang 7th month ko na this November.

Being under the restructuring program allow the members to pay the loans easier and be able to get back to non-delinquent status. During the course of the loan, the member is not allowed to apply for salary loan. You can only do so 6 months after your paying term. That means I will be able to take out a new loan November 2019 pa which is fine because I am trying to avoid taking out new loans. =) By the way, if any chance you missed the payment in three consecutive months, the penalty amount taken from your loan will be returned back. At least that's how I remembered the staff's explanation. If you have further questions about the program, please call the SSS hotline 920-6446 or visit any branch.

I know being able to pay my loan from SSS is a huge relief. Ang lakas maka feel ng financial freedom! Loooll!! Hahaha joke lang. But yeah, it feels good paying your debts and knowing that you don't need a new debt to cover the previous one. =)

When I get the chance to visit the SSS branch, I will update this post to confirm that all my payments are indeed being submitted correctly. For the meantime, let's assume that it is and all is well. =)

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Mommy Jen