Blessed Grace Social Services
The welcome page explains its goal (among others) to tackle issues relating to “Gambling addiction, debts to loansharks and moneylenders”. It is website is here. But resolving the issue requires a comprehensive approach. The organisation had been working with the Moneylender’s Association of Singapore and DP Information Network (a credit bureau) to facilitate measured debt repayment (akin to loan restructuring in business terminology) since 27 Nov 2015. A Memorandum of Understanding (MOU) was signed that day.
Earlier on 1 Oct 2015 (see 30 Sep 2015, Channel NewsAsia), the Ministry of Law (MinLaw) activated new regulations to restrict borrowing costs exacted by registered moneylenders. These include monthly interest to be 4% or lower; and ‘upfront administrative fee’ to be at 10% and below of original sum borrowed. In addition, another credit bureau, the Moneylenders Credit Bureau (MLCB) began its work in Mar this year. DP Information Group would run the MLCB.