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SSS Loan Restructuring – Questions and Answers

There is a new SSS loan restructuring program this 2018. Social Security System members who have unpaid loans, this is your time to seek loan penalty condonation. Apply for SSS LRP!

Last 2016 to 2017 SSS has a loan restructuring program successfully availed by thousands of its delinquent members. For those who missed that round and has been looking forward to a loan restructuring this 2018, this good news is for you.

The requirements for this LRP is the same as the one offered last 2016. SSS has re-implemented the loan penalty condonation program since a lot of members are clamoring for the LRP to be extended.

To iSensey readers who have been waiting for us to update regarding this new loan condonation program, pasensya na po sa delay. Hinintay naming na maconfirm ng SSS officer na kakilala ng team, bago kami mag share ng good news, ayaw kasi naming na fake-news ang ishashare naming for our readers. Today, we got the confirmation na totoo tong bagong loan restricting na programa ng SSS. Salamat po sa pang-unawa.

SSS LRP 2018 means Social Security System Loan Restructuring Program for this year. Hopefully, there will be another SSS LRP 2022 since we will have a new president by then. Others who can’t submit all documents in time this year can do so the next time LRP is offered. Sana sa 2022 merong loan condonation ang SSS.

September 29, 2018 UPDATE: the LOAN Restructuring Program deadline is EXTENDED up to April 1, 2019! May time pa para mag file!!!

Questions and Answers on SSS LRP

We will try our best to give a reference for members seeking more details about this program to the best of our ability, and based on our own experience from the last loan restructuring program we availed of. But if you want ALL YOUR QUESTIONS ANSWERED, we recommend that you go to an SSS branch and speak with a loan officer.

The SSS loan officer will be able to answer the questions you may have about how to avail this program, what are the requirements for the LRP, the IDs that you need to submit and other documents. In the SSS branch, you can also get a copy of the application form, you may also be given a sample copy of the authorization letter or the Special Power of Attorney.

The LRP 2018 ELIGIBILITY REQUIREMENTS are the SAME with the requirements last 2016 LRP.

When can SSS Members avail this Loan Restructuring Program 2018?

Qualified SSS members may avail for this loan condonation starting April 2 to October 1, 2018. Update!!! Deadline is extended to April 1, 2019.

Prepare all the needed documentary requirements for submission to an SSS branch. We advise that you will apply as soon as possible. Do not wait for the deadline week!

What are the type of loans na puedeng i-apply sa LRP?

These are the type of loans that can be applied for the LRP program:

  • Salary Loan
  • Calamity Loan
  • Salary Loan Early Renewal Program (SLERP)
  • Emergency Loan
  • Educational Loan (old)
  • Study Now Pay Later Plan
  • Voc-Tech Loan
  • Y2K Loan
  • Investment Incentive Loan

Can eligible members file the loan restructuring in any branch?

Yes, qualified members may apply at any SSS branch. Make sure to have complete requirements so processing of your loan condonation application will be fast.

What are the qualifications and eligibility requirements?

If a member has an outstanding loan not paid for at least 6 months by April 2, then he or she is eligible provided that the member resides or works in an area during the time the place was put under Calamity by NDRRMC.

“Member-borrowers must be residing or working as of the date of the disaster in a calamity/disaster-stricken area declared by the National Disaster Risk Reduction and Management Council (NDRRMC) or in the case of Ondoy, by the National Government.”

List of NDRRMC Calamity Stricken Areas covered by this loan condonation program of SSS.

*Affidavit of Residency will be required as proof.

SITUATION 1: “I have unpaid loan in SSS, I stopped paying last December 2017, can I apply for LRP this April?’No, you are not qualified since it is required that the loan be unpaid for at least 6 months on the start of the 2018 LRP program.So if mag-apply ka sa loan condonation program, dapat di ka na nakabayad since October 2017.

Can SSS members in abroad right now be also allowed to apply for loan restructuring?

Yes. Qualified members who have outstanding loans but presently out of the country may file for the LRP 2018 program.

If you are in abroad and the country you are in has an SSS branch, you can apply and file for the SSS LRP sa branch dyan sa abroad, bring your passport.

If nasa abroad ka na walang branch ng SSS, aside from the regular documents, you will also be required to execute a Special Power of Attorney to designate someone here in the Philippines as authorized to apply in your behalf.

Or you can also EMAIL SSS for questions and concerns specific to your case, the email address is ofw.relations@sss.gov.ph.

What will happen if you will be approved for SSS LRP 2018?

Delinquent members or those SSS members with outstanding loan balance and subsequently got approved for the loan condonation 2018 program will be able to pay their loan minus the accumulated penalty.

This is a good deal kasi mababawasan na yung babayaran niyo sa SSS. Ang babayaran nalang ng member is yung original loan balance + interest.  Kung ang isang memybro ay hindi approve sa SSS LRP, ang babayaran niya is loan balance + interest + penalty.

SSS will condone the penalty accumulated on the delinquent loan. Meaning, tatanggalin ng SSS ang penalty portion ng loan mo or ang multa. Kaya makakaluwag talaga especially if the loan is years and years ago at matagal na nag-stop sa pag-bayad.

Remember that when you retire at meron ka pang loan balance plus interest and penalty neto, ang mangyayari is liliit ang retirement benefit na makukuha mo sa ahensya. That’s why if meron kang loan sa SSS na di nababayaran, mas maigi if mag-apply ka na ng LRP.

Can members apply for SSS Loan Restructuring Online?

No, application via SSS website is not allowed for the LRP.

Where to get the application form?

You may get the application form from any SSS branch.

*Should we find a downloadable application form online from SSS website, we will update this post.
Where to Pay the monthly amortization?
Restructured loan monthly amortization can be paid in any SSS branch with tellering facility or in any authorized collection agent of SSS.
Can members who were approved for the SSS LRP 2016 to 2017 be again allowed to apply this year?

No, a member who was approved for restructuring in the past will no longer be allowed to apply to this new program or any future LRP.

If you are approved for this new LRP 2018, then you will no longer be eligible to apply in any future condonation program of the agency.

What is the payment scheme if the member is approved for LRP?
1. Members who are approved for the LRP can choose to pay the outstanding amount in one go or isang bayaran.
2. Approved members may also pay the outstanding amount within 5 years with monthly amortization.

Situation 2: I have already paid my restructured loan, when can I apply for a new loan in SSS?

Active SSS members can apply again for a new short term loan 6 months AFTER paying fully the restructred loan, provided that the member must have completed at least 6 months contribution in the last 12 months to be eligible.

Question: I am already approved for Loan Restructuring, can I apply for another loan?

The rule of SSS is that while the restructured loan is not yet fully-paid, the member cannot avail of other SSS short-term loan programs.

Situation 3: I was approved for SSS LRP last 2016 / 2017 but I was not able to pay the monthly amortization or there were months I skipped payments, can I pay again? Yes, you can resume paying until you complete the full payment for your restructured loan. However, we suggest that you talk with an SSS officer to keep your account in order.

What are the requirements for the SSS Loan Restructuring 2018?

You may read the required documents from the previous loan condonation program SSS LRP 2016 – 2017, since the requirements is the same. But if you want  to be 100% sure on what you need to submit, we recommend that you call or visit an SSS branch.

REQUIRED DOCUMENTS LIST.

The start of the LRP will be this coming April 2. Also, we expect that ABS CBN, GMA News, TV 5, PTV, will all be reporting on this new condonation program once this will officially begin in April.

Apply to SSS LRP if you have unpaid loans so your retirement benefit will not be affected.

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Comments

  1. Hi.i am.an inactive sss member since 2000 and i think i stop when i resigned from the company i work before and i have an outstanding loan that time also.can i apply for LRP?if not is the monthly amortization to be paid the same.please help.thank you.

  2. Hi, kailangan pa po ba mag procure ng affidavit of residency? kahit po yung loan ko is salary loan and not a calamity loan?

  3. Hi, I filed for loa reconstrcuction today,only to realized na dapat di ko muna ginamit kasi maliit lng yung condoned amount.Is it still possible for me to cancel my application?

    • Hi Kenneth, if di pa approve, we think puede pa ipull-out but to be 100% sure, call the SSS branch you applied for loan condonation.

  4. Thanks SSS, for this opportunity of the condonation, kase the other time I didn’t get the information and I was praying na sana magkaroon ulit. salamat more power and God bless.

  5. hi po!mam/sir,matatanggal po ba yung interest at penalty pag pasok po s LRP at yung naloan na lang po ang babayaran?

  7. may salary loan po aq thru my employer last 2016. only to find out today na hindi pala binawasan ung salary ko for the monthly payment for the loan. buo pa ring ung principal amount ko plus interest and penalty na! pwede po ba aq mgapply for SSS LRP??

  9. is it possible to cancel loan restructurin program kasi late na sinabi nung sss personnel na di ka makakaloan. you need to fully paid the amount being loan and after 6 months pa pwede. maliit lang naman kasi ung macocondone e,

  10. Pag natapos ko nang bayaran ung LRP San ako pwedeng mag verify to check if Ok na ung loan balance ko?

  11. Binayaran ko na ung loan condonation ko last sept.at pati sss contribution ko na 108 pa lng ay bjnayaran ko ng 3 payment so 111 na xa dahil dapat daw is 120 to avail my pension . . .so pag natapos ko po un next year doon pa lng mag umpisa pension ko ?

  14. I am approved for SLERP and currently paying a 3year amortization Period.

    If I decide to make 3mos. Advance payment on my SLERP example Nov2018-Jan.2019 thru SSS Branch tellering servicing Dec. 1, 2018..Pwede ba next payment remittance ko is Feb.1,2019 na; since paid recorded naman sa LRP Reciept na 3mos. Yung binayaran ko?!…..OR, need pa din na Monthly meron payment record input, papasok despite I have made advance payment?

  15. May unpaid salary loan pp kasi ako last 2014 pa. Pero maliit lang naman. Pag na fully-paid ko na po ba yung salary loan ko ng one-time payment thru LRP pwede naba ako mag loan ulit agad ?

  16. I was approved po to avail lrp. Hindi po ako nakabbyad ng 2 months amortization, pwede po pa ba mabyaran yung skipped 2 months ko? Thank you. Hoping for a response

    • As I’ve heard from SSS when I inquire, if you missed 2 months LRP Payment, automatic forfeiture of LRP Eligibility; and need to pay full loan balance, and restored yung penalty amount na tinangal nila sa actual due amount sa LRP.

      ONCE in a lifetime lang daw pwede mag-avail ng Loan condonation or LRP per SSS Member. Kaya ako tinatabi ko na at ensure each moth-end hulog ako sa LRP Ko, kasi 28k din na penalty for 11yrs unpaid load ko nabawas.

      • Na aproved po ung loan condonation ko last 2017.nakapagbayad lang po ako ng 4months. Nag due na po..pwedeh po bang ituloy 12months lang po ung term ko..tnx

  17. I am almost done with my sss loan reconstructuring. 3 payments na lang tapos na ko. When can I apply for sss short term loan?

  18. Hello po. Pde po ba ma delayed ng 1 month ang payment? Mag Di-due na kasi sa April.. Pero out of budget pa kasi.pde pa Kaya I-fully paid by month of May?

      • 1 month delay is ok. As long as di na cya maulit, kasi 2nd time in record, automatic forfeited na yung Restructuring program. And hindi na makakaulit for life.

        Ako as much as possible save 100/day para pagdating ng month end meron ako maipon pambayad, at di ma-delay.

  19. If late po ng 2 months pwede pa bang bayaran ung late payment under LRP

    • Check mo, kasi as per LRP Officer, once 2months delay, di mo na pwede catch-up. Automatic forfeited na Loan Restructure mo, like sa naka-sabay ko last time..DUE Agad all remaining Balance kasama lahat Penalties amount na tinanggal, during the grant.

    • Good day, ask ko lng if saan puede magcheck ng outstanding balance ng loan ko kng tlagang nabawas yung binabayran ko monthly, kasi ng apply ako LRP last april 2019..thanks

  20. Hi good evening hindi po ako nakapagbayad on my due date LRP it’s my due date is every 10th of the month pwede ko po ba sya bayaran kahit nakalipas na ang 2 days. Kasi natatapat ang due date ko lagi ng Saturday or Sunday eh. Sana po may sumagut sa question ko. Salamat….

  21. Good day,
    Aside from SSS offices can I pay my LRP to other business offices like bank?

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