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.
SSS LRP 2018 means Social Security System Loan Restructuring Program for this year. Hopefully, there will be another SSS LRP 2019 for next year, so others who can’t submit all documents in time this year can do so in 2019.
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. That’s 7 months for members to 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 October!
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 Incentiv 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.
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.
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 loan, when can I apply for a new loan in SSS?
Active members can apply again for a new short term loan 6 months AFTER paying the old loan, provided that the member must have completed at least 6 months contribution in the last 12 months to be eligible.
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.
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.
We will update this post as new info comes along that may be useful for members who are looking for more info on SSS loan restructuring.
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