SSS extends LRP until April 1, ‘19

JAGNA, Bohol, October 18 (PIA)—Now, here is good news to all member-borrowers of the Social Security System funds who have past due calamity or salary loan early renewal program (SLERP), or member-borrowers with past due short-term loans in calamitydisaster-stricken areas, the SSS Loan Restructuring Program (LRP) or better known as SSS Loan Condonation Program has been extended.
Initially offered until October 1, 2018, the SSS LRP has been extended until April 1, 2019, according to SSS Information Officer Michael Ian Mission.
Speaking during the out of town Kapihansa PIA held at DyPJ in Jagna, Bohol, Mission said the extension should provide member-borrowers who have unpaid loans, ample time to avail of the condonation of penalties offer.
SSS clarified that when one applies for an SSS loan, it is not the contributed premium that one borrows, but rather part of the SSS funds.
Members who have been default in paying for their loans have reasoned out that it is wrong for SSS to ask them to pay as what was borrowed was the SSS Premium.
This is a wrong notion, SSS authorities said.
According to the SSS, the money you borrowed from the SSS comes from the funds and is not necessarily the contributed amount, that a failure to pay will necessitate the full sum including the accumulated penalties and interests taken off from the member’s retirement or death benefit.
“That is why if you have a long overdue SSS Loan, the SSS Loan Condonation is your chance to pay,” clarifies Mission.
As one applies for the LRP, the accumulation of penalties and interests on his outstanding Loan will stop, or at least until one again defaults in paying the agreed amount and schedule of payment of the restructured loan.
With the penalties waived, the amount of obligation will be smaller.
As per policy, SSS would demand an unpaid loan or outstanding balance from the SSS Pension, that a retiree may not get his initial months of pension until it can fully pay for the borrowed and unpaid amount.
The SSS said, one thing about being able to pay for the loan is the possibility of getting another loan in times of need.
Earlier, the SSS offered the LRP from April 2 to October 1, 2018.
Recently however, the SSS decided to extend the program some more to serve the majority of its member borrowers who did not know of the offer of condonation of penalties until recently.
Moreover, SSS Bohol informs the people of Jagna and its catchment area that soon, an SSS Service Desk would soon be put up in the first class port town.
The service desk would make the SSS Services regular for Jagna-anons, Mission said.
In the past, SSS assigned an SSS Service Desk Officer to visit Jagna twice a month to facilitate and perform SSS service processes. (rahc/PIA-7/Bohol)

SSS information officer Michael Ian Mission announces the extension of the SSS loan Restructuring Program which was supposed to end by October this year. The SSS LRP would be until April 1 of next year. (rahc/PIA-7/Bohol)

Submit a Comment