CCAP launches IDRP, a new credit card repayment plan

The Credit Card Association of the Philippines (CCAP) in partnership with the Bangko Sentral ng Pilipinas (BSP) has launched a product that will surely help the Filipino consumers having multiple credit card debts.

The launch of this new repayment system by CCAP was based on industry data. According to reports, as of 2015 about P2.32 billion have been placed in individual restructuring programs of banks, representing 1.39 percent of the total industry receivables of P167.41 billion. Interest rates from the said accounts range from 0 percent to 3.00 percent with an average tenor of 48 months.



While each bank has its own restructuring program for their own customers, this product that will start this June will enable a credit card owner to consolidate his debts and just talk to one partner bank to pay his more than two (2) credit card loans.

IDRP or Interbank Debt Relief Program was developed to further help highly indebted and financially distressed (but well meaning) customers get back on track towards responsible credit use.

“With the help of the Bangko Sentral ng Pilipinas (BSP), CCAP, and participating banks, the IDRP aims to offer more affordable terms, lower interest rates, and reduce the equal monthly amortization of the customer to enable him or her to sustain paying the account and prevent further delinquency,” explained CCAP Executive Director Alex Ilagan.


Under the IDRP program, the repayment period can extend to as long as ten (10) years for severe cases of indebtedness while interest rates will only be 1.5% per month or even lower depending on the profile of the customer, debt to income ratio and completion of documents required for the program. The participating banks may also have the option to disapprove the application for customers who misused and abused the credit facility granted by the banks.

How to avail IDRP

Visit us! Says Mr. Biboy Gomez of CCAP.
The best way is to visit your bank ask for the new product offered by CCAP.

But generally, all credit card accounts, to be accepted to IDRP, must be at least six months old, with an outstanding balance of at least P10,000 per card and total card obligations of at least P100,000 for all cards.

Acceptance into the program will be subject to certain restrictions and qualifications, as well as, submission of pertinent documents.

Qualified customers, in compliance with their approved terms, may opt to issue post-dated checks at lower interest rate, or pay cash to each bank separately on the due date.

To make it easy for the customer in the future, CCAP is now developing a centralized or single payment channel so customers can consolidate all payments in one check or one location in case of cash payments. This facility will be made available before the end of this year.

IDRP participating banks

Asia United Bank, Bank of Commerce, Bank of the Philippine Islands, Citibank, N.A., China Banking Corporation, EastWest Banking Corporation, Equicom Savings Bank, HSBC, Maybank, Metrobank Card Corporation, Philippine National Bank, RCBC Bankard, SB Cards Corporation, Standard Chartered Bank, and UnionBank of the Philippines, and BDO Unibank, Inc..

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