SSS revealed that they will be offering amnesty program to members with unsettled loans. Through this program, they will only be paying the principal and the interest without paying fully the penalties. The program will start on April and the deadline will be on September 30. But beneficiaries of the delinquent borrower who died without settling their loans can still file for the amnesty until March 2013.
Those who can apply for the amnesty are:
- Applicants whose loan delinquency was caused by the failure of the employer to remit the payment deducted from their salary. This type of delinquent borrower can avail the 100 percent free of penalty. They will only pay the principal and the interest. But they must have at least three contributions with the last six months before the month of application. In applying for the amnesty, members must present proof of deducted loan amortization and notarized affidavits.
- Beneficiaries of deceased borrowers who will still file the death claim application. They will pay no penalties at all, but the principal and the interest will be deducted from the death benefit.
- Delinquent borrowers who paid at least 3 amortizations. The requirement is that they have at least 3 monthly contributions within the last 6 months before the month of application. They can avail the 90 percent penalties condoned.. that is if they will pay in full. However, for those who will pay in monthly instalment over three years, 3 percent per annum interest rate will be imposed and only 80 percent of the penalties will be condoned.
- Borrowers who are filing for total disability or retirement claims. 50 percent of the penalties will be condoned and the principal and interest will be deducted from the benefit.
The amnesty program is offered only to overdue salary, calamity, emergency, educational, study-now-pay-later, stock investment and privatization fund loans.
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