Debtox has announced a strategic collaboration with The Silver Lining, a nonprofit organisation, to revolutionise debt resolution in Singapore. This partnership aims to provide a comprehensive approach to debt management by integrating financial restructuring with support for behavioural issues like compulsive spending and gambling addiction.
Debtox, known for its ethical and transparent debt management services, will work alongside The Silver Lining to offer clients a dual-faceted support system. This includes emotional recovery programmes and practical financial solutions such as the Debt Repayment Scheme (DRS) or bankruptcy applications. Clients will benefit from personalised debt repayment plans that align with their long-term recovery goals.
The collaboration is unique in its holistic approach, recognising that financial recovery involves more than just numbers. By addressing both financial and behavioural health, Debtox and The Silver Lining aim to empower individuals to rebuild their lives comprehensively. This model ensures that clients receive assistance tailored to their unique circumstances, including debt restructuring and consolidated debt management options.
This partnership aligns with the Ministry of Law’s recent initiatives to enhance the integrity of the DRS and prevent unethical debt consultancy practices. Both organisations support these measures, aiming to build trust and safeguard the scheme’s intent. The collaboration is designed to work within the Ministry’s framework, ensuring each case is handled with empathy and understanding.
Debtox and The Silver Lining are committed to setting a new standard for responsible debt assistance in Singapore, focusing on breaking cycles of debt, shame, and isolation. Through expert financial guidance and compassionate recovery support, they hope to redefine ethical debt resolution as a people-centred endeavour.
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