Interbank Debt Relief Plan (IDRP)

Are you drowning in debts? Does filing for bankruptcy seem the only way forward? What if we told you that you don’t have to do so and that we have a solution that helps you restructure your debt, so you have less money to pay and a longer time to clear those debts?

Interbank Debt Relief Plans in Hong Kong consolidates all your loans, so you have only one creditor to deal with. Plus, you get to pay less than initially expected. Read on for more information on IDRP in Hong Kong, and how we at the Hong Kong Professional Debt Relief Centre can help lighten your debts and loans.

Why do you need IDRP in Hong Kong?

In Hong Kong, having multiple debts to handle is very common, that’s why effective debt management is always a wise choice. A person may have to deal with property mortgages, car loans, credit card loans all at the same time. In addition to the amount of repayment that will put immense pressure on your daily life, servicing your debts can prove to be chaotic. Therefore, an IDRP in Hong Kong may be suitable for you and prove to be an effective way to ease your burden.

Wouldn’t it be fantastic if you could forget about the multiple lenders you have to repay? Now you can, thanks to the Interbank Debt Relief Plan.

Repaying a single loan is bad enough, but repaying multiple loans month after month will take a toll on your family, personal life, and health. With the Interbank Debt Relief Plan in place, you don’t have to stress and worry about paying multiple debts. IDRP in Hong Kong is a debt relief and re-organising plan that takes away the burden of meeting the demands of various creditors on time.

Lessen your debt burdens by paying interest to only one creditor rather than multiple creditors. Save more money while paying back your debts.

The Interbank Debt Relief Plan (IDRP) is very similar to the DRP Plan. The most significant difference is that the latter requires submission of repayment proposals to individual creditors. In practice, it may even be necessary to formulate different proposals in order to obtain an agreement from all parties. It will take time and effort to modify and negotiate back and forth, as well as spending a lot of energy to deal with issues arising from a drawn-out process. Luckily, the Interbank Debt Relief Plan for Hong Kong individuals is a much simpler way forward.

What is an Interbank Debt Relief Plan (IDRP)?

An Interbank Debt Relief Plan is more direct, convenient and comprehensive. It only requires the need to negotiate with the largest creditor on the list and agree with them on the terms of repayment. Then the largest creditor will act as a consolidator and deal with the other creditors involved. After an agreement is reached, the largest creditor will unify all debts owed by the debtor.

As a result, the debtor only needs to repay the negotiated amount to the largest creditor with the fixed interest, fixed amount and the agreed schedule. Under an Interbank Debt Relief Plan, there is no need to negotiate separately with individual creditors, and you do not have to repay the debts owed to each party one by one, which is more convenient and manageable.

Interbank Debt Relief Plan Hong Kong Application Procedures

Being a professional company in Hong Kong, IDRP in Hong Kong is one of our core services. Our expert team will first understand the debtor’s financial situation and repayment ability. After that, we will formulate a suitable repayment plan on their behalf, and set a monthly repayment amount that the debtor can manage that will not affect their everyday life too severely. We will also help the debtor to establish a repayment schedule to help the successful repayment of all debts within a reasonable timeframe.

After that, we will present and negotiate the details of the proposed repayment plan with the largest creditor on your behalf, and formulate a final Interbank Debt Relief Plan that meets the requirements and interests of all parties involved. Once agreed, the largest creditor will proceed to obtain the consent of other creditors, and then the plan can be implemented.

Benefits of Interbank Debt Relief Plan (IDRP):

Applicable when 1 creditor or more is involved, which means you can apply in any circumstance
Applicable for a total debt amount that is less than HKD100,000 (must constitute more than 10 times of your monthly income)
Suitable for individuals employed in sensitive industries or occupations (such as professionals, banking professions)
Option to restructure just part of total debts
Short application time
Lower cost as there are no associated lawyer and accountant fees
Significantly reduces the interest payments
Allows retaining some credit cards or credit accounts

How can we help you with applying for IDRP in Hong Kong?

Have your debts gotten so large you can’t repay them anymore? Before you consider doing something drastic like filing for bankruptcy, call us. When you trust HKPDRC with your loan repayment woes, we promise to provide you with an Interbank Debt Relief Plan that fits your lifestyle and financial goals. We believe repaying loans must be easy and seamless, so you can pay them off on time without sacrificing your family’s financial requirements.

At HKPDRC, we understand that your loan problems are unique; therefore, you need a unique solution to help you repay your loans. Rather than forcing you to work within a specific plan, we listen to your requirements – the financial problems you face, your financial commitments to your family, and how you want us to help you. Then we design a strategy based on those requirements.

Let our team provide you with professional advice to help alleviate your debt pressure so that you regain a normal life. Call us today for more details on IDRP Hong Kong services.

About Interbank Debt Relief Plans in Hong Kong - FAQs:

In short, the Interbank Debt Relief Plan consolidates all your high-interest loans – no matter where they are, who the lenders are, or their lending interest rates.

Once all your loans are consolidated, you negotiate with your largest creditor (the person/company you borrowed the most considerable sum of money from). They will be asked to take charge of all your debts and negotiate a repayment plan. At HKPDRC, we do this for you.

Once that is done, and you have agreed on a mutually beneficial repayment plan, you don’t have to pay back all your multiple creditors. Every month, you simply pay back your largest creditor with a single, lower-interest loan.

We at the Hong Kong Professional Debt Relief Centre believe that every solution must end in a win-win situation for lenders and borrowers. When you approach us with your IDRP Hong Kong application, we thoroughly scrutinise your financial situation and how much you can comfortably afford to pay toward your debt repayment regularly (every month).

Our team will create a suitable repayment plan proposal based on your financial status. We will present this new proposal to your largest lender (the creditor). It is a critical stage of proposing the lender takes charge of all your loans and then negotiating a loan repayment plan that this lender is happy with. It’s a delicate and tricky stage, but our expert teams have decades of experience in carrying out and handling these negotiations.

Once our team negotiates a loan repayment plan, loan repayment amount, interest rate, and period, the interbank debt relief plan is implemented.

Anyone with multiple debts who finds it hard to repay their loans can apply for IDRP in Hong Kong.

You can apply for IDRP even if your debt is less than $100,000. However, your debt amount should be a minimum of 10x your (the debtor’s) monthly salary.

No, your employer will not be notified about your application for IDRP. Unlike filing for bankruptcy, which includes advising employers, all the details of the plan or application are undisclosed to employers.

While Interbank Debt Relief Plans, IVA and DRP are all common solutions to avoid bankruptcy and protect your employment, they all use different approaches.

The Interbank Debt Relief Plan consolidates all your debts, so you only have one creditor, one loan, and one interest to worry about. The other two solutions, however, focus on all the creditors involved.

Interbank Debt Relief Plans in Hong Kong are more straightforward and do not involve the courts or legal processes.

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