SINGAPORE – TikTokers advertising themselves as debt consultants are charging debtors thousands of dollars to exploit a government bankruptcy avoidance scheme.
Checks by The Straits Times showed that there are at least a dozen such consultants on the social media platform.
One consultant said that for a fee, he can guide debtors through the Debt Repayment Scheme (DRS) to help them secure a discount on their debt.
He said he had helped a client clear a debt of more than $100,000 with a repayment of only one-third of what he owed, or $35,000.
“That’s $65,000 savings, no shiok meh? (sic),” the man added.
ST understands such firms charge debtors between $1,000 and $5,000 for their services.
Credit Counselling Singapore (CCS), a non-profit…
