SSS Conso Loan Program: A Helping Hand for Members with Past Due Short-Term Loans

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The Social Security System (SSS) recognizes the financial challenges faced by its members, especially during difficult economic times. To help members regain good standing and access future benefits, the SSS launched the Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty (Conso Loan) program. This program offers a lifeline to members struggling with unpaid short-term loans by waiving penalties and providing flexible repayment options.

What is the SSS Conso Loan Program?

The Conso Loan program is a debt relief initiative designed to assist SSS members with outstanding short-term loans. It offers two significant benefits:

  • Penalty Condonation: The program waives all accumulated penalties on your past-due short-term loans upon full repayment of the consolidated loan. This can significantly reduce your overall repayment amount, making it easier to settle your debt.
  • Consolidated Loan: The program simplifies your repayment process by combining the principal and interest of your outstanding short-term loans into a single, consolidated loan. This eliminates the need to track and manager multiple loan payments.
Who is Eligible for the SSS Conso Loan Program?

The Conso Loan program is open to SSS members who meet the following criteria:
  • Past Due Short-Term Loans: You must have at least one unpaid short-term loan at the time of application. This includes Salary Loans, Calamity Loans, Emergency Loans, Restructured Loans, and loans under the Salary Loan Early Renewal Program (SLERP).
  • Active My.SSS Account: You need an active My.SSS account to submit your application online. If your My.SSS account is inactive, you will need to reactivate it before applying for the program.
  • No Final Benefits Received: You cannot have received permanent total disability benefits or retirement benefits from the SSS.
  • No Disqualification Due to Fraud: You cannot have been disqualified from SSS membership due to fraud committed against the institution.
How to Apply for the SSS Conso Loan Program

The application process for the Conso Loan program is convenient and streamlined. Here's what you need to do:

1. Access My.SSS Account: Log in to your My.SSS account using your User ID and password.
2. Locate the Application: Navigate to the section dedicated to loan applications within your My.SSS account. Look specifically for the Conso Loan program application form.
3. Submit Application: Complete the online application form accurately and submit it electronically. Once submitted, you will receive a confirmation notification.

Repayment Options for the SSS Conso Loan Program

The Conso Loan program offers two flexible repayment options to cater to your financial situation:
  • One-Time Payment: You can settle the entire consolidated loan amount within 30 calendar days of receiving the approval notice. This option is ideal if you have the available funds to pay off the loan in a lump sum.
  • Installment Scheme: If a one-time payment is not feasible, you can choose an installment plan. Under this option, you will need to make a down payment of at least 10% of the consolidated loan amount within 30 days of receiving approval. The remaining balance can be paid over a period of up to 60 months, depending on the total loan amount.
Important Considerations for the SSS Conso Loan Program

While the Conso Loan program offers significant benefits, there are some crucial points to remember:
  • Missed Payments: If you fail to adhere to the agreed-upon repayment terms, the SSS can deduct the outstanding balance from the future SSS benefits, including sickness, maternity, disability, and retirement benefits. This also applies to the death benefit claims of your beneficiaries.
  • Limited-Time Program: The Conso Loan program may not be available indefinitely. It is best to inquire with the SSS or check their official website for updates on the program's duration.
Taking Advantage of the SSS Conso Loan Program

The SSS Conso Loan program presents a valuable opportunity for SSS members to manage their debt and regain good standing with the SSS. By waiving penalties and offering flexible repayment options, this program can ease the financial burden on members and pave the way for future benefits. If you have past-due short-term loans with the SSS, consider exploring the Conso Loan program. Remember to carefully review the program's requirements and repayment options to determine if it is the right solution for your financial situation.

Additional Resources:

For more information about the SSS Conso Loan program, you can visit the SSS website or contact their customer service hotline. You can also find helpful information and updats on the program through the My.SSS portal or their Facebook page at https://www.facebook.com/MYSSSPH.




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