What is the INTERBANK DEBT RELIEF PROGRAM (IDRP)?
The Interbank Debt Relief Program (IDRP) is designed for individuals struggling with financial distress or cash flow challenges across multiple credit card issuers. It provides a simplified and compassionate solution with more favorable terms to help manage and reduce credit card debt effectively.
Financial hardships such as job loss, medical expenses, natural disasters, or accumulating debt can cause significant stress. If you’re experiencing difficulties in meeting your financial obligations across different institutions, you may be eligible for IDRP. This program is designed to support your financial rehabilitation by offering more affordable repayment terms, lower monthly amortizations, and preventing further delinquency on your accounts—giving you a second chance to regain financial stability.
Am I eligible for the Interbank Debt Relief Program?
To be eligible for the Interbank Debt Relief Program, applicant must meet the following criteria:
- Credit Card Requirement
- Must have at least one credit card from two participating banks.
- Account Age and Balance
- Credit card accounts must be at least 6 months old with an outstanding balance of at least P10,000 per card.
- Total combined debt with all card issuers must be at least P100,000.
- Full Disclosure
- Applicants must declare all credit card balances. Validation will be done through credit bureau information and/or confirmation from member banks.
- Financial Distress Proof
- May be required to submit proof of financial distress or payment difficulty.
- Age Limit
- Combined age of the applicant and end of the restructured account term must not exceed 65 years.
- A co-maker/guarantor is required if over 65 or if the applicant has insufficient income.
- Application Review
- Banks may disapprove applications due to irresponsible credit card usage, such as luxury purchases, extensive travel, or gambling.
- Previous Applications
- Must not have applied for the same program in the last 6 months.
- Legal Actions
- Must not have filed for insolvency or rehabilitation.
- Citizenship
- Foreigners are excluded. Citizenship and residency will be evaluated.
Participating Banks for the Interbank Debt Relief Program
IDRP is a collaborative effort by several prominent banks in the Philippines, aimed at providing relief to individuals burdened with interbank debts.
- Asia United Bank
- Bank of Commerce
- Bank of the Philippine Islands
- BDO Unibank, Inc.
- China Banking Corporation
- East West Banking Corporation
- Equicom Savings Bank
- Home Credit Philippines
- Hongkong and Shanghai Banking Corporation
- Land Bank of the Philippines
- Maybank Philippines, Inc.
- Metrobank Card Corporation
- Philippine National Bank
- RCBC
- Security Bank Corporation
- UnionBank of the Philippines
Our program is designed to provide you with the necessary tools and guidance to manage your debts successfully.
Requirements
To participate in the interbank Debt Relief Program, the following requirements must be met:
- A completely filled-out application form
- Statement of income and expenses
- ITR or last 3 months payslip or COE (if employed), latest ITR or audited FS (for self-employed). If applicant has no source of income, he/she will need to find a co-maker who can help him/her pay for the amortization on a monthly basis. The co-maker will also need to sign an agreement.
- Proof of other source of income
- IDRP Payment Agreement Contract including Terms & Conditions signed by you and your co-maker, as applicable.
- Debtor’s Consent Form, Promissory Note, or Post Dated Checks
- One valid government ID including that of the Co-Maker if required
Ready to apply? Please send an e-mail to ruthgueco@ccap.net.ph