After my mother-in-law heard about the SSS Loan Restructuring Program (LRP) that’s being offered to SSS members with past due loans, she asked me if I could accompany her to the SSS branch to apply for it.

We prepared the documents needed for SSS Loan Restructuring Program including:

• Application Form (click here to download)
• Affidavit of Residency (click here to download)
• Valid ID

I downloaded the application form and Affidavit of Residency from the SSS website and printed it. Then we went to the nearest notary public office to have the affidavit of residency notarized. We paid Php 100 for it. (Amount may vary depending on where you have it notarized).

Going to the SSS Branch

Then we head over to SSS Eastwood Branch, which is the nearest branch from our place.

We got there at 10AM and I was surprised to see that there were only 2 people inside! I thought I was in the wrong place, but yeah it was the SSS office.

The SSS officer at the Information Desk gave us a queue number together with the application form and affidavit of residency for the SSS Loan Restructuring Program. And since I already secured a copy of these forms before we went there, I didn’t have to fill it out anymore.  

We waited for just about 10 minutes before our queue number was called.

SSS Loan Restructuring Program Application Process

We handed the LRP application form, affidavit of residency, and valid ID to the SSS officer. He then accessed my MIL’s SSS account and explained the status of her loan balance.

• She availed of the Salary Loan on June 7, 2005
• The Principal Loan Amount was Php 18,485.58
• Interest: Php 17,499.84
• Penalty: Php 31,543.36
• TOTAL Loan Balance: Php 67,528.78

We were both surprised to know that her loan balance is now more than 3 times her original loan amount. And that was because of the interest and penalties incurred for not paying her loan for 11 years.

Benefits of SSS Loan Restructuring Program

The SSS officer then explained about the SSS Loan Restructuring Program and how my mom could benefit from it.

• With the LRP program, the penalty of my mom’s loan will be condoned
• The Condonable penalty amount is Php 31,543.36, which will be deducted from the Total Loan Balance
• Thus, Php 67,528.78 minus Php 31,543.36, the Loan Balance now is just Php 35,985.42

My mom somehow felt relieved that her loan balance is down to almost 50% because of the SSS Loan Restructuring Program.

Take note:

Only the Penalty will be subject for condonation and not the Principal Loan Amount and Interest. The computation of your Restructured Loan will be made by the SSS officer depending on the principal amount, length of unpaid load, and chosen term/mode of payment.

SSS Loan Restructuring Program Payment Options

The SSS officer then explained the payment options and terms, whether full payment or installment. And since my mom could not afford to pay her loan balance in full, she opted for installment payment scheme.

At first she wanted to pay it in 2 years or 24 months. However, my mom is already 58 years old and she’ll be retiring in less than 2 years.

If she pays her loan for 2 years, her SSS pension application will be delayed. On the other hand, if she pays it in 1 year or 12 months, her loan will be fully paid by September 2017 and she can apply for her SSS pension/retirement benefit by October 2017, and start receiving her pension when she turns 60 years old in 2018.

With this in mind, my mom decided to pay her loan balance in 12 months.

• Restructured Loan Amount: Php 35,985.42
• Interest Rate: 3%
• Monthly Amortization: Php 3,047.74
• First Amortization Month: September 2016

Signing of LRP Contract

My mom signed the contract and other documents and she was given a copy of it.

The SSS officer who assisted us was Mr. Eugene Custodio and he was really accommodating. My MIL asked him a lot of questions about her SSS loan, contributions, and application for pension, and he gladly and patiently answered all of them.

The LRP application process took only 30 minutes to finish, but we stayed there for almost an hour because my mom had other SSS related concerns. Nonetheless, it was still fast compared to if we applied in another SSS branch.

Tips before going to the SSS Branch

1. Download, print, and fill out the SSS Application form and have the Affidavit of Residency notarized before going to the SSS branch.
2. If the SSS member with past due loan cannot personally apply for LRP at the SSS branch, his/her representative will need to submit:

• Original Copy of Special Power of Attorney (SPA)
• Photocopies of 2 valid IDs each of the member-borrower and the representative/filer (at least 1 with photo and both with signature, but the original IDs must also be presented).

3. If you’re near Eastwood, Quezon City, I recommend applying for LRP at the SSS Eastwood Branch. Maybe we’re lucky because there were not a lot of people when we went there, but according to the staff there, not a lot of people visit the branch.

The branch has been there for 2 years, but there’s no tellering/cashier department, thus, you cannot make your loan payments or SSS contributions there.

RELATED ARTICLES: 

• What is Loan Restructuring Program
• Complete List of Areas under State of Calamity for SSS LRP Application
• Why you should Avail of SSS Loan Condonation Program

The SSS LRP has been extended until April 1, 2019. 

It’s a few more days until its deadline, so, if you have past due loans with the SSS, your still have plenty of time to apply for SSS LRP. 

Don’t miss this chance. We don’t know when it’s going to be available again. Apply for SSS LRP now!