Govt Launches URUS Programme To Help Struggling B50 Individuals

From smaller instalments to interest exemptions, the Financial Management and Resilience Programme (URUS) is a holistic programme to help borrowers manage their debt through personalised financial plans, financial education, and advisory support.

Cover image via Bernama / Malay Mail

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This Spotlight is sponsored by Bank Negara Malaysia. 

The Financial Management and Resilience Programme (URUS) is a comprehensive loan repayment support programme designed to help B50 individuals who are unemployed or have suffered more than 50% loss in income

The programme aims to help them manage their debt and living expenses through personalised financial plans, financial education, and advisory support.

URUS will develop a Personalised Financial Plan (PFP) that sets a monthly debt repayment amount for B50 borrowers, which allows them to schedule a repayment period of up to 24 months, while also being exempted from interest for the first three months.

The great thing about URUS is that it covers numerous financing options, such as housing loan, personal loan, vehicle loan, hire purchase, and credit cards, across all the banks that you have taken out loans or financing facilities with

To put it simply, URUS will take all your existing debt obligations and income into account. Then, the plan will determine and generate a PFP detailing how much you can currently afford to pay your debts, after setting aside an amount for your living expenses.

Here's what's included in the PFP:
- Deferred payments and other options, including reduced instalments, to help manage the overall debt burden in line with affordability
- An interest or profit waiver for a period of three months
- Development, education, and advisory support to help borrowers manage their finances and become more financially resilient

The best part? All of this is free when you sign up for URUS.

To sign up for URUS, you'll need to meet the following criteria:

1. Have a gross household income of up to RM5,880

2. Experiencing loss of employment or at least a 50% income reduction

3. Loan/financing already under an existing repayment assistance programme (e.g. Targeted Repayment Assistance, PEMERKASA Plus, PEMULIH, bank's own rescheduling and restructuring, etc.) as of 30 September 2021

4. Your loan still performing (not in arrears exceeding 90 days) as of the date of URUS application

URUS applications are open from now until 31 January 2022. Here's how to apply:

STEP 1: To enquire about URUS, you can contact your bank which you have an existing repayment assistance with or visit their branch

STEP 2: Your bank will provide an online application form for you to fill up

STEP 3: You'll need to submit one of the following documents — EPF statement, bank statement, income tax form, salary slip, or letter of termination from your employer

STEP 4: If you are eligible for URUS, the Agensi Kaunseling dan Pengurusan Kredit (AKPK) will contact you with your PFP via email within 10 business days

To add on, if you have borrowings from multiple banks, you'll only need to select one of the banks which you have an existing repayment assistance with to apply for URUS

From there, AKPK will help consolidate all your loans and finance details across all the banks. If you face difficulties with your banks in applying for URUS, you can lodge a complaint to Bank Negara Malaysia by using this online form.

If you're not eligible for URUS, fret not, 'cause you can still obtain financial assistance from your bank, which will be able to provide you with repayment options that suit your financial capabilities and circumstances

Alternatively, you can also contact AKPK to sign up for their financial assistance programmes:
- Debt Management Programme (DMP)
- Small Debt Resolution Scheme (SDRS)
- Financial Resilience Support Scheme (FIRST)

Find out more about URUS from AKPK, ABM, or AIBIM

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