Debt Collection Articles

July 8, 2020

How Does Debt Collection Affect Credit Score

If you have deliberately delayed the payment of any of your bills in Singapore or record of your creditor shows such delay by mistake and sends your account for collection then it can affect your credit score devastatingly. In such condition it becomes necessary for you to know the extent it can affect your credit and the ways you can deal with such upsetting situations. Though you can avoid such things if the collection of debt has already been recorded on your credit report but still it is beneficial for you to know few things in this regard.What is debt […]
July 8, 2020

The Importance Of Proper Debt Collection

Debt collection involves a process where collectors and creditors seek to recover payment from businesses or clients, who are legally bound to repay the money they owe. Like many companies, you may end up extending your credit arrangements to customers, which can result to bad debts. The consequences are even worse if you lack internal mechanisms to chase the debts successfully, thereby incurring considerable losses.On this article 1. We have outlined the importance of good credit management and collection skills to your company, which include deciding its fate. 2. We have also given the steps of a proper debt collection […]
July 8, 2020

Where To Report Unfair Debt Collection Practices In Singapore?

After petitions being signed to coerce the Singaporean government to save the face of debtors from creditors who had gone too far to get repayment, a question was posed in parliament and a response given by honorable K Shanmugam, Minister for Law. The question sought to know whether there is a restriction as far as the tactics used by licensed creditors to seek for debt repayments. Citizens were keen to know how they can get help and where they can report unfair debt collection acts and practices. The minister responded by stating that reasonable measures can be taken by a […]
July 8, 2020

How Does A Debt Collection Agency Work?

Do you find it difficult to get back your money? Are the debtors taking both your time and money? If yes, then you can take the help of a debt collection agency. The debt collection agencies are thoroughly professional and they can help you to recover your money. You will get many debt collection agencies in Singapore. Many of them are trained and specialized and they can help you to get back your money without creating troubles for you. They are expert in unresolved collections and money recovery. You just need to choose an experienced debt collection agency to speed […]
July 8, 2020

Debt Recovery For SME

As the operator or owner of a small business, the main concern should be running a business and not being inconvenienced by any outstanding debts. A majority of small businesses are started with owners who are both hard-working and passionate. Such small businesses also deal with specific services or products only. However, the major challenge usually lies in lack of experience by most SMEs to effectively and efficiently manage accounts received. This is normally the most critical yet very confusing aspect of any SME. Generally, the earlier the owners of SMEs can refer to their debts, the higher the chances […]
July 8, 2020

Bad Debt Recovered In Income Statement

Income statements in Singapore can be complex and confusing. Figuring out how to traverse the confusing portions of an income statement, such as bad debt recovery, can be challenging if you’re not entirely sure what you’re looking at. It can also be difficult when you’re told to find something on an income statement and you’re not entirely sure what you’re looking for. The biggest challenge, however, can be figuring out how to write an income statement. Income statements have to be written up for a variety of different reasons. For example, the Inland Revenue Authority of Singapore (IRAS) requires income […]
July 8, 2020

Dealing With Debt Collection Harassment

Debt collectors always strike fear in the minds of many debtors. The main reason that debtors fear debt collectors is that they resort to unscrupulous debt recovery techniques. We sometimes fall behind on payments due to unforeseen circumstances and we try our best to resolve such matter with the creditors. Unfortunately, sometimes our pleas fall on deaf ears and creditors end trying to recover the debt through debt collectors. Debt collectors are known to routinely break laws governing their industry and might end confiscating items worth more than the debt. Their crude debt collection tactics leave the debtor both emotionally […]
July 8, 2020

Is Debt Collection Illegal?

Living within your means is perhaps the best way to go about life. This is because it avoids unnecessary tension and stress which often is caused by unwanted competition between different families and individuals. In our bid to outsmart and outperform the other, we often get into a borrowing spree. Many times the borrowing becomes much larger than what we can afford and we fall into a debt trap. While there could be many emergency situations where it may not be possible to avoid borrowing, we should try and differentiate between necessary and luxurious borrowing if one would like to […]
July 8, 2020

What Are Fair Debt Collection Practices?

If you are facing problems with repaying your debt, it is essential to know what debt collectors are legally permitted to do in Singapore once they try to reach you. This piece will improve your understanding of the fair debt collection law or FDCPA. The rights it grants can help but only if debtors are aware of them. All those who collect debts like debt collection agencies, companies and lawyers are under the fair debt collection practices law. Besides, this law covers family loans, household loans, auto loans, personal loans, mortgage, money owed on a personal credit card to mention […]
July 8, 2020

Clever Tips On Getting Customers to Pay on Time

There is no doubt that whether it is banks, financial institutions or even private individuals, lending to customers forms an important part of their overall business plan. However, the process of lending is just one part of the story and the process cannot be said to be complete unless the money lent is recovered in full over a period of time. This is a job easier said than done and there are quite a few challenges and hurdles which might come along the way. While a majority of borrowers are known for paying on time and keeping their reputation, goodwill […]
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