Debt Collection Articles

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 […]
July 8, 2020

How To Set Suitable Terms Payment For Your Customer?

The terms of payment directly affect the cash flow of a business along with its bad debts and risk of unpaid bills. A business in Singapore may need more working capital to cover up the financial gap created by the increasing receivables. It can also increase the risk of unpaid advice. So it is good for a business to set terms of payment for its customers before developing relationship with them. Shorter payment terms can be the best option for any business as it helps in increasing its profits by circulating its capital more frequently. Still every business offers various […]
July 8, 2020

Debt Collection – What You Need To Know

If you have never been approached by any debt collection agency, you ought to consider yourself lucky. Debt collectors vary from the slightly annoying to the harassing and downright rude collectors. You never know which one you will get. You may think that debt collectors only get past your loans and credit cards, but this may not entirely true. The truth is that debt collectors can collect just any type of debt past its due date. What is debt collection?Debt collection simply refers to methods employed by a company to recover debts from an individual or another company. Generally, debt […]
July 8, 2020

12 Ways To Recover Your Business Debt

You’re a company owner, and you have a strategy to recuperate your company financial obligation. The concern is whether your procedures and treatments for your company financial obligation recuperation will achieve success. Here are 12 ways to recover your business debt. Analyze Your Composed Policies Concerning Your Company business debt recovery methods. The top place to begin is with your composed policies that cover how you will tackle attempting to recuperate your company financial obligation. If you’re going to recuperate it by yourself or have a staff member handle the financial obligation collection procedure, it is essential that you see […]
July 8, 2020

7 Mistakes To Avoid When Using Debt Collection Service

Debt collection is a complicated process. It can steal your sleep if the debtor is rigid and the amount is considerably high. In this situation, you can hire a debt collection service to make the process easier and to get your money back. You will get more than 250 debt collecting services in Singapore. If you want to get the best out of them then you need to do a primary research about the services before hiring one. The most important thing is to choose the right company to get the benefits and to get back your money. If you […]
July 8, 2020

Fair Debt Collection Act – Knowing Your Rights

Creditors and Debtors There have been many people who have had disrespectful interactions with debt collectors. Many debt collectors use unscrupulous and illegal methods in their retrieval of debts. Many of these methods involve the invasion of personal and private space. There are rules to collecting debt and every debt collector knows them very well but their only intentions are to get their money and as fast as they can get it and in full. These rules should also be known by debtors to help them understand the illegal method of the collector. The Act The Fair Debt Collection Act […]
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