Debt Recovery Services for Singapore
The staff of our debt collection agency is trained to retrieve money from customers that are hard to deal with; we will contact the debtor using our strong but diplomatic techniques and make sure your unpaid accounts are quickly sent to your bank account.
Here below you will find a detailed explanation on how we collect debts and both amicable and legal steps we are following.
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We usually contact the debtor the same day of account placement.
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1.1 Amicable Phase
1.1.1 General
Debt Collection Agency Service Singapore is a leading provider of professional debt collection services. Our team is comprised of professionals in the industry, and it is their goal to maintain healthy and friendly communication between the debtor and the client throughout the entire process. Our collection professionals are involved in the entire process in-house, and we shy away from outsourcing any part of the process. Communication between our professional team and the debtor will be pursued orally and in writing. DebtCollection Agency Service Singapore strictly follows the local laws and regulations within Singapore, including those passed federally and in each state.
1.1.2 Local agents and field visits
Debt Collection Agency Service Singapore has the option of employing field agents who can make local visits to a debtor’s physical location in the interest of speeding the process and ensuring a better chance at success. This is primarily done to assess the debtor’s business operation and verify its location. Debt Collection Agency Service Singapore charges roughly 15 percent of the debt’s cost to creditors in exchange for the services of our field agents. This cost will vary based on the debt’s size and overall age. Under the local laws of Singapore, a creditor must be able to supply an invoice in order to commission either a field visit by an agent or a skip trace of the business’ information.
1.1.3 Interest on debts and claims
Debt Collection Agency Service Singapore adheres to the terms and conditions of any standing agreement between our client and the debtor that w are pursuing. These terms and conditions are typically agreed upon when lines of credit or other financing offers are extended, and they dictate the amount of interest that we are able to collect on behalf of our clients.
It should be noted that Singapore, like many other countries, has become accustomed to using the interest paid on a debt as a form of negotiation. This tool is often used to encourage debtors to pay a past due balance to a creditor, and it is often dropped when a creditor agrees to make a payment on their outstanding debt.
1.1.4 Debt collection costs
The costs associated with the collection of a debt can be charged to the debtor at the time of their payment. This can only be done, though, if the agreement between the creditor and debtor allows for such charges to be made. If not, no charges can be added to the debtor’s outstanding balance.
Again, the costs associated with collecting a debt are typically used as a negotiation tool between the creditor and the debtor. Debt Collection Agency Service Singapore will employ this tool in order to ensure payment of a debt. However, given the escalated costs of legal proceedings in Singapore, it is hard for accounts Receivable Singapore to recommend any legal action based solely on the debtor’s paying of collection costs on top of their existing debt.
1.2 Legal Procedures
1.2.1 General
At the beginning of legal proceedings, the solicitors hired by Debt Collection Agency Service Singapore must issue a statutory letter to debtor’s demanding payment of their outstanding balance. This helps to prove that all pre-court attempts to collect the debt have failed and that there has been no response from the debtor.
The court will then advise Debt Collection Agency Service Singapore, and our client, to issue a statement of claims on the debtor. This involves providing quotes to our company for all court actions that will be placed against the debtor, giving us a solid estimation of the expenses associated with ongoing legal action in pursuit of payment.
1.2.2 Required documents
Legal proceedings in Singapore require a number of important documents before they can be permitted to proceed by the courts. These documents include the following:
– Copies of any invoices between the debtor and creditor
– A history of account statements or, at the very least, a current statement of the account
– Statements showing any payments toward the debt, as well as any credit notes paid against outstanding invoices
– The contract between both parties
– Terms and conditions as agreed to by the debtor
It may be necessary to provide even further documentation as the lawsuit winds its way through Singapore’s judicial system. This documentation can include the following:
– Copies of the business contract
– Copies of any orders made by the debtor
– Delivery notes and confirmations
– Delivery invoices
These documents will be requested as needed by the judge overseeing the legal proceeding. If a dispute is lodged by the debtor against the creditor, then the judge handling the case will often request to see all conversations between the debtor and the creditor that concern the debt itself. This will include emails and letters. Because these things will greatly assist the lawyers hired by Debt Collection Agency Service Singapore, they should be kept until the conclusion of the legal proceeding against the debtor. If any oral negotiations proceed, the creditor may be required to provide meeting notes or system notes about any agreements made between themselves and the debtor.
1.2.3 The legal dunning procedure
The solicitors working with Collection Agency Service Singapore always send a formal letter of demand to the debtor. Appropriate documentation is attached when taking this action, in order to ensure that the legal dunning procedure is as effective as possible.
1.2.4 Lawsuit
After the legal proceedings have begun, solicitors representing Debt Collection Agency Service Singapore will draft and serve a Statement of Claim for the value of the full debt owed by the debtor. Upon receiving this statement, the debtor may begin formally defending the proceedings within an allotted period of time. The amount of time taken on behalf of the debtor will determine the cost of the legal proceedings, as well as how long the proceedings will take from start to finish. After the court has scheduled a hearing, the solicitor representing our client will likely be required to attend directly at some point as the case proceeds. In Singapore, legal proceedings are a highly expensive proposition for creditors and they will often require quite a few hearings before the court finally decides on a proper judgment amount and issues a statement about the costs incurred by the creditor and/or debtor.
1.2.5 Costs of legal proceedings
Singapore is well known for having some of the highest legal costs in the world, and this is especially true for proceedings involving debt collection. The costs of a legal proceeding on behalf of our client must be analyzed by Debt Collection Agency Service Singapore on a case-by-case basis when legal action becomes necessary in order to collect the outstanding balance. The cost of these proceedings as charged by Collection Agency Service Singapore will depend on the client, the debtor, the amount of the debt, and the age of the debt itself.
Typically, the solicitors that represent Debt Collection Agency Service Singapore in the country’s courts charge roughly $1,000 SGD for a statutory letter of demand to be sent to the debtor. The cost of issuing a Statement of Claim is typically charged as a percentage of the debt. In some cases, however, it can be determined as a flat figure depending on the size of the debt and the nature of the file being pursued by our solicitor.
Due to the unique legal system in Singapore, and the generally high cost of pursuing such action, it is very difficult to predict even a rough estimation of the costs associated with a lawsuit. And, because courts in Singapore have a long turnover period, extra hearings and meetings may be scheduled and raise the costs even further. Other extra costs will be incurred if experts or witnesses are required on behalf of our client.
1.2.6 Expected timeframe
Singapore’s courts are well known for having a long holdover period, and this causes debt recovery cases in the country to last longer than in many others around the world. It’s not unheard of for a typical debt recovery case in Singapore to last a minimum of one year, with some cases lasting upwards of three years. Most courts will require multiple hearings before the judge can issue a final judgment, though this will depend on the complexity of the case itself. The duration of the proceeding can also vary based on the availability of the judge and the lawyers on both sides of the case.
1.2.7 Interest and other costs during the legal phase
The determination of whether or not to award costs and interest to the creditor is the sole responsibility of the court system in Singapore. Solicitors on both sides of the matter can raise specific details about these costs; in the case of clients represented by Debt Collection Agency Service Singapore, our solicitors can provide their expert opinion as to whether or not these costs will be granted or denied to the creditor. If a settlement is achieved during the legal phase of debt recovery, both the creditor and the debtor will pay them. These costs will be determined in proportion to who prevailed or failed in the case.
Whatever the debts reason, we will work it, fast.
As debt recovery agency, we’ve seen of the disputes and excuses debtors say when they fail to payback our Clients.
We know how to rreply and negotiate, using the right level of pressure and get you paid quickly.
