In the last chapter, I gave a brief introduction on debt collectors Singapore. They mostly serve as an agency or company, in the form of organization, to assist creditors to get money back. Since we know who the debt collectors are, people must be curious about things debt collectors can or cannot do.
The pig’s head in previous article reminded a lot readers of the old days, when debt collectors are not punished for the rule things they did. But things have been changed, it is illegal to stick a pig’s head on debtor’s door nowadays. That is the reason why debt collectors don’t do this any longer in Singapore.
So, what can they do?
Of course debt collectors will not stop their career just because of the regulations. They come out of new ideas to handle debt issues in a legal and ethical way. Actually there is not specific law targeting at debt collection industry. Singapore is not the only country facing the problem, but lots of countries and regions have similar problem, having difficulty in setting specific law and regulation to control the industry.
The good news is, there is an industry code of ethics set up by the Credit Collection Association of Singapore. To some extent, it resolves disputes between debtors and debt collection agencies or debt collection companies. It plays an important role in collection industry and it is true some debt collectors follow the disciplines and behave themselves. However, the bad news is, the Credit Collection Association of Singapore are not able to enforce the code due to the lack of a great deal of power.
In general, debt collectors can do anything under Singapore law and the industry code of ethics set up by the Credit Collection Association of Singapore. It is not illegal if they break the code, but they will be judged by people and CCAS. Definitely, debt collectors Singapore must obey the laws, otherwise, they will be faced with serious punishment.
In next part, I will tell you what things they cannot do.