When talking about debt collectors Singapore, a pig’s head is the first thing coming up. In the long history, debt collectors are the helper of al long, to some extent. They might not break the law but debtors were scared of them for those things they did.
But in recent years, there is no pig’s head in debt collection industry any more. Since the development of the country, completeness of law and quality enhancement, debt collector Singapore performs in legal and ethical way. But it doesn’t mean you are not affected by their operations. If you fail in paying bills, you might be observed by a debt collector. You don’t need to feel panic unless you want to escape the debt. Debt collectors Singapore don’t mean to hurt anyone, but they are trying best to protect creditors’ property.
If you are the target of a debt collector, here is the first thing you need to know.
Who are the debt collectors?
You must be confused when debt collectors reach you, whatever through the phone call or dropping by your office. They are not the creditors you know, not anyone you knew before, but they know a lot about you, such as your financial situations, your number and address.
Debt collectors and debt collection companies are those who assist creditors to get debt return from debtors. For any companies or persons, it will be great loss when debtors are not able to pay back debts in time. The creditors find it an unpleasant task so they usually outsource it to debt collection agencies. Therefore, debt collectors will represent their clients, that is creditors, to get money back as much as possible. In this situation, creditors are more likely to take back money, instead of collecting debt on their own. Usually, big creditors like banks, companies and government prefer to hire debt collectors. Person creditors turn to debt collection agencies if the amount of debt if large.
In the next chapter, you will know what debt collectors can do.