In previous 3 chapters, you have basic knowledge about debt collector Singapore – who they are, what they can do and what they cannot do in Singapore. Since you know about their business process and their limitations, I am sharing some solutions when you have debt problems in this chapter, in order to help you deal with debt collectors.
First, learn to make use of the law and regulations to protect yourself, even though you have bad debts, which you should have paid. In the meanwhile, debt collector and debt collection agency are not allowed to anything against the law although you did wrong in the first place. I mean you didn’t make payments on time. Don’t let yourself be intimidated by debt collectors. Don’t hesitate to call the police if they step over their limits or do harm on you.
Second, learn to negotiate with them. As you know, debt collectors are people hired by your creditors. It is important for debt collector Singapore to close the case, so that they can earn money from the creditors, about several percent of debts. Debt collection company is willing to accept an instalment plan if both creditors and debtors have agreement to it. More time cost, worse to the debt collection agency. So try to bargain with the debt collector as they word as an intermediary between you and your creditors. Ask for advice on a workable solution of the debt payment. This can save you time, energy, and the most important, money.
Last but not least, don’t just run away. You can run but you cannot disappear. Bad debts are generated from you, instead of either creditors or debt collectors. Face the problem you have, and resolve it. It will be the best way to deal with debt collectors. Otherwise, your debts will spiral out of control and your property will be sold out to recover your debts very soon.