A BCZ Site

Archive for the ‘debt collection’

A Debt Recovery or Debt Collection Agency

There are a number of good reasons in privilege of having and using a credit card. Like all want to know the possible adverse results in unchecked use of “plastic” or credit card.

Debt collection agencies often specialize in certain areas. Some, for example, excel in securing funds from large companies while others do well working with small businesses or home-businesses. If at all possible, find out what sort of debtors the collection agency most often deals with and what sort of businesses it serves.

Authenticate different states and localities have different rules for debt collection agencies. Make sure the one you want to hire is bonded, licensed, and adheres to the rules of the Debt Collection agency.

You should consider talking to the collection agency when you have credit cards. This will help you preserve your credit in good standing and repair any damage that may have been caused.

Make Sure the Agency has Insurance.No matter how much research you do, there’s always the possibility that a debt collection agency uses aggressive tactics or that the debtor feels the agency acted in bad faith. In these instances, the debtor can sue. Whether or not you win the case, you want to make sure that you won’t be held liable for hiring the agency. Get proof of insurance from your debt collector in the unlikely event that your debtor takes you both to court. This is most often called “Errors and Omissions Insurance” and is held by good debt collection agencies as protection.

The Debt collection agencies are companies who studied in collecting debts where the original creditor can’t get delay repaid. There are so many debt collection agencies in the Singapore. Some are small and go deeply into collecting only certain types of debt. Others are very large companies operating across several countries.

Once you’ve found a few collections agencies that might work for your business, it’s time to look into their costs. Here, it’s worth noting that the way in which agencies charge for their services can be very different and you should choose the one that’s right for you. Some common payment structures are as follows:

Flat Fee: A straight-forward cost usually associated with “pre-collection” fees and usually fairly small. This flat fee is generally offered early in the debt collection process.

Contingency: This is the most typical arrangement. Most debt collectors use a “No Collection – No Fee” model and charge somewhere between 25% and 45% of the total amount for collection, depending on the particulars of the account (such as how old it is, how many contacts have been made, etc.).



One thing to keep in mind is no matter what, once you’ve hired a debt collector, you will not be receiving the full and total amount you’re owed. For this reason, it’s recommended you exhaust your other options before hiring one, like writing your own Demand for Money Owed first.

Collection Agency

Supporting homes can be made more difficult if you have bad credit. The first thing you should do when trying to improve your credit repair is to build a plan. You need to make a commitment to changing your financial situation. Only buy what you totally necessary. You will be able to buy a house and land, vehicle if you maintain a good credit rating. Paying down your mortgage pledge your score as well. and most of all if you pay all your bills on time your credit rating will be good from the bank. Likewise the more equity you have in your house, The more stable if you have more assets of the business . the more stability the banks see in you. This is helpful in case you want to borrow money.

Start paying on bills to help your credit. It is key that you pay them on time and in full. Do the best that you can. You will notice a betterment in your credit score exceedingly quickly after paying off some past debts.

You should consider talking to the collection agency when you have credit cards.This will help you preserve your credit in good standing and repair any damage that may have been caused.

If you have a problem to paying your bills, debt collection agencies will start contacting you demanding payment. The consumer can discontinue and desist orders, but these only stop molestation. They can stop collectors from continuing to call a debtor, but they do not forgive the debtor from his or her outstanding financial obligations.

Pay off any balances on all credit cards as soon as possible to launch the credit score improvement process.

The collection agencies can really help you reconstruct your credit if you’re struggling with recondition it. If you can, it will be easier for you to budget the payments into your financial schedule. This should assist you make payments on time and repairing your credit score.

Make sure that you keep a record of everything when interacting with credit bureaus in case they make mistakes. Keep track of every contact you make, including emails and letters, letters or phone calls. Send your dispute letter as certified mail so that you have a record of it being delivered.


When you receive a collection notice, what should you do?

Collection notices are a type of document for collection or charge a price, which, various factors should be settled address notice in the past, but rather, remained unpaid. The notice can be given for non-payment at the time set by the law of administrative sanctions, taxes and social security contributions. Basically, these entities are eligible to receive payments (municipalities, social security etc.) Entrusts to another office (called the collection agency dealers) for recovery of the amount due.


This is very Important NOTE that the payment of any administrative sanctions, taxes and social security contributions have scheduled deadline. In some cases, payments can also be made even after the deadline, but can rise in price due to delays, in some cases, after the deadline, however, is initiated the mechanism of forced billing or collection by collection agency, causing no amount of payment after the payment term. Not all the time, the total gross pay back is legitimate and must be paid. This can happen, for various reasons, given notice of the collection agency and the amount set is not actually be paid by the addressee. For example, may be the cause of the payment receipt of the notice has been paid already or not may never be paid. Be wrong man sent a notice. The motives can say too much.


What to do if the notice is illegitimate.


In the case of the notice will be considered illegal and the value indicates should not be paid must oppose it, and to bring the right authorities to verify the legality or not of such notice. Even in this case must also follow the deadlines for appeals, which varies depending on the subject or the subject of notice whether it is administrative sanctions or tax not paid, and who should go or what the appropriate courts should approach. For example, the notice for non-payment of administrative sanctions, particularly fines street rules violations, should appeal to 債務 公司合法   公司 or    公司 etc. If it is about non-payment of taxes is to appeal to the Revenue Office.


Moreover, there are some cases that can personally act while in other cases they may need the assistance of an attorney, accountant or other qualified professionals that provide services here. Remained the advice is, if you received a collection notice from any collection agency and should consult a professional as soon as possible, to explore the steps that must be done.

Feel free to approach 財務 公司  , because 追債 is a great to help your business thrive. The 追債 公司, many here in Singapore. You can approach closer   公司, in your area.


It is important to note that the notice sent by the collection agency is the last chance to take the ultimate step of the creditor must pay. In other words, the last time before taking legal actions such as confiscation of the vehicle (administrative) seizure at home (抵押登記), seizure equipped (pignoramento dei beni mobili) and even mandatory redemption in wages of 20% (quinto dello stipendio). These legal actions that can be done to offset the total amount due.



The notice of appeal does not stop to forfeiture. The suspension may be asked to guide who can hear it or not. If it is granted, the execution cannot be done until the end of the case. If this is not granted, must pay the asking price unless it must be reimbursed if you win the case and cancellation notice.

Facts About Legal Debt Collector in Singapore 4 – How to Deal with Debt Collectors?

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.

Facts about Legal Debt Collector in Singapore – What can debt collectors do in Singapore?

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.

Facts about Legal Debt Collector in Singapore – Who is a Debt Collector?

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.

The Negative image of Debt collector in Singapore

In Singapore, most people will associate the term debt collector as gangsters that will collected debt payment from debtors who either has borrow money from them to clear their gambling debt or unsecured loan from licensed moneylenders.

Those debt collectors are also call “Ah Longs” which is commonly known in Singapore and they are well-known to harass debtors using methods such as constantly disturbing them by pounding the doors of the debtors regardless of time, threatening the debtors that they will visit the workplace and will cause the debtors to lose their jobs if the payment is not settled in the due date given.

Despite the high interest which includes the late payment fees and compound interest.There are still many Singaporeans whom are willing to take the loan due to many factors such as lack of stable income to pay for other debts plus financial burdens from the family especially if the debtor is the sole bread winner of the family.

Despite to the many complaints to the police on the nuisances which the so-call debt collectors has caused. Most debt collectors have the mind-set that since they are running a legal money lending business. They have the right to verbally threaten and harass them as long as they do not physically cause physical harm to the debtors.

Unlike the Professional debt collection officers whom normally will follow a strict code of proper conduct to persuade the debtors to settle the debts. Those debt collectors from the licensed money lending companies normally have a criminal background or gangsters whom are not afraid to resort to extreme measures such as spray painting to the debtor’s home or even resort to physical violence even though their actions are highly illegal.

Although the Singapore government has recently the used media such as local TV shows and short documentary to educate the general mass on the difference between the professional debt collectors and the representatives of the licensed money lenders. Most people will still have perceived a very negative image and will usually discourage their peers to join the career of debt collection officers and even scorn upon if they happen to encounter one.Especially Singaporeans from the older generation.

Despite all those negative review, debt collector’s job is still considered as one of the popular choices for Singaporeans who are less educated but wish to earn a decent income plus other incentives as there’s always a high demand of debt collectors in this society.

BPO services Singapore

BPO services Singapore is a trend where companies need to save cost by outsourcing certain aspects of the business. Aspects includes call centre, accounts department and even accounting and book keeping.

With the increase in the companies around the world and the encouragement for start-up, the government aids these companies in starting up with a low cost, account receivables is important in the business as it is the inflow structure that balance the company books.

BPO services is knows as business process outsourcing and in Singapore we can see a trend of it. Do a google search for the term BPO services Singapore and accounts receivables Singapore, you will see there are not only many search results but many advertisement as this is an important and popular search term.

So what BPO companies are mostly in the financial industry, they help to facilitate the process for companies to make sure that all the paper work is taken care for and proper cashflow is being taken care off.

It is no secret of the monetary figures but if it helps to save money and helps to earn money and keep a good track clean record of the financials, why not share these information, after all, after an audit is done, the books become open again.

Other BPO services Singapore which are in trends besides accounts receivables, cashflow management Singapore and accounts receivable includes the need for a debt collection from companies

these debt collectors will help to ensure also that the company is financial stable as it is always hard to collect payment from the bills and invoices which we sent to our customers. It is like we having our starhub bill and not paying on time, same principle.

How to Hire a Good Debt Collector Singapore?

Selecting a debt collector can be a daunting task since we have lots of debt collection agencies in Singapore. They range from individual collectors to large collection agencies and companies. They are in various sizes and providing domestic and global services. It is quite difficult to choose the most suitable collector to get money back.


The debt collectors will represent you and your organization when they conduct the collection tasks with the debtors. That is another reason why we should be careful when choosing a good collector. You have heard a lot about the collector Singapore, whose services with high reputation and positive effect, together with the negative things about collection process.


Since you decide to hire a debt collector, you have to make sure that you are able to figure out whether the collector has the ability to reach the goal in a good way. Among the agencies and individuals who provide similar services to you, how could you identify the best one and let him take over the collection work for yourself?


As the first and initial purpose of hiring a debt collector is collecting debt as much as possible, the service quality should the first thing to consider. It is necessary to study the cases did by the collectors, to check how much they return successfully. In addition, read the reviews to know whether their customers are satisfied with the collection services.


For those large creditors, who lend money as an organization, they should consider more because their debtors are usually the companies or organizations as well, instead of the individual. There are many criteria to consider when selecting the debt collector:


First, they should be fully licensed, bonded and insured. A well-organized debt collection company is always better than those individuals who work in their own way. Second, the collector should be experienced in your specific industry so that they are familiar with the accounts and cash flow of your debtors. Third, collectors should be experienced in the type of debt you need collected, including the debt age and debt size. Last but not least, the debt collector should be willing to provide detailed information on the collection process, so that you are able to check the work they have done.

The best debt collector Singapore should always be the one you fully trust.

The concept of Debt Management

Frankly speaking, banks and other finance related companies have more or less the same policy in handling their debt management with their clients around the world. But what I am referring for this article is the approach of the business owners of small or median business or Multi-national corporations when comes to debt management issues.


Whether it’s a personal debt owing to the bank or corporate debt which customer owed to the company after purchasing the products or services from them. Most debtors will face legal prosecution by the creditor but only after several attempts from them to persuade the debtors to return the owed amount of the money.
For example, Company B (Debtor) has owed company A (Creditor) $10,000 over the period of six months after company B has purchase or consume the services provided. Company A has try to contact the business owner and even hired 3rd party debt collection agency to collect on behalf but yet company A refused to pay the amount for various reasons. This in turn will result in a legal prosecution filed by company A and both parties will have fight the case in the court of Law
and may result in either out of court settlement or even bankruptcy depending on the amount of the money owed.


For individual debtors whom has owed a substantial amount of money due to credit card’s bad debts, secured or unsecured loans. Most of them will get assistance by credit companies using the debt management programme which is basically a debt repayment plan whereby the credit company will accumulate all the various debts owed by the debtor which he will pay monthly instalment with a fixed annual interest over the course of several years.


It may be a Win-Win situation for both parties (debtors and Creditors) but debtors are usually warned that he or she will be opt out of the debt management programme if the monthly payment is default.


As the old saying goes “Prevention is always better than cure”. Companies nowadays are making more effort in their debt management policy and governments are also taking measure to educate people on the consequence of owing debts. But in this modern era, debt management will always be evolving to adapt to the challenges face by business or individuals when dealing with global business trade.