Currently there is no regulatory body in Singapore that issues licenses or regulates the debt collection agencies and industry in general.
As such, clients who wish to engage a debt collection agency's service should exercise due diligence prior to signing any contract with such agencies. We advise the public to verify the agency's past track records and also personally visit the office in order to make a better informed decision in choosing the best debt collection agency.
There are a handful of unethical debt collection agencies which claim that the debt collection fees can be recovered from the debtor itself. This may seem like a win-win situation for the clients. However this is not the proper protocol and all debt collection fees must be borne by the client engaging the debt collection services. Such unethical tactics tarnish the image and reputation of the industry. Any such unacceptable tactics or behaviour that infringes the law should be reported to the relevant authorities.
Remember to only sign the contract if you are very certain and confident in the agency's proven track record. Make sure you have ample time to go through the terms and conditions of the contract. Should you feel uncomfortable or any doubts arise we urge you to seek legal advise prior to signing any contract.
We strongly believe that debt collection officers must act fairly with proffessionalism, integrity and abide by the laws and maintain a proper code of conduct at all times.
If you are in the midst of choosing a debt collection company for recovering your debts, do not hesitate to contact us. We will be able to help you to conduct a due diligence for you if you require.