Debt collectors in Singapore have got a bad reputation. But companies like Cedar financial undertaking debt collection in Singapore are making sure the myths surrounding debt collectors are busted.
The main reason why debt collectors here have a bad rep is that there is a code of conduct that they have to follow, but no strict laws. It makes debtors worry that they will harass or threaten them. But it is far from the truth.
All collection agencies in Singapore follows the code of conduct and ethical guidelines to ensure that debtors are safe. Also, it helps them recover the money for creditors faster.
Let’s know what all a debt collector in Singapore can or cannot do.
They cannot intimidate you or use violence
A debt collector cannot bang your doors or abuse you to collect the debt. They also cannot use scare tactics to convince you to pay the debt.
If you feel like a collector is abusing you or threatening you, call the police.
They can talk to your friends and family
A debt collector has all the right to talk to your family and friends if they are unable to contact you. They can ask them about your whereabouts, and tell about the debt to your spouse.
Also, they have full rights to check your social media pages to gather any and all intel about you.
They can help you negotiate debt repayment plans
In Singapore, debt collectors make sure that they help their debtors with their debt. If a debtor is genuinely unable to pay the debt or so on, they can offer them repayment plans. Of course, they need to talk to the creditor first. But they usually can convince the creditor to offer a payment plan or negotiate the debt amount a bit.
Also, no debtor harasses you like a gangster. Instead, they work with you calmly, and you can read Protection from harassment act to know what you can do if some collectors do so.
They cannot come to you in a group of more than five people
A debt collector can come to your house to collect the debt. But they cannot and don’t call more than five people to do so. If they do, a debtor has the right to call the police.
They cannot vandalize or seize your possession
No debt collector will vandalize your property or seize them in leverage of your debt. They cannot break down your property or TV or punch a hole in your wall. A reputable debt collector won’t stoop to these practices.
A reputable collector will follow the law, and use scare tactics to get you to pay. If you have any complaints, you can go to the Credit Collection Association of Singapore. They take care of all disputes between the debtors and collectors.
The main reason why debt collectors here have a bad rep is that there is a code of conduct that they have to follow, but no strict laws. It makes debtors worry that they will harass or threaten them. But it is far from the truth.
All collection agencies in Singapore follows the code of conduct and ethical guidelines to ensure that debtors are safe. Also, it helps them recover the money for creditors faster.
Let’s know what all a debt collector in Singapore can or cannot do.
They cannot intimidate you or use violence
A debt collector cannot bang your doors or abuse you to collect the debt. They also cannot use scare tactics to convince you to pay the debt.
If you feel like a collector is abusing you or threatening you, call the police.
They can talk to your friends and family
A debt collector has all the right to talk to your family and friends if they are unable to contact you. They can ask them about your whereabouts, and tell about the debt to your spouse.
Also, they have full rights to check your social media pages to gather any and all intel about you.
They can help you negotiate debt repayment plans
In Singapore, debt collectors make sure that they help their debtors with their debt. If a debtor is genuinely unable to pay the debt or so on, they can offer them repayment plans. Of course, they need to talk to the creditor first. But they usually can convince the creditor to offer a payment plan or negotiate the debt amount a bit.
Also, no debtor harasses you like a gangster. Instead, they work with you calmly, and you can read Protection from harassment act to know what you can do if some collectors do so.
They cannot come to you in a group of more than five people
A debt collector can come to your house to collect the debt. But they cannot and don’t call more than five people to do so. If they do, a debtor has the right to call the police.
They cannot vandalize or seize your possession
No debt collector will vandalize your property or seize them in leverage of your debt. They cannot break down your property or TV or punch a hole in your wall. A reputable debt collector won’t stoop to these practices.
A reputable collector will follow the law, and use scare tactics to get you to pay. If you have any complaints, you can go to the Credit Collection Association of Singapore. They take care of all disputes between the debtors and collectors.
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