Singapore Debt Collection – No Win No Fee
Creditreform operates a global specialist International debt collections service. We have local offices and fully approved expert international debt collection agency partners in every country worldwide. All our International debt collection agency partners and offices operate on a No Win No Fee basis charging an agreed commission against monies recovered only. All our international offices and partners initiate the collection processes by sending the debtors a debt collection letter to introduce their involvement.
Main reasons why a local country debt recovery agency is so important rather than trying to recover from a debt collection agency UK are as follows:
The local International Debt collection Partners know:
- The local cultures
- The best methods of initiating debt recovery letters and processes
- The languages
- The laws
- Are in the same time zones
Herewith details of our debt collection service Singapore
Location of debt recovery office in Singapore?
Paya Lebar Square, Singapore. All debt collection letters are sent by the local head office.
Number of debt collection staff?
6 staff. Each staff member is allocated a client and all their debt collection letters are personalised in order to effect the best response results from debtors.
How long have you been operating a debt recovery service in Singapore?
What type of debt collection services do you provide? Do you do commercial debt recovery (B2B) and consumer debt recovery (B2C)?
We handle both Business to Business debt recovery cases and Business to Consumer debt collections cases. There is different content for business to business debt collection letter templates and business to consumer debt collection letters templates.
Statue of Limitation in Singapore?
If the case is entered and judgment is obtained in favour of client within the 6 years, the limitation period is extended to another 12 years from the date of judgment.
How EU (European Union) laws effect debt collection in Singapore?
Singapore does not fall under EU laws and regulations. However, if you have any concerns regarding EU laws, please highlight these to us to review and follow
How many companies registries in Singapore for businesses (i.e. UK has just 1 central registry)?
1 registry in Singapore
What is the debt collection process in Singapore?
Standard process involve calls, debt recovery letters sending, site visits and worst case scenario litigation (subjected to creditors’ approval since this will be out of pocket expenses.
Average length of time to collect a debt?
Usually 3 months and below to determine the collect-ability of the cases. Time may increase in the event of litigation and / or arrangement to settle by monthly installments
Can late payment fees / interest to be added to claims?
Subjected to whether its in agreement and acknowledged upon. Late payment and interest cannot be forced upon. Having said this, most debtors would only pay off the principal amount though, if they have the intention to pay.
Details on legal service / process in Singapore?
Generally quite fast and efficient as compared to most countries but the exact processes depend on the complexity of case and whether its defended, to be advised by partnering law firms
For collection and legal service in Singapore, concrete documents such as the Purchase Order, Delivery Order and invoices, signed contract agreement, if any, previous email communication, Promissory Note (if any) are essential. This is to avoid us been sued for unlawful demanding of debts or debtor denying the claim
Singapore Business Credit Reports
Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. We provide freshly investigated Singapore Credit Reports which can be done prior to trading to make sure the company you will be dealing with can meet the commitment or once the debt becomes overdue to ensure the debtor can meet the amount owed.
Singapore Tracing Agents
Creditreform’s debt collection company service also uses expert local Singapore tracing agent services to locate any absconded debtor. This debtor tracing service is provided on a No Find No Fee basis only charging for a successful trace.
Specialist Debt Recovery Experts
There are many unique requirements to recovering international debts in all countries including Singapore debt collection services which differ from the UK and therefore it is very important that cases are handled directly by our expert international debt collection agencies and not from the UK office. This method of international debt collection sets Creditreform aside from the competition who in many cases try and recover debts from a UK debt collector only. Using the local offices and partners enables us to achieve a far greater success rate and our No Win No Fee service together with competitive commission rates against monies recovered only ensures you get the best service.