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.
Main reasons why a local country debt recovery agency is so important rather than trying to recover from the UK are as follows:
The local International Debt collection Partners know:
- The local cultures
- The languages
- The laws
- Are in the same time zones
Herewith details of our debt collection service Singapore
– Location of office in Singapore
Paya Lebar Square, Singapore
– Number of staff
– How long been operating in Singapore
– What type of debts do you recover?
We do both commercial debt collection (B2B) and consumer debt collection (B2C)
– Statute 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 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 registries in Singapore for businesses? (i.e. UK just has 1 central registry)
1 registry in Singapore
– What is the debt collection process in Singapore?
Standard process involve calls dunning, 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?
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 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
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.