Debt Collection in Singapore
Debt Collection in Singapore
Federal Management has helped UK businesses recover money from non-paying clients in Singapore since our opening in 2005.
International debt collection is typically more complex when compared to collecting debts locally. It is common for businesses to attempt collection activities themselves. This involves credit management and customer service teams performing the role of debt collector.
This is normally unsuccessful, as there are few enforcement options and they lack the specialist knowledge needed for overseas debt collection.
Instead, it is better to instruct the services of a professional debt collection company. They possess the skills, expertise and knowledge that is required to recover a debt from foreign countries.
Is your business owed money from a client in Singapore? Have you provided goods or services only to be refused payment? Federal Management’s proven history of successful debt collection in Singapore can recover what you are owed.
Collecting Debt in Singapore
Singapore has a long history of trade with the United Kingdom. This continues today, as the 2 nations share a good relationship that helps each other to prosper.
In 2020, the UK exported $5.63 billion worth of goods to Singapore. This high level of trade will, unfortunately, provide a good opportunity for debt to occur. When it does, the affected business must act as soon as possible to reduce any issues to its cash flow.
Recovering the money is the main objective, but choosing the wrong solution in a hurry can create different issues. Ideally, the case could be resolved amicably with the money being recovered. This would also allow your business to benefit from future opportunities with the client.
Federal Management’s proven international debt collection services are the best choice for all debt collection in Singapore cases.
Debt Collection in Singapore – Knowledge and Expertise
It is vital to understand foreign laws and customs when performing international debt collection enforcement. Without this, it is extremely difficult or even impossible to recover your money. The agency you choose must have a proven history of recovering international debt.
Singapore has its own set of laws and rules with regard to international debt. For example, there is a 6 year limitation period on debt enforcement. This can be extended for up to 12 years with a judgment, which begins when it is obtained.
Also, there are many other factors that contribute to a successful collection. There are 4 main languages spoken which may present an issue to non-English speakers when attempting to recover a debt. Cultural differences can also contribute to a debt recovery case.
You must have expert knowledge of these customers and local laws before undertaking any solution for debt collection in Singapore.
Debt Collection in Singapore – Instructing Federal Management
Are you owed money from a non-paying client in Singapore? Do you have a portfolio of unpaid invoices from overseas debtors? Federal Management’s international debt collection service is the answer.
Our proven record of debt recovery has helped thousands of businesses recover millions of pounds worth of unpaid debt. Since our openings in 2004, we have built a global network of trusted debt collection partners. This gives us the best knowledge of recovering debt in any country.
If you need help with debt collection in Singapore, speak with one of our friendly debt collection experts now.
Debt Collection in Singapore – Frequently Asked Questions
How does debt collection in Singapore work?
Federal Management has a global network of trusted debt recovery partners. This, alongside our years of experience, provides us with the leading expertise and knowledge of debt recovery in Singapore. Using this, our proven debt collection process achieves the best results. Speak with us now for more information on our process.
What is the cost of debt collection in Singapore?
Federal Management operates the UK’s lowest commission rates, starting from as little as 8%. Every case is unique, and so an expert would need to investigate before being able to provide a cost. Speak with our friendly experts now for more help.
What can I do to recover a debt from someone in Singapore?
Whilst it may be tempting to attempt recovery internally, the best solution is to use an international debt collection agency. An agency will recover your money swiftly and use a proven and fully professional service.
Can a debt expire in Singapore?
In Singapore, debts can be enforced for up to 6 years. However, if a judgement is obtained this can be extended for up to 12 years from the date of the judgement.
How long does it take to recover a debt from Singapore?
Each case is unique and collection times can vary depending on the circumstances. Federal Management provides a free pre-action assessment on all new debts. This appraisal provides information regarded how viable it will be to recover a debt. This is as well as additional information that can help you to make an informed decision.