Comprehensive Legal Services
Legal debt collection is essentially a legal process from start to finish. It begins with a legal demand letter from your legal representative, requiring the debtor to honor the agreement that was signed at the beginning of the transaction. At debtcollect.com.sg, our expert in-house legal team can make this demand on your behalf. The demand letter normally gives the debtor a seven-day period within which to make good the debt owed, or face legal action after the period is expired and there has not been any communication to either effect from him.
Provided that debt collection begins at an early stage, most debt recovery processes do not end up in court. Receiving a letter from your legal representative at debtcollect.com.sg rather than a personal letter from your company will mount more pressure on your debtor to repay the debt, since the implication of making the action legal will have worse ramifications for him.
Throughout the debt collection process, we will have our legal team at your disposal for consultation on various courses of actions based on client responses, including site visits and field calls, process serving and small claim tribunal hearings among others.
When the debtor party responds, we will then move to secure a written agreement within which he commits to repayment by a certain date and/or following a certain plan that is acceptable to both parties. This agreement will be drafted by our legal team in order to ensure that there is a default clause. This means that in case the debtor fails to honor this second agreement, you can either recover your money through repossession of the debtor’s assets or through strict legal action, with legal fees falling on the debtor party.
If it is necessary to initiate litigation against a debtor, our legal team at debtcollect.com.sg, we will move with haste to ensure that your claim is filed at the soonest possible moment. This is because if a debtor is defaulting and unable to make repayments to you, chances are that there are also a few more creditors out there who will be filing claims against him. Rather than be stuck behind a long line of creditors thus minimizing chances of successful debt recovery from said debtor, we will try to ensure you are first with your claim, so that your will be refunded in the shortest time possible.
Giving longer credit terms to debtors loses your business the revenue that that sum would have earned had it been in your hands for that period. Therefore you should desist from being too lenient with debtors as this will have a negative effect on your bottom line. Contact us today!