Options for Debt Recovery in Singapore
Looking to get your money back from an individual or a company in Singapore? When you have tried all the options with no result, you are left with no option but legal action. In this situation, you would need help from a lawyer or a law firm for debt recovery in Singapore.
Before you go further with a legal method, it would be extremely beneficial to read possible ways of recovering money. In this article, we have discussed them along with legal action as a final option at an affordable cost. We have also discussed how a professional lawyer can help you in the process of recovering a debt.
Speak or write to the debtor
As the first step, you should talk to your debtor politely. Meet personally instead of making phone calls. Speaking in person will create more effect. Sometimes, a debtor has an intention to pay back but can’t due to certain unavoidable circumstances. You can discuss and come to a solution that can be mutually beneficial.
The other thing you can do is to send written reminders when it is not possible to speak personally. There can be more than one reminders and you should keep them in your record. When all efforts of debt recovery fail and you start legal action, these reminders will make your claim stronger. Furthermore, when your debtor is a corporate entity, reminders in writing are recommended over verbal reminders.
Note that reminder letters and speaking personally have their own advantages and can be used depending on the situation. There is no rule on which to try first, so you can use one before the other as per your comfort.
Notice with a warning of legal action
If you have tried everything including using the service of a professional mediator, it’s time to send a final notice. It’s called a letter before action (LBA) and can be prepared by a debt recovery agency or a law firm in Singapore. The LBA generally includes the mention of;
- The exact amount to be paid
- A time-frame within which it should be paid
- Possible consequences if the debtor fails to pay within given time-frame
- Debtor’s responsibility for all legal expenses in case of legal proceedings take place
How we can help
We are a leader in the field of legal services and a highly reputed law firm in Singapore. Additionally, we are extremely confident by having a team of well-qualified and experienced lawyers. Therefore you can count on us while looking for legal help in recovering a debt. No matter if it is an individual debtor or a company, our expert professionals are able to handle them smartly.
Contact us today to discuss your situation. Let us help you.