In recent years, Singapore has seen an increasing trend of home loans and business loans. Thus, it is important to learn more about the debt collection process, which may turn sour when payments are repeatedly delayed.
One incident in 2015 had debt collectors hurling vulgarities, banging gates and even cutting off the electricity supply to a debtor’s flat. Some debtors were even badgered at work, such as an incident involving a food court stall-owner at Funan Digitalife Mall in 2015.
In light of the above, it is therefore unsurprising that there have been calls to regulate the debt collection process, given the lack of comprehensive legislation regulating the conduct of debt collectors in Singapore.
Until more regulation is put in place, debtors should familiarise themselves with existing laws against unreasonable or illegal conduct by debt collectors in order to protect themselves.