The debt recovery Singapore process is tailored to each individual scenario and reflects the broader debt recovery process in Singapore. Our debt recovery lawyers will guide you through the appropriate steps as part of your initial consultation, informed by Singapore debt recovery law and established legal debt recovery principles. Our aim in every case is to support you in recovering the debt, ideally without resorting to court action, which is often a preferred outcome in Debts in Singapore cases.
IRB Law Partner provides more insight into the standard debt recovery Singapore process step by step, outlining the procedure for Debt Recovery commonly followed in practice
Step 1 – Initial Consultation
The first step is to fully comprehend your current situation so we can advise on the next appropriate steps for your debt recovery singapore journey, in line with the recognised Debt Recovery Process. Feel free to give us a call or drop us an email to discuss your options. This initial consultation is free of charge.
Step 2 – Perform Due Diligence
During this phase, we conduct a detailed evaluation of the debtor, similar to the checks undertaken by a professional Debt Collector in Singapore. Primarily, we aim to discern if they possess the financial capacity to repay any debt, especially in situations where the debt recovery Singapore framework and Singapore debt recovery law necessitate filing court papers.
Step 3 – Issue a Letter of Demand
This formal document aims to warn the debtor of potential legal action under Singapore debt recovery law as part of the debt recovery Singapore strategy if the debt is not paid back. It can be a highly effective tool in promoting a reaction from the debtor, even if that reaction is to start negotiating, and is a key step in the debt recovery process in Singapore.
The letter of demand can also be presented in court, allowing us to show that attempts were made to amicably resolve the debt issue before any further action was pursued under the Procedure for Debt Recovery.
Step 4 – Await Response & Negotiate
We will then await the debtor’s response to the letter of demand, which is a standard step in debt recovery Singapore proceedings. A time restriction is typically outlined in the letter of demand, advising the debtor of potential further steps if they neglect to respond. In many instances, the debtor will respond, and we will assist our clients throughout any negotiations if the debtor suggests a repayment plan, consistent with accepted practices for Debts in Singapore.
Step 5 – Filing Court Papers
Should the letter of demand prove unsuccessful or no mutual agreement on payment terms is reached, we can then file a claim with the relevant court as part of the debt recovery Singapore process.. The type and amount of claim hinge on the path taken within the debt recovery process in Singapore. .
Step 6 – Enforcement of Court Decision
Following a successful court verdict, the debtor might still fail to pay. In such scenarios, we will advise on the next appropriate steps regarding the enforcement of debt collection under Singapore debt recovery law, ensuring your debt recovery Singapore case is pursued effectively through lawful means.
