Incomplete and incorrect information gives birth to misconceptions. And, when it comes to the debt collection process, which is actually a taboo subject, there is a lot of misinformation floating around on the Internet. Today, we are here discussing some of the myths related to hiring a Debt Collector in Singapore and try to set the record straight.
Myth 1 – Debt collectors only care about getting your money
They indeed care about getting your money, but their job is much more than just doing this. Their responsibility is to resolve the debt, not just collect it. The experts work with the client on payment plans and recommend programs to get out of debt.
Myth 2 – Hiring a collection agency is expensive
One has to pay the fee for hiring a Debt Collection Agency; but, people have a misconception that doing so burns a hole in their pocket! It is important to understand that many agencies are out there—some operate on a contingency-fee-basis, which means, you don’t have to pay money till they collect the debt. And, others who will charge a flat fee.
Myth 3 – Businesses that use collection agencies lose customers
One of the biggest myths or misconceptions floating around is, approaching a collection agency leads businesses to lose their consumers. It is a myth. You won’t lose your customers if you choose a good collection agency. Those who say they have experienced losing their customers surely have hired inexperienced agencies with no ability to use legal tactics to collect a debt.
Below are a few tips that you can keep in mind while choosing the right collection agency to fit your needs.
Ask for referrals
You should contact your friends or trusted business associates in the industry and ask them for recommendations or referrals. They might know a reliable agency; they have hired before. Or, you can also check out the success stories or testimonials on the websites of the agencies you’re looking at.
Your own research
You can conduct your own research utilizing the Internet, one of the best sources available. You can take a look at the firm’s websites and other social media pages. You will get a clear idea related to what Singapore Debt Collector is promoting about their services and do they look credible?
Speak to the agency
You can consider talking to the experts at the agency. It is always a good idea to pick up the phone and talk to the agency about your problems. Their responsiveness, way of interaction, and level of interest will give you a clearer idea.
Last but not least, you must find out whether the agency is a member of the concerned Association or authorized system. Look for the agency’s certification and license documents.
We, Resolute Debt Recovery, are a legal Debt Collector and recovery service provider in Singapore. Our experts do everything they can to get your money back, while still preserving a good relationship with your customer. Feel free to contact us.