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  • Yin Yan Teo

Things You Didn't Know About Debt Collectors in Singapore


While people often link us up with loan sharks, the true nature of the job of licensed debt collectors is not to make things difficult for debtors, but help them negotiate repayment plans.


If you’re curious about what debt collectors actually do, read more from Double Ace Associates as we introduce you to some facts about the nature of our job.


1. Debt Collectors Are Not Loan Sharks

As debt collectors often happen to be burly, buff and intimidating at first glance, it’s not entirely your fault for thinking debt collectors and loan sharks or loan shark runners are all the same.


However, debt collectors from Double Ace Associates and other legal debt collection agencies in Singapore have actually nothing to do with loan sharks or the business of money lending at all!


In fact, we at Double Ace Associates actually act as the middlemen in order to help corporations, businesses and individuals get back money owed by their debtors as soon as possible.


2. Debt collectors Can Step In to Help Recover Debt From Friends and Family

For businesses and corporations, an outstanding invoice of the money owed must be produced. Likewise, for personal debts owed by friends or family, an IOU or at least a text conversation must be presented. While we at Double Ace Associates try our best to satisfy our client’s requests as best as we can, we, like other professional debt collection agencies, require proof of debt before we can pursue a claim on your behalf.


While money owed by friends or family has the lowest possibility of ever seeing the light of day again, it is not impossible. As long as you have some sort of proof of the debt owed, you are able to engage us or any debt collection agency to recover the debt.


An important thing to note, however, is that the IOU or text conversation acting as proof of the debt is subject to a statute of limitations. In other words, it is only effective within six years of the stated agreed repayment date.


3. Debt Collectors Are Legally Unable to Harass Debtors

Unlike loan sharks or loan shark runners, as a legal debt collection agency, the debt collectors under Double Ace Associates are required to follow a Code of Conduct established by the Credit Collection Association of Singapore (CCAS). Helmed by a highly motivated and professional team, our debt collectors try their best to do their job while remaining ethical and law abiding.


For reference, here’s a quick rundown of the things debt collectors are not allowed to do:

  1. Cause harassment, alarm or distress

  2. Congregate in groups of five or more when carrying out debt collection duties

  3. Use threatening, abusive or insulting words or behaviour

  4. Use actual violence

  5. Threaten violence

  6. Vandalise or damage debtors’ property or belongings

  7. Unlawful stalking (e.g. loitering near debtors’ residence, following where debtors go)

  8. Impersonate government bodies

4. Debt Collectors Can Help You Renegotiate Repayment Plans

While you may find it ironic due to our job term being ‘debt collectors’, in actuality, debt collectors do more than just ‘collecting money’ and often have the ability to help mediate and negotiate loan repayment plans. While the most ideal situation for both the debt collection agency and the clients would be one where the debtor is willing and able to repay all the money owed amicably, this situation does not often arise.


Due to many unforeseen circumstances in life, debtors often may not be able to make full payments immediately because they do not have enough funds on hand. This is especially so in a Covid-19 struck economy, which caused many to lose their jobs or get their salaries cut.


Dealing with unforeseen situations is where we as Double Ace Associates shine the brightest. Instead of forcing payments out of debtors when it is clear that it is beyond their ability to pay up, we at Double Ace Associates step in to help mediate and negotiate loan repayment plans on behalf of the debtors.


This could come in the form of a small discount, an instalment plan, more time given to debtors, helping our debtors look for job opportunities to earn some extra cash, and more.


5. Debt Collectors Are Professionals and Are Usually Civil and Empathetic

While the stigma about debt collectors harassing debtors doesn’t seem like it would disappear anytime soon, it is important to recognise that not all debt collectors are threatening, intimidating and unethical.


We at Double Ace Associates offer a customised service to our clients, supported by leading technology and a highly motivated, experienced team.

Not only can you be assured of our proactivity in maintaining compliance, training and development processes, we also render necessary assistance to debtors by providing them with reasonable and affordable payment schedules based on the individual's capacity. At the end of the day, we at Double Ace Associates try to achieve a win-win solution for the one owing money as well as the one trying to recover their money.






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