Fast Debt Recovery Specialist Among First Licensed Under Singapore's New Debt Collection Rules

SINGAPORE, Sept 11, 2024 - (ACN Newswire) - Fast Debt Recovery Specialist, Singapore's premier debt collection agency, has achieved a significant milestone by becoming one of the first to receive the newly implemented debt collection licence by the Singapore government. This certification underscores the agency's unwavering commitment to lawful and effective debt collection practices. In line with their business philosophy, "No one deserves to be a victim of broken promises," this licence further solidifies their dedication to ethical and transparent operations.

Founded in 2017, Fast Debt Recovery Specialist has rapidly grown to become the preferred collection partner for businesses and individuals seeking assistance with local debt collection. The agency distinguishes itself by blending personalised field visits with cutting-edge technology and a robust benchmarking system, ensuring transparency and accuracy in all operations. Their compliance rate exceeds 100%, and they maintain an impressive average debt collection rate of 72%.

In 2024, all debt collection agencies in Singapore are mandated to operate only with a valid debt collection licence awarded by the Singapore Police Force. Fast Debt Recovery Specialist is among the first agencies to receive this prestigious licence, which is reserved for agencies recognised for their dedication to lawful and effective debt collection practices. This endorsement is vital as it establishes Fast Debt Recovery Specialist as a legally compliant and trustworthy agency. It also reassures their clients, both locally and globally, of the integrity of their practices and their team in delivering collection services within Singapore.

The debt collection industry often faces unfavourable perceptions, even for legitimately credible agencies like Fast Debt Recovery Specialist, due to stigma and unethical practices that have surfaced in the news. By obtaining this licence, Fast Debt Recovery Specialist further elevates its credibility, assuring clients of their ethical practices.

"Receiving this licence is a testament to our dedication to compliant and transparent debt collection," said Ms. Lyn, Founder of Fast Debt Recovery Specialist. "We are committed to setting the highest standards in the industry."

Fast Debt Recovery Specialist offers a comprehensive range of debt collection services, combining personalised field visits with advanced technology. Ms. Lyn attributes their growth to their unique methodology. "Our approach includes a stringent employee vetting process and a robust benchmarking system that ensures transparency and accuracy in all our operations. By handling everything in-house, we empower our clients to protect their reputation more effectively, achieve higher satisfaction, and see better success rates."

Securing full payment through strategic guidance and authority collaboration

A car repair business engaged Fast Debt Recovery Specialist to recover a $3,600 debt from a customer who had defaulted on payment. The debt collection firm proposed an initial discounted first settlement of $1,888, which was promptly paid. During this meeting, the agency was unaware that the debtor had also reached out to an authority figure in an attempt to avoid further payment.

Shortly after, the client received a letter from this authority figure, a situation that could have been intimidating. However, with Fast Debt Recovery Specialist's expert advice and their experience in dealing with authorities, the client confidently navigated the incident. By leveraging on the agency's meticulous skip tracing, investigation, and strategic guidance, the authorities ruled that the debtor must pay the remaining $1,712, leading to the full recovery of $3,600. This case highlights Fast Debt Recovery Specialist's role as a credible and legitimate partner, capable of navigating complex situations while ensuring their clients' reputation and rightful financial interests are fully protected.

Fast Debt Recovery Specialist's expertise is further demonstrated through their handling of multiple debts involving the same company director across three separate cases.

"During the first visit, we discovered we were unable to contact the director as he had disappeared," Ms Lyn recounted. "However, through extensive skip-tracing, we located his guarantor, and, after some negotiation, the guarantor paid off the debt in cash."

A few months later, Fast Debt Recovery Specialist encountered the same debtor again, as other stakeholders were also pursuing him for unpaid debts.

"Fortunately, due to the good relationship we had built with his guarantor, we managed to locate the debtor," Ms Lyn shared. "Through amicable discussions, the director and his shareholder agreed to meet his financial obligations and took out a bank loan to settle his debt."

The total debt collected amounted to approximately $150,000.

These cases highlight Fast Debt Recovery Specialist's tenacity and strategic approach in ensuring debts are fully recovered, even in complex scenarios.

"With our newly acquired licence and unwavering commitment to excellence, Fast Debt Recovery Specialist is ready to assist even more businesses around the world with all their Singapore debt collection needs," Ms. Lyn added. "At Fast Debt Recovery Specialist, we firmly believe that 'No one deserves to be a victim of broken promises.' Contact us today to experience the difference."

Fast Debt Recovery Specialist is dedicated to providing top-tier debt collection services that are compliant, transparent, and effective. The agency's mission is to help businesses recover debts while maintaining the highest ethical standards.

Media Contact
Fast Debt Recovery Specialist
Website: https://fastdebtrecovery.info/
Phone: +65 6829 2148 / +65 9669 2349