Don Wee on Debt Collection Bill
There is a segment of the population which struggles to get loans from banks, turns to moneylenders and sometimes gets harassed by debt collectors. MP Don Wee raised their plight in Parliament on Tuesday (Sep 13) and called for a stop to wrongful practices. He welcomed the proposed legislation to set up a new licensing regime and specify what the acceptable debt collection methods will be. He also urged the Government to look into moneylending activities involving foreign workers, including migrant domestic workers. He said they are vulnerable and susceptible to marketing attempts by lenders to exploit their need for loans.
There is a segment of the population which struggles to get loans from banks, turns to moneylenders and sometimes gets harassed by debt collectors. MP Don Wee raised their plight in Parliament on Tuesday (Sep 13) and called for a stop to wrongful practices. He welcomed the proposed legislation to set up a new licensing regime and specify what the acceptable debt collection methods will be. He also urged the Government to look into moneylending activities involving foreign workers, including migrant domestic workers. He said they are vulnerable and susceptible to marketing attempts by lenders to exploit their need for loans.
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