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Leon Perera on Debt Collection Bill

10:42 Min

The Debt Collection Bill is a "step in the right direction", said MP Leon Perera. Speaking in Parliament on Tuesday (Sep 13), he also made several suggestions to improve Singapore's debt collection and management regime. He said the powers, rights and identities of debt collectors should be easily understood by the public. He suggested an online directory for the public to freely search and verify the licensed status of a debt collector. He also said the various codes of practice should be harmonised and given legal effect. This would ensure certainty and help to give the public a common and clear understanding of the powers which debt collectors are allowed to exercise. To deter errant debt collectors, the Government could consider a reporting hotline or platform. This would directly empower the public to raise issues regarding errant debt collectors without overburdening the general police line. Mr Perera also urged the Government to look into how credit counselling and debt restructuring services can be made more widely available. 

The Debt Collection Bill is a "step in the right direction", said MP Leon Perera. Speaking in Parliament on Tuesday (Sep 13), he also made several suggestions to improve Singapore's debt collection and management regime. He said the powers, rights and identities of debt collectors should be easily understood by the public. He suggested an online directory for the public to freely search and verify the licensed status of a debt collector. He also said the various codes of practice should be harmonised and given legal effect. This would ensure certainty and help to give the public a common and clear understanding of the powers which debt collectors are allowed to exercise. To deter errant debt collectors, the Government could consider a reporting hotline or platform. This would directly empower the public to raise issues regarding errant debt collectors without overburdening the general police line. Mr Perera also urged the Government to look into how credit counselling and debt restructuring services can be made more widely available. 

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