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Louis Chua on Debt Collection Bill

06:34 Min

Explore how the debt collection effort can further evolve to become one that operates on a more holistic philosophy as opposed to a zero-sum game, where debt collectors win by forcing debtors to cough up the money they owe, said MP Louis Chua. Speaking in Parliament on Tuesday (Sep 13), he said this could be done by empowering or even requiring debt collection agencies to provide their debtors with referrals to means of assistance. He also asked if public education efforts can be stepped up to help people avoid the pitfalls of excessive debt and the dangers of compound interest and excessive hidden fees and charges. Mr Chua also wanted to know what the guidelines are on debt collection methods which are deemed unacceptable. He said disruptive and intimidating debt collection tactics should not be allowed to take root in society, and the laws need to make clear that such tactics and behaviour are unacceptable.
 

Explore how the debt collection effort can further evolve to become one that operates on a more holistic philosophy as opposed to a zero-sum game, where debt collectors win by forcing debtors to cough up the money they owe, said MP Louis Chua. Speaking in Parliament on Tuesday (Sep 13), he said this could be done by empowering or even requiring debt collection agencies to provide their debtors with referrals to means of assistance. He also asked if public education efforts can be stepped up to help people avoid the pitfalls of excessive debt and the dangers of compound interest and excessive hidden fees and charges. Mr Chua also wanted to know what the guidelines are on debt collection methods which are deemed unacceptable. He said disruptive and intimidating debt collection tactics should not be allowed to take root in society, and the laws need to make clear that such tactics and behaviour are unacceptable.
 

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