Yip Hon Weng on Debt Collection Bill

Debt collection is often a necessary and important part of the credit ecosystem but it must be performed in a regulated and civil manner, said MP Yip Hon Weng. Speaking in Parliament on Tuesday (Sep 13), he said licensing debt collecting companies is a step in the right direction in stamping out problematic activities. He also said he is confident that the new laws will greatly reduce the number of harassment cases and help build a more safe and secure Singapore. Mr Yip also sought clarifications on the Bill. He wanted to know if specific offences would be given more weight in the approval of licences for debt collectors. He also wanted to know if the Government would consider stronger penalties for debt collectors who harass family members or other people. Mr Yip also asked if the Government would consider implementing a cap on the total amount of incentives for debt collection. He stressed the need to solve the problem upstream by reducing the incidence of overdue debts through public education.