Debt Management Advice

The latest polls have shown that many businesses, as well as individuals, are struggling under the weight of unmanageable debts. For many businesses, this can be traced back to bad and doubtful debts, where the business supplies certain goods and services, but the recipients do not pay back on time.

This can have dire consequences on a business, since their cash flows are affected, making it difficult for them to meet their expenses as well as their financial obligations. Such businesses must take drastic steps in order to secure their ability to operate as a going concern, as well as ensure that such incidents are reduced in future.

Debt management for businesses

At Singapore Debt Collection we offer consultative services related to debt management. For businesses, this covers assessment of the accounts payables and receivables of the business to ensure that there is a healthy balance. In addition, we delve further into the accounts receivable to ensure that there is a healthy turnover of debtors i.e. people are paying up when they should, according to the schedule.

Debtors who have defaulted on their accounts will be taken note of, and the business will be advised not to offer any more credit to such individuals in the future. According to our assessment, we will help the business determine whom they can offer credit, for how long and how much.

Our services for businesses also include employee training on effective ways of engaging with debtors in the field and when corresponding on order to elicit favorable responses for them. Without an effective debt management strategy, your business will not be able to stay on top of its financial obligations, which places your business in danger of closure.

Debt management for individuals

At Singapore Debt Collection, we also offer debt management consultancy for individuals who are finding it hard to keep up with repayments for all their obligations. We advise such people to contact us as early as possible before the debt accumulates to unmanageable proportions from late fees and other penalties.

Our expert financial advisory services will help you with all aspects of your financial management, including restructuring your budget and spending, finding ways to increase your income depending on your personal skills and abilities and drawing up plans to manage debt through interventions such as debt consolidation loans where applicable.

In addition, once you are out of the red zone, we will help you create a savings and investments plan to ensure that you are able to manage financial crises in future without having to resort to multiple loans.

Contact our debt management department for yourself or your business, and we will help you work your way back to financial health.