Whether Statistics are Collected on Time Between Debt Recovery and Client Disbursement by Debt Collection Companies

Question:

Assoc Prof Jamus Jerome Lim: To ask the Coordinating Minister for National Security and Minister for Home Affairs (a) whether statistics are collected on the time taken between debt recovery by licensed debt collection companies and the disbursement to clients both by (i) company and (ii) in aggregate; (b) if so, whether this information can be made public; and (c) if not, whether tracking mechanisms exist to evaluate performance.

Answer:

Mr K Shanmugam, Coordinating Minister for National Security and Minister for Home Affairs:

1. The Police do not track such statistics. The Police’s regulation of the debt collection industry is aimed at preventing problematic debt collection conduct, in particular to address the disamenities which may arise from such conduct. It does not regulate the commercial arrangements between debt collection companies and their clients.