I am naming this as case 1 because I am not that optimistic to think I'll never have to engage their service again. Am just keeping my fingers cross that it won't be anytime soon.
Anyway, there were a few reasons why we chose to go with the debt collector instead of going through the Small Claims Tribunal.
- The debtor was closing down the retail shop in 2 months time.
- It takes about 2 weeks before we can attend the hearing before the Registrar.
- If there's any disputes and we cannot come to an agreement, it may take even longer to get the settlement.
- The debtor is a retail outlet with no much of asset. Even the more "valuable" items in their shops have some flaws or damages.
- It may even be a waste of our time and effort to pursue and file for a writ of seizure in the event it escalates to this stage.
- The debtor owes a lot of suppliers money.
- We figured that if we weren't one of the first to file the claims, we may not even get back our money.
- Or that we may only get back a small portion of the debt.
- We were drained...
- We were exhausted from chasing and asking for payment day after day, week after week.
- It was more worth it to pass on this frustrating job to the experts so that we can focus on generating sales and growing our business.
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