Posts Tagged ‘bad debt’

March 1st, 2010

When To Recover Bad Debts Through The Small Claims Tribunal?

Posted in 3. Recovering Bad Debts - Small Claims Tribunals Tags: , , ,

Besides fulfilling the criteria listed in my earlier post, I have accessed my situation by considering these factors:

  • Whether the company will still be in business 6 months after I file my claim
    • Reason being that if the company closes down within 6 months, it may be harder to reach the respondent (debtor).
    • Also, by that by the time action is being taken

February 3rd, 2010

Useful Websites & Contacts

Posted in 5. Useful Websites & Contacts Tags: , , , , , ,

ACRA Bizfile - to purchase company’s & people’s profile

  • You’ll need to know whether the company is Pte Ltd because if so, they may be liable only up to a certain amount of  the debt and debt collectors may not be able to get much from them after they declare bankrupt
  • Reports cost only $5 each

Insolvency & Public Office Trustee -

February 3rd, 2010

I Got MY Money Back!

Posted in My Business Tags: , ,

Yeah, finally! I just checked my account online and it’s good news! Although it’s not the full amount (it’s the full 2009 amount), it is already about 75% of the debt! The debt collector will be chasing them again now that this first cheque has just cleared.

I feel so happy about this. It’s no longer about the money but more of showing my debtor that I will not

February 2nd, 2010

Signs and Symptoms of Bad Debts

Posted in 1. Signs of Bad Debts Tags: , , ,

First few signs of impending bad debts:

  • A sudden increase in order
    • It may mean that the customer has lost credit with another supplier and is ordering more from you to fill the gap
  • Payment become increasingly slow
    • The customer may have cash flow problem
  • Groundless complaints about shipped

January 30th, 2010

Weighing the Odds & Taking a Calculated Risk

Posted in Debt Collection, My Business Tags: , , , , ,

I had an eventful day 2 days ago. As you may already know, I have been chasing a bad debt for some time already and we finally took action 2 days ago. Yeah!

When I first realised that the debtor has been pulling our noses along all these while, I decided to go all out to  claim back my rightful payment. But there were many routes

January 27th, 2010

Defeat or Victory?

Posted in Entrepreneur Musings Tags: , , ,
Recently, I have been plagued by the feeling of defeat. It feels like I have stumbled and stumbled and just as we’re about to take off, we’re stumbling again.

When things don’t go your way in business and when others have deliberately set out to take advantage of you, do you feel like it’s a game that you haven’t master?

I must remind myself that defeat starts in

January 19th, 2010

Bad Debt

Posted in My Business Tags: , ,
Some may find it ominous to start my first post about a bad situation. But it is exactly this that prompted me to start a new blog about my entrepreneur journey. I hope to share and get to know more with like minded friends here.
It has been an eventful 11 months since I’ve left my job I love at a MNC to start

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