The client had always been close to her cousin, the debtor. When the debtor approached her for a loan of SGD $55,000 to expand his retail business, she agreed without hesitation. They decided on a repayment period of one year, but no formal agreement was drafted. The debtor promised to repay once his business improved.
Months turned into years, and the client noticed that while the debtor’s business was thriving, no repayments were made. When questioned, the debtor claimed he needed to reinvest the profits back into the business. Frustrated and feeling taken advantage of, the client sought help from JMS Rogers.
JMS Rogers initiated a thorough review, gathering proof of the loan through bank records and informal text messages. To emphasize the gravity of the situation, JMS Rogers conducted numerous field visits to the debtor’s retail store. During these visits, our team conveyed the importance of honouring commitments and demonstrated the seriousness of the debt recovery process. The field visits also allowed our team to understand the debtor’s cash flow and operational strategies, identifying areas where funds could be redirected to settle the loan.
These interventions created the necessary pressure and accountability, leading the debtor to agree to repay the full amount over 18 months. The field visits not only reinforced the importance of repayment but also provided clarity that facilitated a practical repayment plan that the debtor could sustain.
What can we learn from this:
- Family and Money Should Be Handled Separately: Lending to family members requires clear boundaries and documentation. JMS Rogers ensures professionalism in sensitive situations.
- Persistence Pays Off: Without the client’s decision to seek help, this debt might have gone unresolved. JMS Rogers’ intervention made a difference.
- Field Visits Strengthen Resolution Efforts: Direct observations during field visits helped tailor a repayment plan that worked for both parties.
To experience the JMS Rogers journey of getting your debtor to pay back, call/WhatsApp us at +65 8100 8880 or email us at enquiries@jmsrogers.com.sg.#singapore#JMSROGERS#jmsrogers#debt#debtcollection#debtrecovery#debtfree#debtmanagement#assets#assetsprotection#AssetSafety#recovery#RecoveryChallenge#assistance#assistanceneeded#assetrecovery#debtcollector#debtsettlement#services#ServicesOffered#solutions#solution#solutionfocused#assetinvestigation#CaseStudy#case#study#CaseReview#story
