https://www.facebook.com/140711089280549/posts/pfbid0xZLhEM7Zn32qeYW252UoZyNeJNZ8NHExP2XY727dTQKPrDXgSBodTDHj8K54NTtal/?mibextid=l066kq

​

Tattooed man co-founded Debt Collection Company after bankruptcy with revenge intentions

Now, he advises people on how to clear their debts.

(photo caption: Jeremy set up a debt consulting company to help others solve their financial

problems. Photo Credit: Jeremy)

 

“Bankruptcy is not the end, but instead, a new starting point in life…”

Jeremy had tattoos on both his arms & upper half of body, and made him seemed distant, but actually, in real life, he is

very approachable.

​

Jeremy, 49, once had a difficult and painful past. Due to business failures and accumulating a debt of  $500k, he eventually had to declare bankrupt.

In an interview with Mediacorp 8World, he said that he was initially very resistant towards

bankruptcy but now, he had a very different understanding of it.

 

During the 2008 Lehman Brothers incident which triggered a worldwide financial crisis, Jeremy’s life changed dramatically overnight as his automotive parts business, which he had operated for ten years was greatly impacted.

Jeremy said, “At that time, business dropped sharply, resulting in liquidity constraints. He had to borrow from six to seven banks and worry daily about the expenditures which were more than $10k.

He said, “At a time when there was zero income, I had to pay $15k to $20k per month to the banks. I had no choice but to retrench all the staff.”

 

Jeremy said that he started his own business from scratch and he could not bear the thoughts that the business which he had built would collapse soon, and as such, refused to shutdown his business.

He continued to struggle for two years and in the end, his debts ballooned to $500k due to the

accumulating interest charges.

​

He said, “On one hand, I had very negative impression (at that time) about bankruptcy, as I have heard that a bankrupt cannot travel, cannot apply for high-paying jobs, cannot take taxis or go to restaurants for meals. It’s like a death penalty. That’s why I delayed in self-petitioning to be a bankrupt."

He had to borrow from family and friends for his daily expenditures and this affected the

relationships with his family and wife. That slowly pushed him towards the edge of despair.

“Banks would call three to four times daily to chase for payments. At times, I only have $2 in my pocket and had to go hungry. I faced huge pressure in life and was despondent towards all things around me.”

His parents and good friends were worried about Jeremy and advised him to give up his business and encouraged him to self-petition for bankruptcy.

​

“In the end, I could not continue living such a life and contacted a debt consultant to enquire

about bankruptcy. From there, I learnt that I had many misconceptions about bankruptcy. Actually, it is a relief/liberation, as bankruptcy does not represent the end, it is not a death sentence but rather, it is a way out.”

 

After filing for bankruptcy, Jeremy’s ex-boss hired him as a Sales Manager in an advertising firm, with a monthly basic salary of more than $3k.

“I was very grateful for this opportunity but after running my own company for more than ten years, I was not used to working for others. A friend later setup a debt collection company and invited me to join them as Sales & Operations Manager and was responsible for the company’s business development & collection strategies."

 

He acknowledged that he was not very balanced psychologically. “Because I was once chased after for debts, thoughts of revenge emerged and I wanted to feel how it was like to chase others for their debts.”

Jeremy was good at negotiations & strategies, and knew a little about business law and as such, he was rather successful in his career with the debt collection company. His income, including commission could be more than ten thousand a month.

 

But Jeremy realized that he was not happy.

“Everyday, I need to quarrel with others, get scolded by others. I also have to go in and out of police stations very often. I was enveloped in negative emotions every day, with no peace and happiness. I started to hate this type of life.”

​

Jeremy wanted to quit the job but it was not easy to take the first step. Until his wife brought him to church and he started to change due to his faith. Besides leaving the debt collection company in 2018, he did part-time job at a debt consulting company. He later founded Salt+Light Consultants Pte Ltd with two other partners, a debt consulting company at the start of the Covid pandemic.

No longer chasing for debts, he now helps others resolve their debt issues.

 

Currently, Jeremy operates a limousine company and the debt consultancy as well as a business advisory firm.

Having gone through bankruptcy personally and worked at a debt collection company, Jeremy could empathize with the debtors’ circumstances and understand their emotional struggles. The debtors would often be in depression, lose their confidence & self-esteem and did not trust others. As such, they often feel that they were fighting their battles alone.

 

As such, he previously worked part-time at a debt consulting company and spent two years to learn about the industry before setting up his own company in 2020.

“ I specifically started the company during the pandemic as I believed that many people, especially business owners, would be in financial difficulty and would need help.”

Jeremy stressed that earning profit is not the main reason for setting up the company. All the

company’s staff had their own main jobs and come from all walks of life, including business owners, insurance agents, F&B etc. More than half of them had gone through bankruptcy and

they had joined the company with the aim to help others.

“I select my team consultants very carefully and the main criteria to join was to help others. Earnings are secondary. We are faith driven, not commercially driven.”

 

Debtors required a lot of emotional support and the mission of Jeremy’s company was to give them support and to handhold them till their debt issues are resolved. “When they feel down, they can chat with us anytime to seek advice or support.”

 

Having gone through the worst moments in life, Jeremy encouraged those facing financial difficulties not to give up. He said, “There’s a way out in any matter and there is always hope. You must persist to seek help.”