Consumer watchdog warns of mounting losses by customers making advance payments to firms that then go bust
SINGAPORE — Consumers who made hefty advance payments to firms that then went bust reported losses of S$81,000 in the first quarter, prompting a consumer watchdog to warn that such"prepayment losses" could surge in the tough economic times ahead.
In its response to TODAY, Case said that prepayment losses reported by consumers totalled S$645,000 in 2022 and S$520,000 in 2021. Mr Russell Chin, founder and director of renovation firm Inspire ID Group, and secretary of the Renovation Contractors and Material Suppliers AssociationMr Russell Chin, 46, founder and director of renovation firm Inspire ID Group, said that most firms in the industry do not use escrow services.
“It would be a long way to fully enforce escrow services with tonnes of red tape, making escrow a tedious process because of the need to engage lawyers," he added.
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