Reports Received of Consumer Prepayments Lost Due to Business Closures and Amounts Involved and Recovered

Debated in Parliament on 12 Jan 2022.

Summary written by AI (learn more)

Since 2020, the Consumers Association of Singapore received about 420 reports of consumer prepayments lost due to business closures.
The total reported lost prepayments amount to approximately $720,000, with a median loss of around $680 per affected consumer.
About one-third of consumers who sought assistance from the association recovered some of their losses, though data on recoveries through other avenues is unavailable.

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Tan Wu Meng

Dr Tan Wu Meng asked the Minister for Trade and Industry since 2020 (a) how many reports have been received of consumer prepayments being lost due to business closures; (b) what is the total amount of reported lost prepayments; (c) what is the median amount of lost prepayments per affected consumer; and (d) what proportion of prepayments are subsequently recovered.

Summary written by AI (learn more)

Since 2020, the Consumers Association of Singapore received about 420 reports of consumer prepayments lost due to business closures.
The total reported lost prepayments amount to approximately $720,000, with a median loss of around $680 per affected consumer.
About one-third of consumers who sought assistance from the association recovered some of their losses, though data on recoveries through other avenues is unavailable.

Questions identified by AI (learn more)

Reports Received of Consumer Prepayments Lost Due to Business Closures and Amounts Involved and Recovered | PAPERCUTS

Reports Received of Consumer Prepayments Lost Due to Business Closures and Amounts Involved and Recovered

Debated in Parliament on 12 Jan 2022.

Summary written by AI (learn more)

Since 2020, the Consumers Association of Singapore received about 420 reports of consumer prepayments lost due to business closures.
The total reported lost prepayments amount to approximately $720,000, with a median loss of around $680 per affected consumer.
About one-third of consumers who sought assistance from the association recovered some of their losses, though data on recoveries through other avenues is unavailable.

Questions identified by AI (learn more)

Full Transcript

Tan Wu Meng

Summary written by AI (learn more)

Since 2020, the Consumers Association of Singapore received about 420 reports of consumer prepayments lost due to business closures.
The total reported lost prepayments amount to approximately $720,000, with a median loss of around $680 per affected consumer.
About one-third of consumers who sought assistance from the association recovered some of their losses, though data on recoveries through other avenues is unavailable.

Questions identified by AI (learn more)

Reports Received of Consumer Prepayments Lost Due to Business Closures and Amounts Involved and Recovered

Summary

Questions Identified

Full Transcript

Tan Wu Meng

Summary

Questions Identified

Reports Received of Consumer Prepayments Lost Due to Business Closures and Amounts Involved and Recovered

Summary

Questions Identified

Full Transcript

Tan Wu Meng

Summary

Questions Identified

Gan Kim Yong