Bermuda Debt Collection – No Win No Fee
Creditreform operates a global specialist International debt collections service. We have local offices and fully approved expert international debt collection agency partners in every country worldwide. All our International debt collection agency partners and offices operate on a No Win No Fee basis charging an agreed commission against monies recovered only. All our international offices and partners initial the collection processes by sending the debtors a debt collection letter to introduce their involvement.
Main reasons why a local country debt recovery agency is so important rather than trying to recover from a debt collection agency UK are as follows:
The local International Debt collection Partners know:
- The local cultures
- The best methods of initiating debt recovery letters and processes
- The languages
- The laws
- Are in the same time zones
Herewith details of our debt collection service Bermuda
Location of debt recovery office in Bermuda
Hamilton. All debt collection letters are sent by the local head office.
Number of debt collection staff
3 lawyers and 4 support staff. Each staff member is allocated a client and all their debt collection letters are personalised in order to effect the best response result s from debtors.
How long been operating debt recovery service in Bermuda
Since March 1988
What type of debt collection services do you recover provide? Do you do commercial debt recovery (B2B) and consumer debt recovery (B2C) debts?
We handle both Business to Business debt recovery cases and Business to Consumer debt collections cases. There is different content for business to business debt collection letter templates and business to consumer debt collection letters templates.
Statute of limitation in Bermuda
7 years statutory bound/ $25,000.00 (Lower court) anything over Supreme Court
How EU (European Union) laws effect debt collection in Bermuda?
They don’t really effect us.
How many company registries in Bermuda for businesses? (i.e. UK just has 1 central registry)
1 central registry
General comments regarding process in Bermuda for debt collection and how differs from UK debt collection / other European countries debt collection:
What is the debt collection process in Bermuda?
Debt collection letter before action / 15 days to respond/ court proceedings
Average length of time to collect a debt?
Depends when debtor pays it off
Can late payment fees / interest be added to claims?
Interest that are at 7% supreme court and 3% Magistrates court
Bermuda Business Credit Reports
Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. We provide freshly investigated Bermuda Company Searches which can be done prior to trading to make sure the company you will be dealing with can meet the commitment or once the debt becomes overdue to ensure the debtor can meet the amount owed.
There are many unique requirements to recovering international debts in all countries including Bermuda debt collection services which differ from the UK debt collection agency services and therefore it is very important that cases are handled directly by our expert international debt collection agencies and not from debt collectors UK. This method of international debt collection sets Creditreform aside from the competition who in many cases try and recover debts from a UK debt collector only. Using the local offices and partners enables us to achieve a far greater success rate and our No Win No Fee service together with competitive commission rates against monies recovered only ensures you get the best service.