Bosnia and Herzegovina 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.
Main reasons why a local country debt recovery agency is so important rather than trying to recover from the UK are as follows:
The local International Debt collection Partners know:
- The local cultures
- The languages
- The laws
- Are in the same time zones
Herewith details of our debt collection service Bosnia and Herzegovina
– Location of office in Bosnia & Herzegovina
Sarajevo
– Number of staff
3 staff
– How long been operating in Bosnia & Herzegovina
Since 2007
– What type of debts do you recover?
We do both commercial debt collection (B2B) and consumer debt collection (B2C)
– Statute of limitation in Bosnia & Herzegovina
3 years
– How EU (European Union) laws effect debt collection in Bosnia & Herzegovina
There are no effects but generally all laws have to harmonize with EU laws in next years
– How many company registries in Bosnia & Herzegovina for businesses? (i.e. UK just has 1 central registry)
2 company registries
– What is the debt collection process in Bosnia & Herzegovina?
We send the reminder-letters (usually two letters) via email or post, we call the debtor every two weeks, we go on debtor’s address and make agreements, payment plans in cooperation with our clients. We have additional services as a credit report, a Lawyer’s reminder and check of debtor’s bank accounts and assets in order we suggest a legal action or not.
– Average length of time to collect
Average 4 months but it depends from payment plans and amount of debt. Also, it can be 12 months.
– Can late payment fees / interest be added to claims?
Yes, it can be added but only court can force the debtor to pay. In out of court proceedings the debtors avoid to pay interests or other costs.
– Details on legal service / legal process in Bosnia & Herzegovina
The legal processes take between 2 and 5 years which depends an appeal on Lawsuit or Judgment.
The appeals prolong the court process when we have to engage a court financials experts etc.
If there is no appeal usually our lawyers go on two obligatory hearings and process will be finish within 2 years.
Only if creditor has a bill of exchange then we can go on enforcement proceeding and can finish between 1 and 2 years.
There are many unique requirements to recovering international debts in all countries including Bosnia and Herzegovina debt collection services which differ from the UK and therefore it is very important that cases are handled directly by our expert international debt collection agencies and not from the 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.
