Bulgaria Debt Collection – No Win No Fee
Creditreform operates a global specialist International debt collection 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 Bulgaria:
– Location of office in Bulgaria:
– Number of staff
– How long been operating in Bulgaria
– What type of debts do you recover?
Both commercial (B2B) and consumer (B2C) debts
– Statute of limitation in Bulgaria
In general: 5 years for principal, 3 years for interest, damages, liquidated damages, rent, etc., 1 year for freight claims (CMR Conv.). Exceptions may apply
– How EU laws effect debt collection in Bulgaria?
The GDPR has greatly impacted the B2C collection, personal insolvency law is expected based on the new Directive
– How many registries in Bulgaria for businesses? (i.e. UK just has 1 central registry)
1 central commercial register which include NPLE
– What is the process in Bulgaria?
Depends on the debtor, in general includes dunning letters, calls, e-mails, text messages, etc.
– Average length of time to collect?
Depends on the parties and the due amount – usually between 4 and 6 months.
– Can late payment fees / interest be added to claims?
Yes, but debtor rarely pays such. Exception is when the debtor tries to remain a customer of the client
– Details on legal service / process in Bulgaria
Legal collection (claim, not insolvency) takes between 1 and 2 years for the first instance. Legal fees (court taxes, attorney fees, translation and travel fees, etc.) are due for its initiation and must be prepaid. The judgment can be appealed before the High court and the Supreme court, the legal fees are roughly the same for each instance. If successful, a Writ of execution can be obtained and enforcement initiated. Other fees apply for the enforcement
It is recommended that the client presents copies of the outstanding invoices, as well as a statement of account, especially if partial payments or interest is added;
There are many unique requirements to recovering international debts in all countries including Bulgaria 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 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.