Colombia 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 initiate the collection processes by sending the debtors a debt collection letter to introduce their involvement.
Due to the weak economic situation in Colombia debtor days are ever increasing and companies and businesses are taking longer to pay their debts and bills. The legal system is very slow and expensive and pre court and out of court settlements should always be attempted first. It can years to reach a conclusions through the courts. However, in a successful action all costs and interest are normally recoverable
Alternative Dispute Resolution (ADR) methods have increased on recent years and are the preferred method once the pre court Colombia debt collection processes have failed. The settlement agreements achieved through this process are binding and legally enforceable.
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 Colombia:
Location of debt recovery office in Colombia?
Bogota, D.C. All debt collection letters are sent by the local head office.
Number of debt collection staff?
5. Each staff member is allocated a client and all their debt collection letters are personalised in order to effect the best response results from debtors.
How long have you been operating a debt recovery service in Colombia?
Statue of Limitation in Colombia?
It varies from 6 months to 10 years – normally 3 years
How many companies registries in Colombia for businesses (i.e. UK has just 1 central registry)?
There is a central register which receives information from the different Chambers of Commerce, (i.e. Bogota, Medellin, Cali, Barranquilla, etc)
What is the debt collection process in Colombia?
It is done with the civil judges.
Average length of time to collect a debt?
Can late payment fees / interest to be added to claims?
Details on legal service / process in Colombia?
You can initiate mediation in some cases or directly initiate executory proceedings directly at court.
The paper trail of the debt has to be documented and in some cases, original signed documents by debtor are required.
Colombia 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 Colombia 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.
Specialist Debt Recovery Experts
There are many unique requirements to recovering international debts in all countries including Colombia 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.