Cyprus 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.
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 Cyprus
Location of debt recovery office in Cyprus?
Our head office is in Nicosia, we also have a small subsidiary office in Limassol. All debt collection letters are sent by the local office.
How long have you been operating a debt recovery service in Cyprus?
Our office has been providing legal and collection services since 1981, we are well established and well known in Cyprus and throughout the world, not just for International Debt collection but in the Corporate field also.
Number of debt collection staff?
For our national and International Debt collection Team we are 20 staff (including our back office) plus 7 Lawyers (in Cyprus).
What type of debt collection services do you provide? Do you do commercial debt recovery (B2B) and consumer debt recovery (B2C)?
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. We also have a call centre that has been set up to handle consumer claims from Banks.
Statue of Limitation in Cyprus?
The Standard Statute of limitations for commercial claims is 6 years however there are some exception as this is quite a recent law.
How many companies registries in Cyprus for businesses (i.e. UK has just 1 central registry)?
We only have one registry of companies in Cyprus.
How EU (European Union) laws effect debt collection in Cyprus?
For Consumer cases we have to follow the regulations set out by the Data Protection Act.
As Cyprus is part of the EU we obviously carry out our collection activities in a similar way as the rest of Europe, legal proceedings differ slightly.
What is the debt collection process in Cyprus?
We send out our initial debt recovery letters to the debtor, then try to contact the debtor by telephone and e-mail. We always try to persuade the debtor to resolve the matter amicably and if we believe they are financially not capable of settling the case in one lump sum try to find a solution by way of a monthly installment plan that would be agreed upon with our clients.
Average length of time to collect a debt?
The length of time depends greatly on the case, the financial status of the debtor and the debtors willingness to cooperate.
Can late payment fees / interest to be added to claims?
We always try to recover interest however this is usually not possible amicably and only sometimes possible by way of legal action, it depends entirely on the judges decision.
Details on legal service / process in Cyprus?
The list of proceedings in Cyprus are:
- Law suit ( Action)
- Liquidation/Bankruptcy proceedings
- Registration of foreign judgement
- Registration of Arbitration award
- European payment order.
A power of Attorney is not normally required in Cyprus for legal proceedings, however a witness is frequently requested to be present at a court hearing.
Cypriot Business Credit Reports
Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. There are 210,000 active companies in Cyprus. 87% are limited liability companies, 10% are business names, 2% are partnerships and 1% overseas. We provide freshly investigated Cyprus 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 Cyprus 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.