Ecuador 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 a debt collection agency 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 Ecuador:
Location of debt recovery office in Ecuador?
Number of debt collection staff?
Option for sub-hiring a private investigator
How long have you been operating a debt recovery service in Ecuador?
What type of debt collection services do you provide? Do you do commercial debt recovery (B2B) and consumer debt recovery (B2C)?
Both commercial (B2B) and consumer (B2C) debts
Statue of Limitation in Ecuador?
10 years for normal invoices, 5 years for IOU’s (as an expedite process, then an ordinary process is still available for the 10 year period).
How many companies registries in Ecuador for businesses (i.e. UK has just 1 central registry)?
The Superintendence of Companies, Values and Insurance, and the Superintendence of Banking
What is the debt collection process in Ecuador?
Start with extrajudicial efforts, if a payment plan is proposed and accepted have it signed before a Mediator, so that it acts as a last judicial instance, and thus, executable, sentence. If the agreement is not complied with, or no payment plan is offered, a judicial process (execution or first instance) needs be filed in order to attempt to collect.
Average length of time to collect a debt?
With mediation, 1 month and depending on the payment plan; or, if a first instance judicial process approx 1 year (with further appeals to Provincial and then National Coursts ~ approx. 4+ years); or if within a mediation minutes execution process, approx. 2 months for the payment order, or 5+ for insolvency, etc.
Can late payment fees / interest to be added to claims?
Yes, whatever was agreed as penalty in the contract, and/or Ecuadorian maximum legal interest (currently around 9% yearly).
Details on legal service / process in Ecuador?
It is slow and uncertain, thus, usually advisable to accept a lengthy payment plan with an acceleration clause before a Mediation Centre
Specialist Debt Recovery Experts
There are many unique requirements to recovering international debts in all countries including Ecuador 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.