Latvia 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 Latvia
Location of debt recovery office in Latvia?
Riga. All debt collection letters are sent by the local head office.
Number of debt collection staff?
70 staff. 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 Latvia?
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.
Statue of Limitation in Latvia?
10 years, if debtor or creditor has not received reminder about debt.
How EU (European Union) laws effect debt collection in Latvia?
General Data Protection Regulation (GDPR), THE CIVIL LAW, Law On Extrajudicial Recovery of Debt, Insolvency Law
How many companies registries in Latvia for businesses (i.e. UK has just 1 central registry)?
1 Register of Enterprises
What is the debt collection process in Latvia?
Debt recovery services:
- Reminder service;
- Debt collection from private and legal persons (Inkasso);
- Debt collection abroad;
- Legal services for debt cases;
- Debt purchase
Creditreform debt recovery process includes:
- debtor identification using information from LR Population Register and the Register of Enterprises of the Republic of Latvia;
- reminder debt recovery letter system;
- phone inkasso;
- agreements of paying order;
- payment’s control;
- when closing a case – recommendations for further actions (if needed);
- regular results accounts.
Average length of time to collect a debt?
Can late payment fees / interest to be added to claims?
Latvian Business Credit Reports
Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. There are about 265,000 companies entered on the Latvian register. These include Private Limited Companies, Public Limited Companies, Sole Traders, Associations and Political Parties. Through our online databases you can download Latvian business credit reports instantly. This 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.
Latvia Tracing Agents
Creditreform’s debt collection company service also uses expert local Latvia tracing agent services to locate any absconded debtor. This debtor tracing service is provided on a No Find No Fee basis only charging for a successful trace.
Details on legal service / process in Latvia?
Creditreform legal services are a direct continuation of the collection process, where a debt is no longer recoverable with collection methods.
There are many unique requirements to recovering international debts in all countries including Latvia 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 from Creditreform.