Lithuania 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.
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 Lithuania
– Location of office in Lithuania
– Number of staff
– How long been operating in Lithuania
– What type of debts do you recover?
We do both commercial debt collection (B2B) and consumer debt collection (B2C)
– Statute of limitation in Lithuania
The most common is 10 years, but can be shortened for different claims till 5, 3,1, 1/2 year and even 1 month (for the claims related to results of the tenders)
– How EU laws effect debt collection in Lithuania?
Not directly, until the requirements of EU directives are transposed into law
– How many registries in Lithuania for businesses? (i.e. UK just has 1 central registry)
1 central state owned Register of Legal Entities
– What is the process in Lithuania?
There are two very important aspects of the legal environment related to debt collection in Lithuania:
- Long and complicated bankruptcy process both for legal entities and (especially) for private persons
- Excellent and rather cheap online court system with quick and simple operation and accordingly quick (simplified) court decisions.
– Average length of time to collect?
1. pre-trial recovery: approx 60 days
2. simplified court: 3 days- two weeks,
3. court of dispute : approx 6 months for court of first instance; about 12 month for court of second instance and 5 years for Supreme Court
4. Bailiffs : not limited
– Can late payment fees / interest be added to claims?
YES, 40€ for businesses.
Not described by law for private persons yet but limited by court to 5-10 percent of debt value
There are many unique requirements to recovering international debts in all countries including Lithuania 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.