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 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 Lithuania
Location of debt recovery office in Lithuania?
Vilnius
Number of debt collection staff?
25 staff
How long have you been operating a debt recovery service in Lithuania?
Since 1993
What type of debt collection services do you provide? Do you do commercial debt recovery (B2B) and consumer debt recovery (B2C)?
We do both commercial debt collection (B2B) and consumer debt collection (B2C)
Statue 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 (European Union) laws effect debt collection in Lithuania?
Not directly, until the requirements of EU directives are transposed into law
How many companies registries in Lithuania for businesses (i.e. UK has just 1 central registry)?
1 central state owned Register of Legal Entities
What is the debt collection 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 a debt?
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 to 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
Lithuanian 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 325,290 legal entities registered in the Register of Legal Entities, of which 181,700 are live and active companies. Through our online databases you can download Lithuanian 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.
Specialist Debt Recovery Experts
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.
