Luxembourg 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 offices and partners initiate the collection processes by sending the debtors a debt collection letter to introduce their involvement. Creditreform Luxembourg works very closely with our German head office and has an extensive database on Luxembourg companies which enables them to assess the financial situation of debtors before an instruction is given.
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 Luxembourg:
Location of debt recovery office in Luxembourg?
Niederanven. All debt collection letters are sent by the local head office.
Number of debt collection staff?
10 staff in Luxembourg debt collection department. 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 Luxembourg?
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 Luxembourg?
Most common limitation periods are: 10 years in B2B / 1 year in B2C / 30 years Enforcement orders or judgments. Limitation periods might need to be checked on a case to case basis, as they depend on the basis of the claim
How many companies registries in Luxembourg for businesses (i.e. UK has just 1 central registry)?
Luxembourg has 1 central company register (RCS/Registre de commerce et des sociétés)
What is the debt collection process in Luxembourg?
Stanadrd process initiated with a debt recovery letter (reminders sent per mail/e-mail/fax – phone calls…etc) The following research can be performed out-of-court (B2C) : address research and employer research
Average length of time to collect a debt?
Strongly depends on the case as well as the debtor’s solvency.
– Can late payment fees / interest be added to claims?
Yes they can.
Details on legal service / process in Luxembourg?
According to the file, legal service is made in-house via a court order or by our lawyer
As a Professional of the financial sector (Professionnel du Secteur Financier, PSF) Creditreform Luxembourg SA is subject to supervision by the Luxembourg Financial Supervisory Authority, the “Commission de Surveillance du Secteur Financier” (CSSF).
Luxembourg Business Credit Reports
Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. The Luxembourg Trade and Companies Register has about 120,000 registered entities. These include:
Economic interest groups
European economic interest groups
Branches of foreign commercial companies
Civil law companies
Not for profit organizations
Pension savings associations
Through our online databases you can download Luxembourg 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.
Luxembourg Tracing Agents
Creditreform’s debt collection company service also uses expert local Luxembourg 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.
Specialist Debt Recovery Experts
There are many unique requirements to recovering international debts in all countries including Luxembourg 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 international 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.