Malaysia 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 Malaysia
Location of debt recovery office in Malaysia?
Kuala Lumpur. All debt collection letters are sent by the local head office.
Number of debt collection staff?
6-10 staff in total. 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 Malaysia?
2-3 years
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.
Statute of Limitation in Malaysia?
6 years
How EU (European Union) laws affect debt collection in Malaysia?
Malaysia does not come under EU laws and regulations
How many companies registries in Malaysia for businesses (i.e. UK has just 1 central registry)?
One central registry in Kuala Lumpur
General comments regarding the process in Malaysia for debt collection and how differs from UK debt collection and other European countries:
What is the debt collection process in Malaysia?
Same as Singapore, whose standard process involve calls, debt collection letters, sending site visits and worst case scenario litigation (subjected to creditors’ approval since this will be out of pocket expenses.
Average length of time to collect a debt?
Usually 3 months and below to determine the collectability of the cases. Time may increase in the event of litigation and / or arrangement to settle by monthly instalments
Can late payment fees / interest to be added to claims?
Subjected to whether its in agreement and acknowledged upon. Late payment and interest cannot be forced upon. Having said this, most debtors would only pay off the principal amount though, if they have the intention to pay.
Details on legal service / process in Malaysia?
Similar to that as in Singapore
Malaysia Business Credit Reports
Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. We provide freshly investigated Malaysia Credit Reports which 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.
Malaysia Tracing Agents
Creditreform’s debt collection company service also uses expert local Malaysia 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 Malaysia debt collection services which differ from the UK debt collection agency services 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.
