Monaco 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 Monaco
Location of debt recovery office in Monaco?
Monaco debt collection is handled by our French Partner who has its head office in Mazamet.
All debt collection letters are sent by the local head office.
Number of debt collection staff?
60 staff in France.
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 Monaco?
Over 40 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.
Statue of Limitation in Monaco?
In general 2 years for B2C files, and 5 years for B2B files but we have a lot of special limitations (for example the limitation for a B2B case for an international transport is only 15 months)
How EU (European Union) laws effect debt collection in Monaco?
EU laws have full effect in France regarding debt Collection
How many companies registries in Monaco for businesses (i.e. UK has just 1 central registry)?
One – 9 rue du Gabian, MC 98000 MONACO
General comments regarding process in Monaco for debt collection and how differs from UK / other countries in Europe
What is the debt collection process in Monaco?
It is based on the French process. We do a mix of debt recovery letters, e-mails, phone calls and amicable bailiff letter, with full respect of the GDPR law
Average length of time to collect a debt?
45 days for amicable – 1 year or more for legal
Can late payment fees / interest to be added to claims?
For B2C cases, we can add only interests at the legal rate in France
For B2B cases, we can add interests, indemnity of 40e per unpaid invoice, and some damages.
However we cannot oblige a debtor to pay these amounts amicably, only a Court decision enable us to claim them officially.
Details on legal service / process in Monaco?
We offer the following legal services:
- Payment Injunction for non disputed files
- Legal action by lawyer for disputed files, special files, or for files with high amounts
- Enforcement of Court’s decisions
- Lodgings : for debtors in bankruptcy / winding-up
We can provide the other following services:
- Credit reports
- Solvency report on individuals
- Trace on individuals
Monaco Business Credit Reports
Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. There are around 800 active businesses in Monaco, of which 10% are in retail trade and repair of motor vehicles and motorcycles. We provide freshly investigated Monaco business 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.
Monaco Tracing Agents
Creditreform’s debt collection company service also uses expert local Monaco 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 Monaco 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 the UK office. This method of international debt collection sets Creditreform aside from the competition who in many cases try and recover debts from a UK office base 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.