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.
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 Monaco
– Location of office in Monaco
Monaco debt collection is handled by our French Partner who has its head office in Mazamet
– Number of staff
60 staff in France
– How long been operating a debt collection service in Monaco
Over 40 years
– What type of debts do you recover? Do you do commercial (B2B) and consumer (B2C) debts?
We recover both commercial debt collection (B2B) and consumer debt collection (B2C)
– Statute 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 laws effect debt collection in Monaco?
EU laws have full effect in France regarding debt Collection
– How many registries in Monaco for businesses? (i.e. UK just has 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 letters, e-mails, phone calls and amicable bailiff letter, with full respect of the GDPR law
– Average length of time to collect?
45 days for amicable – 1 year or more for legal
– Can late payment fees / interest 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
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.