Montenegro 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 Montenegro:
Location of debt recovery office in Montenegro
Podgorica. All debt collection letters are sent by the local head office.
Number of staff
3 staff. 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 been operating a debt recovery service in Montenegro
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 Montenegro
3 years between companies (unless debtor and creditor are from countries that are signatories of the Convention on the Limitation Period in the International Sale of Goods in which case if 4 years)
10 years between companies and individuals
How EU (European Union) laws effect debt collection in Montenegro?
So far, EU law has no direct impact on Montenegro, but Montenegro’s legislation has been adapted to EU laws in the last years, with Montenegro’s intention to become a member of the EU.
How many company registries in Montenegro for businesses? (i.e. UK just has 1 central registry)
General comments regarding process in Montenegro for debt collection and how differs from UK debt collection and other European countries:
What is the debt collection process in Montenegro?
The debt collection process begins by filing a claim with the public enforcement office. If the public enforcement office decides positively on our request, he makes a decision on debt collection that is sent to the creditor and the debtor. The debtor has the right to appeal against the said decision to the court. In deciding upon appeal, the court may refuse the appeal, accept appeal, or refer the case to litigation.
Average length of time to collect a debt?
The average length of debt collection depends on whether an appeal has been filed against the decision of the public enforcement office and how the court will decide on the appeal. If no appeal is filed, the procedure ends in 10-15 days (of course, if the debtor has funds in his account). If the court refers the case to litigation, the proceedings takes about 12-16 months.
Can late payment fees / interest be added to claims?
Details on legal service / legal process in Montenegro
The enforcement process is quite effective, but of course a lot of it depends on the document on the basis of which we initiate debt. Specifically, it is important to prove that the debtor has been informed of the existence of the debt, that the document which forms the basis for the payment shows the date of issue and the due date. If it is a debt collection due to the delivery of goods, it is advisable that we also have proof that the goods have been delivered.
As far as more details are concerned, in each particular case we would let you know what our estimate is for success and whether it is necessary to complete the documentation in some way.
Montenegro Business Credit Reports
Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. There are over 21,000 businesses in Montenegro, of which 34% are based in the capital Podgorica. We provide freshly investigated Montenegro 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.
Specialist Debt Recovery Experts
There are many unique requirements to recovering international debts in all countries including Montenegro 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.