Nicaragua 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 a debt collection agency 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 Nicaragua
Location of debt recovery office(s) in Nicaragua
Managua
Number of debt collection staff
3-5 staff
How long been operating a debt recovery service in Nicaragua
Over 10 years
What type of debt collection services do you provider? Do you do commercial debt recovery(B2B) and consumer debt recovery(B2C) ?
All types, including B2B and B2C.
Statute of limitation in Nicaragua
Up to 4 years
How EU (European Union) laws effect debt collection in Nicaragua?
EU laws could be raised as a defense in any debt collection case in the Nicaragua, if the debt was created subject to those laws.
How many company registries in Nicaragua for businesses? (i.e. UK just has 1 central registry)
One
Any general comments regarding process in Nicaragua for debt collection and how differs from UK debt collection and other European countries:
None
What is the debt collection process in Nicaragua?
Out of court settlement is the best method of debt collection in Nicaragua. If not successful then Mediation is obligatory before proceeding with a court action.
Average length of time to collect a debt?
Up to 2 years
Can late payment fees / interest be added to claims?
Unlikely to recover
Any brief details on legal service / legal process in Nicaragua
Previous to starting a lawsuit process, the parties must start a mediation process as an alternative dispute resolution. There are no penalties, though, if the parties fail to achieve a settlement.
All actions to demand payment of a debt are for ten years after the obligation is due. The limitation periods start once the obligation is due.
The limitation payment is two years the obligation to demand payment of salary, professional fees, arbitrator’s fees and notaries’ fees.
The plaintiff must sue the defendant in the court jurisdiction of his domicile. However, the parties may agree to submit their dispute in a specific jurisdiction. The court will review the matter of the case, value and territory in order to know if it is competent to know that case al solve the dispute.
Specialist Debt Recovery Experts
There are many unique requirements to recovering international debts in all countries including Nicaragua 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.
