Pakistan Debt Collection – No Win No Fee
Creditreform operates a global specialist International debt collection 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 Pakistan:
Location of office(s) in Pakistan:
Office No:55, 2nd Floor, Hajvary Complex, 2-Mozang Road, Lahore.54000, Pakistan
Number of staff
8
How long been operating in Pakistan
35 years
What type of debts do you recover?
We recover both commercial (B2B) and consumer (B2C) in Pakistan
Statute of limitation in Pakistan
3 years
How EU laws effect debt collection in Pakistan?
EU law does not effects debt collection in Pakistan
How many registries in Pakistan for businesses? (i.e. UK just has 1 central registry)
- Securities Exchange Commission of Pakistan (SECP)
- Firms Registrar
What is the process in Pakistan?
Debt collection is a very difficult job in Pakistan, it can only be handled by the Lawyers as the debtors are only bothered by the Legal Notice which are sent by the Lawyers.
Average length of time to collect?
2 months to 18 months
Can late payment fees / interest be added to claims?
NO
Details on legal service / process in Pakistan
After once all the efforts to collect the debt amount fail we on instructions of clients file Suit For Recovery against the debtor Firm, Companies and individuals, as a first stage the Court will Summons the Defendants/Debtors and shall hand over to them the copy of the Plaint filed in the Suit For Recovery and shall Order them to file Written Statement.
The Second stage will be filing of Written Statement by the debtor.
Third stage issues shall be framed by the Court.
The Fourth stage shall be that we (the Creditors) shall be ask by the Court to provide Evidence after the completion of our Evidence in the Fifth Stage the Defendant/Debtor shall be asked to provide his Evidence in support to their version.
The Sixth Stage is the final Arguments than the Seven Stage will be that of pronouncement of Judgment by the Court.
We also file liquidation proceeding before the company Judge when we feel it is necessary.
There are many unique requirements to recovering international debts in all countries including Pakistan 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 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.
