Romania 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 Romania
– Location of office in Romania
– Number of staff in Romania
2 employees within the debt collection department
– How long been operating in Romania
Our office was the first established company in debt collection industry, operating since 1991
– What type of debts do you recover?
We recover both commercial (B2B) and consumer (B2C) debts
– Statute of limitation in Romania
The prescription terms in Romania may vary, depending on the type of commercial relationships e.g. for transport debts the limitation is 1 year for retail is 3 years
– How EU laws effect debt collection in Romania?
Due to new GDPR, which has been implemented last year, we are coming across some difficulties when it comes to private data
– How many registries in Romania for businesses? (i.e. UK just has 1 central registry)
In Romania we have one registry – National Trade Register Office.
– What is the process in Romania?
The collection procedure respects a specific timeline, but we are also flexible if needed for each case. We use dunning letters, phone calls, messages, emails and if necessary – meeting with the debtors.
– Average length of time to collect?
The collection period is different on companies from natural persons and also depends on the type of the debt. But to overview the answer, for non-disputed debts, on B2B we have an average of 40 days and for B2C – 60 days.
– Can late payment fees / interest be added to claims?
Only legal permitted delay fees or if otherwise is stipulated in the commercial contract.
– Details on legal service / process in Romania
The main procedures are payment ordinance, common law and insolvency (reorganization or bankruptcy). Depending on the procedure, it takes from 4-5 months up to 9, maybe one year. Of course, there are exceptions when the case becomes more complicated and takes even more, and also cases in which we obtain an enforcement title in just 3 months. Insolvencies usually take a very long time (three years, sometimes even more). In all legal proceedings, we rely on strong, clear and responsible documentation, that prove the claim is certain, liquid and exigible. Documentation and costs for the lawyer’s honorarium and court fees must be covered beforehand. The debtors are required for court expenses, but the judge decides which percentage is accepted from these costs.
Our focus is on B2B collection. The Romanian market has a background (5-6 years ago) of hard and pushy debt collection approach. Our main rule even from the beginning was to try to solve the issue between the parties (creditor-debtor). B2B, in particular, the majority of the unpaid debts came from lack of communication, misunderstandings or other unsolved conflicts First we try to understand what happened and after that we came up with solutions which we pursuit to be respected and kept. We do mediation, negotiation, try to be reasonable for both parties. We act professionally in order for the both parties to continue their business relations.
There are many unique requirements to recovering international debts in all countries including Romania 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 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 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.