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1. Costs – No Win No Fee!

Having long standing relationships with all our overseas partners we have agreements to provide these services on a NO WIN NO FEE basis charging the agreed commission rate against monies recovered only.

2. Coverage in Sri Lanka

There are 25 districts broken down into 9 provinces in Sri Lanka. Our local office is in Colombo in the Western Province where we are able to recover debts across the entire country.

3. Local Experience

Unlike many of our competitors all cases are handled by the local office or partner. The reasons for this are they speak the debtors’ language, in the case of Sri Lanka the official languages are Sinhala and Tamil. We understand the local cultures and know all the legal processes. These are reasons why Creditreform are the ideal people to help you in collecting debts from overseas.

4. Statute of Limitation in Sri Lanka

5 years but there are special exemptions so whatever the age please contact us and we will advise if we can assist with your claim

How to Instruct Us

We simply require the following details:

PLEASE CALL US ON 0121 442 5330 FOR FURTHER DETAILS

Or ask us to call you – just leave us your details:

 




Sri Lanka 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 a debt collection agency UK are as follows:

The local International Debt collection Partners know:

  1. The local cultures
  2. The languages
  3. The laws
  4. Are in the same time zones

 

Herewith details of our debt collection service Sri Lanka:

Location of debt recovery office in Sri Lanka?

Operational Office #140/4, W.A.Silva Mawatha, Colombo 06, Sri lanka.

Number of debt collection staff?

Seventy (70)

How long have you been operating a debt recovery service in Sri Lanka?

Since 1998
 

What type of debt collection services do you provide? Do you do commercial debt recovery (B2B) and consumer debt recovery (B2C)?

We do commerical (B2B) and consumer (B2C) debts
 

Statue of Limitation in Sri Lanka?

Five years

 

How many companies registries in Sri Lanka for businesses (i.e. UK has just 1 central registry)?

CRIB – The Credit Information Bureau of Sri Lanka.

What is the debt collection process in Sri Lanka?

Assignment of Debt (LOA /Agreement) / Reminder Call (Follow ups) /  Letter of Demand / Field Officer visit (Follow ups / settlement) / Senior Recovery Officers Visit (Follow up / Settlement)

Average length of time to collect a debt?

B2B 4 – 6 Months
B2C 3 – 4 months

Can late payment fees / interest to be added to claims?

This is done on case by case basis but bank transfer charges are always added

Details on legal service / process in Sri Lanka?

The legal process of debt collection will start with good documentation by way of establishing Bona Fide case against the debtor with all supporting documents , proof of debt.
Burden of proof lies with the creditor always
Step One:  make a Police entry to mediate if it fails
Step Two : Police will file action on your behalf in Magistrates courts where depending on the amount (you’re required to retain a legal counsel)  it will be minor or major debt, major debt you can file complaint with CID which will earn an immediate remand prison term (bail possible) for the debtor
Step three : if debtor offers to settle in a payment plan Magistrate / Judge will grant it even though it may be in very small portions and may takes years to settle, with the plaintiff having to pay legal counsel fees till the end of the collection.
Step Three (Optional): If he pleads guilty he can be jailed depending on the value (but there’s a maximum number of years) and debt will not be settled in any way.
Step Four:  one can pursue in a district court to confiscate assets owned after magistrate courts guilty judgement, very lengthy process and average case would take up the best part of decade.

Pre Legal : Generally we handle and push for pre-legal settlements due to the cumbersome nature of our manual legal system, please note we don’t have an automated court record rooms and obtaining court proceedings for a single hearing can take over several weeks ! Each appearance requires that you retain a legal counsel, and fees per appearance varies on seniority. Consultation for the case will be separate. With all support, if the debtor proposes a settlement plan, magistrate or judge will advise us to consider it, and generally is very small to discourage the creditor from pursuing further or give up totally. Hence we don’t recommend legal action other than as a last resort.

Age of Debt : Through our years of experience we note that the sooner we receive the debt (age of debt ) along with necessary empowerment and proof of debt documentation, the easier for us to make a break faster and more effective.

Specialist Debt Recovery Experts

There are many unique requirements to recovering international debts in all countries including Sri Lanka 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 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.

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“We are pleased with the friendly and efficient service of Adrian Harding and staff at Creditreform in collecting outstanding overdue debts on our behalf. Some accounts, especially those located overseas have been difficult customers but we are pleased with the high rate of success. We also appreciate that they keep us informed and constantly updated on the progress of the collection”
Bryan de Beer, Phoenix Fragrances
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“Within 48hrs of Creditreform being involved a resolution was agreed and within the week paid in full. The professionalism of the Creditreform team was second to none and I would and indeed do recommend them to colleagues in a similar difficult position This situation was the first time we have had to employ a company for debt recovery and it was good to feel that you have someone else ‘on your side’.”
Dean Lake, Lake Contracts
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“We have been using Credit Reform for a number of years now and we have always been dealt with in a professional and friendly way. Over time, Creditreform have managed to achieve good results for us. Would definitely recommend.”
Anna Zhakrova, Catering Hygiene Specialists Ltd
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“I have worked with Creditreform for many years and always received a first class service. Keep up the good work”
Russell Hardwick, MSC Industrial
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