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.
– Location of office(s) in Sri Lanka :
Operational Office #140/4, W.A.Silva Mawatha, Colombo 06, Sri lanka.
– Number of staff:
– How long been operating in Sri Lanka:
– What type of debts do you recover?
We do commerical (B2B) and consumer (B2C) debts
– Statute of limitation in Sri Lanka:
– How many registries in Sri Lanka for businesses? (i.e. UK just has 1 central registry:
CRIB – The Credit Information Bureau of Sri Lanka.
– What is the 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?
B2B 4 – 6 Months
B2C 3 – 4 months
– Can late payment fees / interest 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.
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 the UK office. 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.