Thailand 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. All our international offices and partners initiate the collection processes by sending the debtors a debt collection letter to introduce their involvement.
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 best methods of initiating debt recovery letters and processes
- The languages
- The laws
- Are in the same time zones
Herewith details of our debt collection service Thailand
Location of debt recovery office in Thailand
Offices located in Bangkok and Hua Hin cities.
All debt collection letters are sent by the local offices.
Number of staff
5 staff. Each staff member is allocated a client and all their debt collection letters are personalised in order to effect the best response results from debtors.
How long been operating a debt recovery service in Thailand
10 years
What type of debt collections services do you provide? Do you do commercial debt recovery (B2B) and consumer debt recovery (B2C) debts?
Business to business debt recovery only
Statute of limitation in Thailand
2 years
How many company registries in Thailand for businesses? (i.e. UK just has 1 central registry)
1 Government office only
General comments regarding process in Thailand for debt collection and how differs from UK debt collection and other European countries:
What is the debt collection process in Thailand?
The process for collecting monies owed in Thailand can be divided into 2 phases:
- Phase 1: Collection without court (50% of cases are settled this way)
- Phase 2: Collection through court
These 2 phases are important because the fees you pay are different depending on which phase your case is settled in. The first phase involves checking the persons or businesses address, occasionally if the person has changed address we may need to leverage a small charge for tracing their new address. The second phrase involves taking legal action through the appropriate Thailand court to recover the debt.
Can late payment fees / interest be added to claims?
Yes
Details on legal service / legal process in Thailand
If we can recover your money in Phase 1 we only charge a standard percentage of the monies recovered. If the collection goes through to Phase 2 we agree a fee in advance with you to cover basic expenses plus a percentage of the amount collected (this % is less than when recovery is made without going to court. Generally speaking, collecting money inside the Bangkok Metropolitan area is cheaper than collecting payments up country. Court costs in Thailand average approximately 5% of the amount claimed.
Thailand Business Credit Reports
Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. We provide freshly investigated Thailand Credit Reports which can be done prior to trading to make sure the company you will be dealing with can meet the commitment or once the debt becomes overdue to ensure the debtor can meet the amount owed.
Thailand Tracing Agents
Creditreform’s debt collection company service also uses expert local Thailand tracing agent services to locate any absconded debtor. This debtor tracing service is provided on a No Find No Fee basis only charging for a successful trace.
Specialist Debt Recovery Experts
There are many unique requirements to recovering international debts in all countries including Thailand 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.
