Venezuela Islands 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 Venezuela
– Location of office(s) in Venezuela
We also have correspondents specialized in extrajudicial and judicial collections throughout the entire national territory
– Number of staff
We coordinate the judicial processes of the four (4) lawyers of the judicial department. In addition we have five (5) lawyers who work directly with us in these processes, but in total there is an indeterminate number of lawyers throughout the national territory, with whom we coordinate the processes.
– How long been operating in Venezuela
Over 4 decades
– What type of debts do you recover? Do you do commercial (B2B) and consumer (B2C) debts?
Yes. Particularly in the matter of collections, we have made collections of various types of obligations, commercial, banking, contracts of telecommunications and entertainment companies, vehicle credits, and from various oil contracts
– Statute of limitation in Venezuela
Depending on the instrument in which the obligation is, and the type of obligation, the Statute of limitation varies. If it’s simple personal obligations, it’s usually 10 years. If they are debts on real rights (real estate), they can be up to 20 years. If it is based on bank checks, accepted invoices, bills of exchange, promissory notes, it is 3 years
– How EU laws affect debt collection in Venezuela?
We do not believe that there is any kind of influence in this matter, unless the documents in which the debts are recorded are from the European Union, in which case, it would be necessary to determine whether the domicile competent for judicial collection is the Venezuelan, and if necessary some kind of legal translation or apostille.
– How many company registries in Venezuela for businesses? (i.e. UK just has 1 central registry)
In Venezuela there is a Mercantile Registry in each of the 24 states. There are states in which there are more than 1. In Caracas there are 5. A foreign company can register with any of them. In addition, it may be necessary for the company to enroll in other registration systems, depending on the activity to be developed.
General comments regarding process in Venezuela for debt collection and how differs from UK / other European countries:
– What is the debt collection process in Venezuela?
In addition to the extrajudicial collection, in which the duration of the same is only the one that the collector understands as a prudential time, the judicial times vary depending on the type of demand that is established.
The ordinary procedure is the one applied by discard. If there is a special procedure, it should be applied with preference. And this type of process is recommended because they are more effective and it is not necessary to demonstrate certain requirements at the procedural level, in order to directly obtain precautionary measures.
There are several special procedures, but basically there are 2, one based on the Ordinary Judgment, and another based on Special Contentious Trials. The Ordinary Trial is a typical contradiction trial in which the defendant is summoned to answer a claim and a period of evidence is opened so that the judgment is then issued by the judge. The Special Contentious Trials are those based on documents (Intimacy lawsuit – for debts contained in documents with liquid and enforceable amounts, that is, based on bank checks, accepted invoices, bills of exchange, promissory notes -, foreclosure claims, collateral guarantees etc.), which are executive and the defendant is not summoned to answer but the court issues a payment order in a certain time, which, if not fulfilled, goes to the execution stage, beginning with the embargo (seizing movable or immovable property).
– Average length of time to collect?
Having lawyers specializing in procedural law, we usually do everything possible to be highly effective, and avoid undue delays in the processes, with rapid judgments and if possible, reach reasonable agreements for our clients.
An ordinary trial can last from 2 to 3 years, if we take into account only first and second instance. But depending on the amount, if the amount exceeds 3000 tax units (today it is only worth 50Bs each according to Official Gazette number 41.597, that is, in total Bs. 150,000) almost all debts exceed that amount, which allows that not only have a second instance but appeal to the Supreme Court of Justice, which can last an average of 5 years. A special contentious trial may be much less, but if you have an appeal, it can reach 3 years.
– Can late payment fees / interest be added to claims?
Value debts must be paid with updated amounts according to inflation. If it is in foreign currency, they must be paid in that currency or in national currency at the official rate in force at the time of payment. Everything will depend on what was agreed in the contract.
Costs for judicial proceedings are paid by those who lose out completely in the judicial process. If there is no total defeat, JUDICIAL COSTS (PROFESSIONAL EXPENSES AND ATTORNEY FEES), are assumed by each party.
– Details on legal service / legal process in Venezuela
It would be necessary to review what type of obligations and what type of contracts they have, to make the pertinent recommendations
It is important to verify whether conciliation procedures have been established prior to the judicial stage, or alternative mechanisms such as arbitration
There are many unique requirements to recovering international debts in all countries including Venezuela 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.