Zimbabwe 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 in Zimbabwe:
– Number of staff:
15 lawyers and 35 support staff.
– How long been operating in Zimbabwe:
Our local partner has been in existence since August 1893.
– What type of debts do you recover?
We recover both commercial (B2B) and consumer (B2C) debts.
– Statute of limitation in Zimbabwe:
In terms of the Prescription Act [Chapter 8:11];
30 years, in the case of a debt secured by mortgage bond, or a judgment debt 0r a debt in respect of taxation imposed or levied by or under any enactment or a debt owed to the State in respect of any tax, royalty, tribute, share of the profits or other similar charge or consideration payable in connection with the exploitation of or the right to win minerals or other substances;
15 years, in the case of a debt owed to the State and arising out of an advance or loan of money or a sale or lease of land by the State to the debtor unless a longer period applies in respect of the debt concerned in terms of paragraph;
6 years in the case of a debt arising from a bill of exchange or other negotiable instrument or from a notarial contract or any other debt owed to the State which does not prescribe after 15 or 30 years;
3 years in the case of any other debt except where any enactment provides otherwise.
– How many company registries in Zimbabwe for businesses?
There is one in Harare and another in Bulawayo
– What is the collection process in Zimbabwe?:
Demand followed by summons or negotiation of payment terms.
– Average length of time to collect?:
It depends on whether the debt is contested. If not contested we can have a judgment within a month. It also depends on the capability of the debtor to pay as we can proceed to execution and not find sufficient assets to execute.
– Can late payment fees / interest be added to claims?:
If they were part of the agreement.
– Details on legal service / legal process in Zimbabwe:
Legal services are offered by legal practitioners who are regulated by the Law Society in terms of statute. Actions can be instituted in the Magistrates’ Courts which are limited in terms of the monetary value that can be claimed. Actions can also be instituted in the High Court which has original jurisdiction.
Exchange Control Authority is required before a resident incurs an obligation to make payment outside Zimbabwe. In addition there is a foreign currency shortage so payments from Zimbabwe are also subject to exchange control regulation and approval unless it is being done from free funds.
There are many unique requirements to recovering international debts in all countries including Zimbabwe 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.