Collect the money you are owed by obtaining a judgement against your debtor and seizing the debtor’s assets
If you want to collect the money you are owed, the services of a debt collection agency or out-of-court debt recovery services are not necessarily the only recourse. It is up to you to decide whether you want to collect the debt on an out-of-court basis through a collection agency or with the assistance of a legal institution/bailiff. Continue reading to find out why we strongly recommend the latter option.
OUT-OF-COURT DEBT RECOVERY THROUGH A DEBT COLLECTION AGENCY
If you decide to recover your debt through a debt collection agency, this actually means that you will be seeking a recovery of outstanding debts by circumventing the court or the services of a bailiff, i. e. without interference from state institutions. This method of debt collection is usually a long, slow and at times fruitless process because debt collection agencies do not have any exclusive power to enforce your right to receive payment without the intervention of a court or the assistance of a bailiff. If you opt to use this method, the process would unfold as follows:Read more>
Debt collection through court proceedings or with bailiff assistance
If you decide to seek debt recovery through court or with bailiff assistance, you will have to submit your claim for the overdue payment to a court/dispute committee or directly to a bailiff’s office in order to obtain grounds for enforcement. You can usually bring your debt collection claim to the court or dispute committee just 15–16 days after the due date stated on the initial invoice. Compared to debt recovery through debt collection agencies, the proceedings would unfold as follows:Read more>
Why is debt recovery through a debt collection agency not the best option?
Most people seek to recover overdue payments by entrusting this task to a debt collection agency. On behalf of their clients as creditors, these agencies administer the claim. But does this method really pay off? If the amount owed to you is substantial, then the answer to this question is NO!Read more>
Need a money-back guarantee? Start a legal debt recovery and obtain a seizure of the debtor’s assets
If your debtor is unable to pay an invoice, this usually means that they have several creditors seeking debt recovery or, even worse, they are going bankrupt. For this reason, you might have very little time on your hands!Read more>