Corporate firms operating in Cyprus often face bad debts. This is due to the declined economic condition of the country. Whether it a business-to-business debt or business-to-consumer debts, the recovery process might take longer as the debtor has to manage his account to pay off the outstanding payments.
Debt does not only refers to the money lent by someone, but unpaid invoices, bills, and dishonored Cheques also need to be recovered as debt. Our associate debt collection Cyprus specialists will assist you in Nicosia, Limassol, Paphos, Larnaca, Famagusta, Paralimni, Guzelyurt, Pissouri, Peyia, and Lapta.
Suggestion for Dealing with Debtors
Communicating with a non-paying customer in Cyprus requires patience. You have to come up with the state’s trade culture. Moreover, the legislation of Cyprus is not the same as you were used to. You must abide by debt recovery Cyprus policies and general code of conduct when dealing with clients.
Here are a couple of recommendations for creditors facing financing issues due to non-paying clients in Cyprus:
- Contact the client through email, fax or call
- Ask the reason behind delayed payments
- Send written demand letters for outstanding debts
- Remind them about the contract terms about payment
- Clearly state the invoice details and expected date of payment
Avail Customized Legal Advisory and Support
Every debt is not the same so does debtors and creditors’ economic condition. Our associate debt collection agency has a team of experts who are well-aware of the local laws and practices. They believe in providing bespoke services to the people by considering their concerns in a legitimate way.You can contact them or visit them personally to discuss the matter. Our associate debt collection lawyer will be glad to assist you in recovering the unpaid invoices. Take the related documents along as it will help the legal attorneys to claim your debt under the legal umbrella.
Moreover, they speak Greek, Turkish, and English thus there will be no language barriers when dealing with a Cypriot client. They customize debt collection strategies to meet the requirements of each case. You can also get consultation about how to deal with overdue debts and provide the best legal options.
Debt Collection Methodologies in Cyprus
A debt collection agency in Cyprus believes in table-talks before following the legal procedures. It is a time-saving task which also saves the professional repute of both parties. The debt recovery process in Cyprus is divided into two phases:
- Extrajudicial Debt recovery
In this phase, creditors and debtors are called for negotiation under the supervision of a debt collection lawyer. If the debtor is unable to pay all the money at once, installment based reimbursed plans is devised. In case the debtor does not follow the negotiated terms, legal proceedings are announced from creditors.
- Judicial Debt Recovery
Creditors can go to court in Cyprus if the debtor refused to pay in the extrajudicial phase. The debt collection Cyprus experts guide their clients about the potential costs of the legal process and what steps to follow. A 30 days’ notice is issued in European order of Payment proceedings. Court orders the debtor to pay off the debt within a specific period.
No Win No Fee Policy for Debt Collection
We have devised No Win No Fee strategy for the creditors who do not get their money back. If our associate professionals are unsuccessful in debt recovery Cyprus cases, then you will not be liable to pay their service charges.