Collecting debts is a hassle most want to avoid. Debt collection is a cumbersome process that requires a lot of negotiation. A lot of bad blood also flows when you approach a debtor to pay your dues. The process for collecting debts in Cyprus can be complicated and getting your debtor to pay your invoice may require legal assistance. There are some top Limassol lawyers that handle debt recovery for their clients and you should approach them without thinking much.
What to do when you need to collect your debt?
For collecting your debt from your debtor, there are certain things you need to do. You must approach your debtor and ask for the reason for which the debt has not been paid back. You need to send a recovery reminder to them immediately and clearly describe the details of the invoice for which the payment is pending. Your reminder should also contain the specific number of days within which the debt needs to be paid. All this can be done without hassle when you hire one of the top debt recovery lawyers in Cyprus.
How does your lawyer help?
The mere fact that you have hired one of the top Limassol lawyers may prompt your debtor to make the payment. But don’t count on this because the chances of this happening are not very high. You should rather let your lawyer handle the entire process from end-to-end and recover your dues within the stipulated time. A top law firm will go through some proven processes to ensure the collection of your debt.
The top debt recovery law firms in the country offer customized services to their clients. Debt cases may differ from one another and need to be treated accordingly. A professional firm will never offer you off-the-shelf solutions because they have experienced teams to handle your case.
Proper advice is always required in debt recovery cases. Deal with a top firm and you will get the best advice.
Your lawyer will also be accustomed with the local laws related to debt recovery and this allows them to present a strong case in your favor. Some of them also speak multiple languages and are able to negotiate better. Keep in mind that your lawyer will be able to collect effectively when they have the knowledge of both Greek and Turkish languages.
Types of debt collection
The process for collecting debts in Cyprus can have two stages. First is the extrajudicial stage where the collection takes place without the Court intervening. The next stage is the judicial stage, where a Court of law is used for debt recovery. A professional law firm can assist you in collecting your debt in both the stages. In Cyprus (as it is everywhere), most debts are collected during the extrajudicial stage, without the parties having to approach the Court.
Principally, almost all the law firms in Cyprus start the debt recovery process with this stage. Your lawyer will contact your debtor and demand that the payment be made. In certain cases, your law firm may engage in a face-to-face conversation with your debtor in order to recover your debt. Your debtor needs to commit a timeline for paying the date and if that timeline is not adhered to, legal proceedings will be initiated. Though Court intervention can be expensive, there are some cases that cannot be settled out of it.
If your debtor cannot or refuses to pay during the extrajudicial stage, going to the Court is the only remaining option. This is where your law firm will let you know about the likelihood of you getting your money back. You will also be informed about the potential cost of going to Court and only if you agree will your lawyer proceed further.
European order for proceedings of payment
Where there is an undisputed debt claim between two parties based in The European Union (except Denmark), the European Order for Payment proceedings can be initiated. Your lawyer can assess whether this procedure is suitable in your debt case and act accordingly after consulting with you. There are more details available online but to get the best information, you must consult with your lawyer.
Don’t let unpaid dues cause problems with your day-to-day business. There are enough professional law firms in Limassol that can help you with debt recovery. Going with them ensures that you don’t break any laws of the country related to debt recovery. You will get the best solution within the statutes of law.
Debt collection can be a cumbersome and complicated process. You should consult one of the top Limassol lawyers for effective debt recovery.