General Debt Collections Section in Greece – My Terms and Rates
We don’t have call centers or scripts; we analyze each situation individually to determine the best way to Maximize the Likelihood of Recovery. Our sole focus is collecting from businesses and the personal guarantors of business obligations. We do not collect from individuals
unless it is related to their business obligations.
What is your first approach to the debtor for collection ?
First of all, we dunn the debtor. If the debtor is not found on the phone we have to dunn him by mail/fax/email dispatching him the Final Notice Form and if needed we program a personal visit to his abode or business in the areas of Athens and Piraeus.
1] If we find out that it may bear fruit we advise for an Out of Court Notice and Demand served by our bailiff to the debtor before proceeding with legal action, (estimated bailiff’s cost: 50 to 120 euros depending on the distance, except in case that the debtor cannot be served because he is absentee ; in the latter case case, the overall bailiff’s cost is about 400-550 euros as full newspaper publications are required by law).
This allows us to escalate matters in the eyes of the debtor, creating more pressure for them to pay without going to court while you pay the same contingency rate we charge as an agency.
2] In case debtor still refuses to comply then we ask for minimal expenses in order to conduct a search in order to ascertain that there is property owned by the debtor to be foreclosed, whether he has already filed for bankruptcy e.t.c.
Only then we are in the position to advise you whether to file a petition for an ex parte court order or for filing a proper suit exercising in both cases meticulous care in drafting.
What are your expenses for ascertaining the debtor’s status and his property ?
Credit investigation & Land Registry search
In order to collect effectively it is always necessary to investigate individual and business’ debtors in order to check their financial status. To do that we have to determine whether the debtor (as well as his guarantors) are in good standing
Therefore, it is crucial to provide us since the very beginning of the case with :
– the debtor individual’s or company’s VAT(IRS) number
– the debtor΄s father΄s name
– all relevant documentation
(1) Overall Cost for a report on the above : 100 euros
Land Registry search
In case that we have to search in the Land Registry/ies for real estate there is
(2) Additional Cost for a report between 150 euros for the first land registry(+cadastre) plus 80 euros for each additional land registry(+cadastre) if needed to make a research, too.
What are your fees for collection ?
If we don’t collect any money, you do not pay anything. Our fee is the percentage listed below on the total amount we actually collect for you on a claim.
$500,000+ 10%
$50,000 – $500,000 15%
$10,000 – $50,000 20%
Important Note:
Such a percentage of our fee is estimated per each particular bracket above and not on the overall amount. VAT tax of 23% will be imposed on our fee.
We have a HIGH SUCCESS RATE on viable claims over $10,000 unless the debtor has filed for bankruptcy or was accepted in a special governmental platform (although the Banks overwhelmingly do NOT consent to conclude a deal with the debtor in such a platform). Our SUCCESS RATE in most instances is irrelevant to the number of other creditors of the same debtor. The minimum size for the first claim for new clients is $10,000 and we only collect from businesses or individuals who are personally liable for a business debt. We do NOT collect from individuals for personal debts.
How long does it take to have an ex parte Court order to be awarded by the Court ?
It takes about 15-30 days maximum.
What happens with claims which have been time barred due to the Statute of Limitations in Greece ?
We sue on other than the main legal basis especially on unjust enrichment of your debtor at your detriment.
