How Debt Collectors Can Help You Recover Money Owed in Belgium

Have you ever had a debt owed to your business and struggled to find a way to collect it? Owing money can be a difficult situation, especially for those businesses in Belgium. From Flanders to Brussels and beyond, the legal landscape varies from municipality to municipality, making it hard to know the best approach when recovering from debt.

The good news is that there are professional debt collection agencies who are well-versed in the processes and laws of various regions throughout Belgium. These experts can help you recover the money owed with minimal effort and stress on your part.

In this article, we'll take you through everything you need to know about how debt collectors can help your business recover money owed in Belgium. We'll also provide an overview of the financial landscape in Belgium and go over some best practises that will help maximise your chances of success while working with a debt collection agency. Let's dive in!

Overview of the Belgian Financial Landscape

When it comes to debt collection in Belgium, you need to be aware of the country's financial landscape. There are two primary industries in Belgium—the industrial and services sectors—that form the backbone of its economy. The services sector is especially important, accounting for more than 70% of the country's GDP. This is good news for businesses; when you consider that a strong economy means more people with the capacity to pay their debts, it makes hiring a debt collections agency even more important.

When you understand the landscape behind debt collection in Belgium, you can better understand how debt collectors can help your business recover money owed to them. A skilled debtor collection agency has access to a range of resources, from in-house lawyers and skilled debt collectors to high success rates that act as a safety net for any difficult cases. It's also essential that they work within Belgian regulations, so you don't have to worry about any legality issues. Ultimately, when done correctly and efficiently, debt collections services can be incredibly beneficial for businesses looking to get their money back without any hassle or difficulty.

Benefits of Hiring a Debt Collection Agency

We all know how stressful it can be to try and recover a debt yourself, especially when you don't have the legal knowledge of Belgian commercial law. With a debt collection agency, you're getting skilled debt collectors, in-house lawyers, and access to a team who knows how to navigate the complex Belgian regulatory landscape around debt collection services.

Moreover, they have a better success rate than attempting to go it alone. According to the Belgian Chamber of Representatives, Dutch-speaking lawyers in Brussels recovered €267 million in debts for their clients between 2017 and 2018—all without the help of a debt collection agency. But that's just one example. The majority of businesses would benefit from accessing experienced professionals for their debt recovery needs. Therefore, it's important for businesses that are unable or unwilling to manage their own debts recover to hire a debt collection agency instead.

Different Types of Debt Collection Services

When it comes to debt collection services in Belgium, there are a few options that you can look into. The most common type of debt collection services is a third-party debt collector. This company will take over the task of recovering money owed to you and act as an intermediary between you and the debtor.

Using a third-party debt collector can be beneficial for many reasons. For starters, the company will usually have in-house lawyers and skilled debt collectors who know how to navigate the legal system and use their knowledge to recover debts quickly and efficiently. Plus, debt collection agencies often boast high success rates when it comes to recovering money owed — some figures are as high as 90%.

It's worth keeping in mind that laws may differ depending on certain factors such as industry or financial landscape of the area. That's why it's important to find an agency who understands the financial landscape of Belgium, especially considering that finance and banking services play such an important role in Belgian economy.

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Debt Collection Process Used by Professionals

If you're looking to recover money owed, using a debt collection agency might be your best bet. Professional debt collectors know exactly how to go about making sure that you get your money back.

Each collection agency has a different process for recovering debt, but it typically involves the following steps:

Research

The first step the debt collector will take is researching the details of the case. This includes getting to know the debtor through financial records analysis, employment records and credit history.

Pre-litigation

After initial research is complete, the debt collector will contact the debtor directly in order to obtain payment or an agreement. If contact cannot be established or negotiations fail, they can move on to pre-litigation. This includes writing demand letters and pursuing claims in small claims court.

Litigation

The final step would be litigation, when all other attempts at solving the problem have failed. During this stage, a lawsuit is filed with a court of law and litigated upon until a resolution is reached. The entire process takes time but it's necessary if you want to reclaim your losses.

By using a professional debt collection agency, businesses in Belgium have access to experienced staff and specialised lawyers who are well-versed in debt collection laws and regulations in Belgium - helping them to recover their unpaid debts without negatively impacting their reputation or wasting valuable time and energy.

Law and Regulations in Belgium's Debt Collection Industry

If you're looking to recover money through debt collection services in Belgium, it's important to understand the laws and regulations governing the industry. After all, you don't want to break any laws - or worse yet, put your clients in an awkward legal position - when trying to recover a debt!

In Europe, debt collection is primarily regulated through Directive 2008/52/EC. This directive sets limits on maximum fees a collection agency can charge; provides guidance on what information must be provided when collecting a debt; and requires agencies to comply with fair practises when dealing with debtors. Additionally, the Belgian government has implemented additional laws and regulations for debt collectors operating in the country that are intended to protect the rights of both creditors and debtors.

At Collecty, we make sure that our team is aware of all relevant laws and regulations regarding debt collection services in Belgium. Our team of seasoned legal professionals works hard to ensure that we always operate within local compliance guidelines while helping our clients secure their payments. What’s more, our success rates far exceed industry averages due to our specialised knowledge of national laws and regulations surrounding debt collection here in Belgium.

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Tips on Preparing to Use a Debt Collections Service

When it comes time to use a debt collections service, there are a few tips and tricks you can use to maximise the potential of your recovery. Here are some of the best ways you can prepare yourself and your company to use a debt collections service:

Gather accurate information

Before sending accounts to a collection agency, make sure you have accurate information on hand such as customer name, address, phone number, account number and amount owed. Ensure that your records have undergone thorough verification before sending them off—this accuracy reduces the time needed to locate customers and negates any disputes they may have with the amount they are being asked to pay.

Determine timeline for collection

Once you’ve gathered your records together, determine which accounts can be sent off immediately and which ones will require more time for recovery. It’s also important that you determine how quickly you need payment on the accounts. This timeline will inform how quickly the collection agency works on them.

Check for existing statutes of limitations

In Belgium, there are laws that limit how long a creditor can recover unpaid debts from debtors. It’s important to stay up-to-date with these laws before sending off any account – if an account is past its statute of limitation then it cannot be collected upon.

Partner with an experienced debt collection agency

If possible, choose an experienced and well-established collection agency with in-house legal teams and skilled collectors who understand the Belgian legal system – this ensures smoother recovery processes in terms of understanding local regulations and getting fast results in terms of recovering owed money.

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Debt collecting can be a long process, and a debt collector is the best choice to take on the challenge in a cost-effective and legally compliant way. Doing so can help businesses in Belgium recover their money while complying with the laws of the land. A qualified debt collection agency like Collecty Investigation & Debt Recovery is the best option to ensure that the financial needs of customers and businesses alike are met fairly. With a comprehensive range of services, such as in-house lawyers, skilled debt collectors and high success rates, Collecty Investigation & Debt Recovery can provide the perfect balance of expertise and customer service to get the job done.

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