Debt collection Lithuania
Lithuania has small post-industrial economy that heavily depends on foreign capital and economy of EU Lithuania is a part of. Situation in neighbor Russia also heavily impacts Lithuanian economy.
Import slightly prevails over export though government actively tries to change that supporting export by liberal regulations for foreign trade.
The main partners in foreign trade are Russia, Germany and Poland with considerable role of neighbor Latvia. For the last decade Lithuania actively redirects foreign trade away from Russia towards EU and especially Scandinavian countries.
Lithuania has western culture which considerably differs from culture of its neighbors. Lithuania managed to preserve its originality even being part of other countries for centuries.
National language is quite archaic but original Lithuanian from Baltic languages group. Russian is spoken or understandable for the majority of population with Polish being spoken language in some regions and English being language of business and young people.
No specific challenges of debt collection in Lithuania are observed.
How to collect debt in Lithuania?
Amicable collection is the most effective and cost-saving way to recover debt in Lithuania. It is advised to refer case to collection when the debt is delinquent over 5 months. The less delinquency is the more chances to collect debt are.
Amicable collection is applicable almost in any case apart from case of debtor’s bankruptcy or liquidation.
Amicable collection is still possible even after statute of limitations (10 years) expired, though chances to collect declines dramatically after 2-3 years.
What we do to recover a debt in Lithuania?
- study case details
- find core reason of failing to pay
- find debtor’s decision makers and financial controllers
- resolve language and cultural issues to reach payment agreement between creditor and debtor
- resolve legal and administrative problems to facilitate pending payments
- consult in finances to enable debtor to pay
- consult in local legislation and business threats to convince debtor to pay
How long it takes in Lithuania?
Average time to recover debt in Lithuania is 36 days.
What the fees are?
The success fee makes 10% commission from any money recovered.
No collection – no fee policy applies.
- we have positive debt recovery experience in Lithuania
- we know local Lithuania laws, finances and customs
- we understand local Lithuanian languages
- we charge no fees, unless debt is recovered
- we provide operative reporting
How to send case?
- Send your unpaid invoices and supporting documents for our review.
- Sign our debt collection contract and POA received from the manager.