We have summarised the questions frequently asked to our specialists and prepared answers.
If you do not find an answer to your question, we will be happy to help you find the right answers and solutions for various situations! Contact us regarding issues of your interest in relation to debt recovery and the course of the processes.
Upon the commencement of debt recovery, the creditor or debt recovery service provider notifies the debtor in writing of the debt and calls to voluntarily fulfil the overdue liabilities. After receipt of the note, the Debtor is entitled to express written objections to the existence and amount of the debt and the due date within 21 days of the date of receipt of the notice.
If the Debtor admits the debt, in full or in part, but is not able to repay it in accordance with the procedures or within the time limit determined by the creditor or debt recovery service provider, then, subject to the reasons for why the fulfilment of liabilities is not possible, the Debtor is entitled to propose its own procedures and time limit for the payment of liabilities.
Regarding the procedures of repayment of the debt, you can contact the debt recovery specialist by calling +371 27279999 or writing an e-mail to email@example.com.
Verdikts is a licensed (Licence No. PA-2018-007) debt recovery service provider, which is entitled to recover the debt on behalf of or for the creditor.
If you have received a debit note from Verdikts, this means that the Creditor has authorised Verdikts to represent the Creditor’s interests and perform the extrajudicial recovery of debt from the debtors.
If the amount of debt will not be repaid and no agreement on repayment of the amount of debt will be entered into within the time limit and in accordance with the procedures stipulated in the debit note sent by Verdikts, information on your debt liabilities will be included in the registers of debtors, maintained by licensed credit information bureaus and available to all the loan providers and employers of Latvia.
Information in the debt history database is stored for three years after the day of the payment of debt or day of fulfilment of liabilities in accordance with the procedures stipulated in the law. If the debt is not paid, information on the debtor’s debt is stored in the debt history database until the day of expiry of the limitation period of the right to claim.
If the recovery of debt through extrajudicial collection procedure will not be possible, a claim for the collection of debt will be brought before court; in the case of legal entities, application for the initiation of insolvency proceedings will be submitted to the court.
Debt may be repaid in instalments upon agreement with the debt collection specialist by the phone in advance and offering your own procedures and time limit for the settlement of payment liabilities. Please contact us by calling +371 27279999 or filling in the communication form below to enter into a mutually acceptable agreement on procedures and time limits for the settlement of debt.
Yes, it is possible to settle debt liabilities before the deadline agreed with Verdikts, but certainly inform Verdikts of the payments you have made to avoid possible misunderstandings and uncertainties.
In accordance with the provisions of Section 6 of the Law On Extrajudicial Recovery of Debt, a debtor has a duty to reimburse the expenses incurred by a provider of debt recovery services for the recovery of debt, if the reimbursement thereof is requested and there is no dispute regarding the existence of the debt. The allowed amount of the expenses of debt recovery and the non-reimbursable expenses are determined by the Cabinet.
Yes, the collection of debts is also performed outside Latvia.
In the case of pre-trial debt collection, you can agree with the debt recovery service provider on repayment of the debt within a time limit desirable for you by entering into an agreement on the payment of the amount of debt and expenses related to the recovery of debt.
Judicial debt collection is performed by submitting a claim for the collection of debt to the court. Debt collection case may be adjudicated in written procedures in the court based on the submitted documents, or a court hearing is scheduled, and the judge takes a decision on the collection of debt, and, in addition to the principal amount, the contractual penalty or late payment interest, expenses related to adjudication of the case are also collected from the debtor.
If the amount of debt is not paid within the time limit set for the voluntary fulfilment of liabilities by the court, collection of the debt is transferred to a sworn bailiff as soon as the judgment enters into effect. Bailiffs are entitled to receive information on the debtor’s immovable and movable property from banks, RTSD and the Land Register. During the process of collection of debts, the bailiffs are entitled: to deny the debtor from conducting business with the movable and immovable property; to enforce recovery against salary; to enforce recovery against the funds kept in the bank account.
If the debt has been repaid, please send us a copy of a document confirming payment to the e-mail address firstname.lastname@example.org, this will prevent further misunderstandings.
In such a case, please notify us immediately by calling +371 27 27 99 99 or writing an e-mail to email@example.com, attaching confirmation of payments or other documents related to the debt case in question.
In the case of objections to the existence or amount of debt, the creditor or the debt recovery service provider justifies the existence and amount of the debt in writing, and, upon the debtor’s request, issues copies of documents justifying the existence and amount of the debt.
Receipt of unjustified objections does not release one from the duty to fulfil liabilities, because, in such a case, the amount of the debt will be recovered through court proceedings, and the debtor will be obliged to cover the legal expenses.
Solution for the quick and efficient receipt of payments for overdue invoices without transferring them to the collection of debt procedure! Stamps of the Verdikts brand, which may be subscribed and used at your discretion on invoices, delivery notes and letters without limitations during the validity period of the contract.
Stamp in digital image format on a transparent background. Intended for electronic documents with the option to be placed at a desirable place and in a desirable size.
- Manufacturer and model: Colop Printer 55
- Print size 58x38 mm
We offer stamps of two kinds, available for subscription separately or jointly.
Green stamp is a friendly reminder and at the same time calling to the customer to avoid delays and pay the invoices in a timely manner.
Red stamp is a warning stamp drawing attention to the necessity to make immediate payment of the invoice. Furthermore, it also means a notice of possible transfer of the case to debt collection and the cooperation partner for debt recovery.
Everything depends on your situation with debtors and whether your company operates the circulation of electronic, printed or combined documents.
- If you only send electronic invoices/delivery notes, subscription No. 1 or No. 2 will be suitable.
- If you send combined or paper documents, choose subscription No. 3.
Additionally to the type of document circulation, we call you to take into account the specific characteristics of your sector and business. If only the disciplining of customers to make quicker payments is required, a green stamp will be sufficient, but if you deal with customers delaying payments on a regular basis and for continuous periods, you also certainly need the red one.
Green stamp calls to respect and comply with the due date stipulated by you.
We recommend using it on all the outgoing invoices and delivery notes.
Regular and correct use of the stamp will discipline your customers, thus significantly improving and speeding up payment of issued invoices in the long term.
The red stamp is a warning!
We recommend using this stamp in cases of overdue payments.
Furthermore, we recommend strictly following the principle of overdue periods not exceeding 60 days.
During these 60 days, you can use the red stamp on repeatedly sent invoices, delivery notes and letters. If the stamp has not delivered the expected result in 60 days, we call you not to hesitate and transfer the case for debt collection!
Purchase of a stamp is not possible, it is subscribed and used for a certain period of time. All the stamps are valid until the end of the current year. At the end of the current year, we will contact you to discuss the previous and further cooperation. In the case of further cooperation, you will be delivered new stamps for the next period of use.
Upon ordering a stamp, we will calculate the fee for the remaining full months of the year.
Our commission is only charged in the case if money reaches your account. Commission rate depends on the amount and age of debt or the number of submitted cases. The final rate will be agreed upon at the moment of registration of the case. In substandard situations, as well as in the case if debt recovery through pre-trial procedures is not possible, we will offer possible judicial solutions. All the expenses are harmonised with you separately prior to commencement of the work.
We also provide consultations in remote format (by phone or video communication).