Summary of collection procedure

Our collection process commences with a double registered letter to the debtors address. When telephone and fax numbers are available/traceable, our letters are also sent by fax and are followed by an initial telephone call to the debtor. Investigations are also made through internet sources and local contacts for further details of the companies/contact information when required. 

In Nicosia, Athens, Thessaloniki and Istanbul provided that the amount of the claim is above a minimum amount it is also our standard practice to arrange personal visits to the debtor’s address in order to verify their residence, negotiate a payment plan and if they cannot be located at the given address to make any relevant enquiries into their whereabouts.

Our collection managers use a personal approach to collection. It is of course important to try and maintain amicable relations between the parties in order that they can continue to do business together. 
Although firm, we listen with sympathy to a debtor’s problems and if we believe they are genuine, we can often arrange a timetable for repayment of the debt by installments or suggest that the debtor provides a series of postdated cheques. 

Whenever a schedule is agreed for payment by installments, it is our policy to prepare a written private agreement with the debtor confirming the agreed payment schedule. 
If the debtor does not adhere to the agreed payment schedule, this document can then assist us to obtain an earlier judgment if our clients wish to proceed legally.