Top-Rated Debt Collection Agency in Albania
Fast and reliable debt collection in Albania - no upfront costs, only pay for success. Request a FREE Consultation or upload your claim today.
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Recovering your debt in Albania is easiest by following this way.
Debitura specializes in debt recovery in Albania and provides a wide range of services, including accounts receivables management, debt collection notices, pre-legal and legal debt collection, and enforcement court proceedings. Our experienced team of professionals are knowledgeable in Albania's debt collection laws and regulations, allowing us to offer efficient and effective solutions to assist businesses in recovering outstanding debts.
From beginning to end, we provide unwavering and specialized assistance.
Tailored debt recovery approach.
We have over 500 professionals specializing in debt collection on an international level.
Our debt collection service boasts a success rate of 87% and is provided at the lowest cost possible.
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The law office consists of three lawyers and one economist.
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LPA Legal is a Leading Albanian law firm situated in the capital Tirana. Today, the firm is considered to be the leading law firm in the field of business law and corporate law. Also, we have significant experience in various areas of Law, including debt collection and court representation as part of the services we provide. Our experienced lawyer team will provide a highly qualified service to our international and local clients.
VISION Consulting Albania is a firm based in Tirana, Albania, dedicated to providing professional consulting services in law and tax with a special expertise in foreign investments and immigration services.
Our primary mission is to understand the interests and objectives of our clients and to propose unique solutions through which we can achieve and exceed their expectations.
The ultimate guide about debt collection in Albania
If you are owed money by a business or customer in Albania, we can help you. We have helped hundreds of businesses recover debt in Albania.
It can seem impossible to collect a debt in Albania. There are challenges like different languages and cultures, foreign laws, and distance.
It is easier to get money from someone who owes you money if you use a collection agency that knows the laws and customs of the country where the person lives.
At Debitura, our number one priority is always the person owing the debt. We do everything we can to get your money back while still preserving a good relationship with your customer. Our strategic public relations efforts are fair, but firm-ensuring your reputation is our top priority! If you want to collect the debt yourself and understand the Albanian debt collection process from beginning to end, continue reading this guide. If you prefer working with a local law firm specialising in debt recovery in Albania, we are here to help.
At Debitura, we have a easy way for you to get your money from people who owe you money in Albania and other countries. You can start by uploading your claim today. We will look at it and then give you 3 quotes from local debt collection lawyers within 24 hours. We use both people and technology to get the results you need while still keeping good customer relationships. We have a lot of friends in different places who help us do our job. We have debt collectors, attorneys, suppliers, and vendors. We like all of them and we think they are important to us.
Upload claim
Begin collecting your debt in Albania today at no cost by creating a free profile and submitting your case in only 2 minutes.
Pre-legal
We'll use our pre-legal recovery process to work on your claim for the initial 3 months. You only pay if we succeed in collecting. There's no risk involved.
Legal
If your debt has not been paid during the pre-legal phase, we offer you three quotes from our local debt collection attorneys.
24/7 updates
You get access to our online portal where you can track your case in real-time
Introduction to collecting debt in Albania
Do you have trouble getting paid by your Albanian customers? Do not worry; we can help you collect the money they owe you.
The person who owes money is called the debtor. The person who the money is owed to is called the creditor. If the creditor collects the debt themselves, it's called first-party collection. If the creditor gets someone else to collect the debt, it's called third-party collections.
The debt collection process in Albania
The debt collection process in Albania usually has several steps. The picture below shows the standard way to collect debt in Albania:
1 Upload your claim:
If you want someone to help you get your money back, you will start by finding a company that collects debts. You will give them some information about the debt, and they will try to get the money for you. If you use Debitura, we will give you 3 quotes from local partners in the European country where the person owes you money. This is free - there is nothing else you have to do.
2 Amicable collection:
Debitura will try to contact the person who owes you money. They will do this by sending emails, text messages, and letters. The goal is to get the person to either pay the money they owe or at least agree to start paying it back. With Debitura, you only have to pay a small fee if we are successful in getting the money for you. This means that there is no risk for you!
3 Evaluation:
If the person you lent money to has not paid you back after you talked to them nicely, it is time to figure out what to do next. We will look at how much money you are owed, the chance of getting paid back, and other things to help you decide what is the best option. There are three common next steps:
A Surveillance:
If your claim is for less than 2,000-5,000 euros, it is often not worth taking further legal action. In this case, we recommend "debt surveillance." This means that we will keep trying to contact your debtor and try to reach an agreement without going to court.
B: Legal collections:
It's a good idea to start a legal process if you have a big claim. The specific steps of the process will vary depending on what you're claiming and how much you're claiming. Usually, it will take around a year and a half to finish the process.
C: Debt enforcement:
If the person you think owes you money has said that they do, or if there is a court order, you can ask the bailiff to help you get the money.
At Debitura, we can help you with all three steps in Albania.
Amicable collection in Albania
At Debitura, we offer a 100% risk-free and efficient process for Amicable collections. This means that you can submit your claim to us, and we will get started on it within 24 hours.
We will contact your debtor in Albania through different methods, like email, text messages, letters, phone calls, and social media.
The goal of this process is to:
A) get the debtor to pay the full amount or
B) get the debtor to agree that they owe money and start a payment plan
If the person you are trying to get money from says that they do not owe you anything, you cannot try to work it out with them. You must go directly to legal collections.
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Get started with
amicable debt collection
Upload your claim and get started with our 100% no-cure-no-pay collection solution.
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Legal collection in Albania
If you have not been paid during the amicable phase or the debtor disputes your claim, we will give you 3 free quotes from our local debt collection attorneys. In the legal phase, our local attorney will contact your debtor and try to negotiate a payment. Our partners can also go to court and get a payment order from the legal system in Albania. This payment order can be used to get your money from the debtor through enforcement court.
Different lawyers have different prices for their services. To get the best deal, it is a good idea to compare prices from multiple lawyers. You can do this easily by using Debitura.
Get started with
legal debt collection
Upload your claim and get 3 FREE quotes from our local collection partners.
Debt enforcement in Albania
If the person you are asking for money has written down that they will give you the money, or if there is a court order saying the person owes you money, you can go to the bailiff's court in Albania to get your money.
The process and how much it will cost vary depending on your case. You can upload your case to Debitura to get 3 quotes from different companies within 24 hours.
Get started with
debt enforcement
Upload your claim and get 3 FREE quotes from our local collection partners.
The analysis is concluding that the risk of doing business in Albania is medium. Based on this medium score, we recommend being careful providing credit and considering charging upfront payment or using credit insurance when trading if you don't know the customer in Albania well. If possible, provide a short credit period or even better upfront payment. The average risk is conluded on the following areas:
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The economic risk in Albania
Our conclusion based on the economic risk factors, is that the economic risk in Albania is very high (6 out of 6). An economic risk of 6 out of 6 is high in Europe.
GDP and economic growth are critical drivers for economic risk.
The GDP of Albania is 18,26 bn. USD (2021), growing by 8,54% per year.
In terms of the size of its economy, Albania ranks #115 out of 183 countries and has a medium-sized economy.
Having a view at the growth rate, it is ranked #28 out of 183 countries and is therefore considered a fast-growing economy.
GDP per capita is 6494 USD, ranking Albania number #85 out of 183 countries. The result of this is purchasing power of citizens in Albania is pretty average compared to all the countries in the world.
You can see a more throughout picture of GDP and economic growth in Albania in the table below:
Another critical driver for the economic risk score is the inflation rate and the interest rates. You can see a more throughout overview of monetary data points in Albania in the table below:
The inflation in Albania was 2% in 2021 which is considered a low inflation rate.
Looking at the interest rate for businesses, it is 6,02%.
The business environment risk in Albania
Our analysis shows that the business environment risk in Albania is medium (3 out of 6), which is a relatively high risk score in Europe.
Economic freedom and rights has a big influence on the business environment risk in a country. The critical facts for Albania in the table below:
As you can see in the table, the property rights index is 46 in Albania, which is considered low in Europe.
The business freedom index is based on 10 indicators, using data from the World Bank’s Doing Business study. The Index is 66 in Albania, a quite low score for a country in Europe.
Albania's overall economic freedom index is 65 out of 100 and is based on factors such as the rule of law, regulatory efficiency, and market openness.
The political risk in Albania
The political risk in Albania is medium-high, with a score of 4/6. This is a high political risk score in Europe.
The governance and political stability indicators are critical drivers for political risk. An overview of Albania can be seen in the table below:
The rule of law index analyses to which extent agents have confidence in and abide by the rules of society, in particular the quality of contract enforcement, property rights, the quality of the courts, and the police's ability to enforce court orders.
When doing business in a country, the rule of law index is critical as it describes your ability to enforce commercial contracts.
In Albania, the rule of law index is at -0,26 points, with the score going from -2.5 (weak) to 2.5 (strong). Albania has, therefore, a low rule of law index, which means it often is very difficult to enforce your contracts. We, therefore, recommend avoiding credits and recommend charging upfront payment instead.
Other drivers for the medium-high political risks are the very weak control of corruption, the weak political stability index, and the large shadow economy that is 26,21% of Albania's GDP.
The commercial risk in Albania
In Albania, the commercial risk score is 2/4, which in our model is a low score. This low commercial risk score is relatively low compared to the average in Europe.
The commercial risk is relying on a country's international trade relationships. You can see some of the key facts for Albania in the table below:
Albania has a foreign exchange reserve of 5.63 bn. USD.
Albania has a negative trade balance of -13,29% of GDP. The implications of this is that Albania imports more goods and services than the country exports.
The annual growth of exports of goods and services has been growing 46,51% annually - now 30,62% of GDP. Import of goods and services represents 43,9% of the GDP in Albania.
The financing risk in Albania
We have calculated the financing risk to be 3/4, which equals a medium risk. A medium financing risk score is relatively high for countries in Europe.
The country's banking system, efficiency, and stability influence the financing risk. You can find the critical facts for Albania in the table below:
In Albania, the credit information sharing index is 6 on a scale from 0 (low) to 8 (high). The result of this is accessibility and quality of credit information available in Albania is medium.
This makes it easy for you to understand the credit risk of your counterpart in Albania. Based on this, it should be possible to to find a good local credit rating agency that can help you analyse the creditworthiness of your specific customers.
Your juridical rights as a creditor are 8 out of 12 and, therefore, medium.
The medium financing risk for creditors also impacts the high interest rate in the private sector of 6,02%.
Debt Collection in Albania: Frequently Asked Questions
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To collect debt in Albania, you can either do it yourself (first-party) or get someone else to help (third-party). At Debitura, we offer a three-step process - uploading your claim, amicable collection (contacting the debtor), and evaluation - to help you recover your money. Depending on your claim's amount, we may recommend debt surveillance, legal collection, or debt enforcement. We can assist you with all three steps in Albania.
The debt collection process in Albania typically consists of three steps: pre-legal collection, legal debt collection, and debt enforcement. Pre-legal collection involves finding a company to help collect the debt and providing information about the debt. Legal debt collection involves attempting to contact the debtor and attempting to get them to pay or agree on a payment plan. Debt enforcement involves hiring a bailiff to help retrieve the debt if the debtor has agreed to pay or there is a court order. Debitura can help with all three steps in Albania.
If debt is disputed, a civil lawsuit must be filed for debt collection in Albania. Other legal options include debt enforcement and insolvency proceedings, which require a local lawyer. We can provide you with three free quotes from local debt collection attorneys to negotiate payment or go to court for a payment order to enforce collection. Use Debitura to compare prices from multiple lawyers for the best deal.
The cost of debt collection in Albania varies depending on your case. With Debitura, the pre-legal collection process is based on a no-cure-no-pay model with a success fee between 10-20%. The cost for legal actions will vary, but Debitura can offer 3 quotes from the best debt collection lawyers in Albania to help you make an informed decision.
The length of debt collection in Albania varies depending on the debtor and the case. If it can be resolved in the pre-legal phase, it typically takes 3-6 months. However, if legal action is necessary, the process may take longer, typically 12-18 months.
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