Top-Rated Debt Collection Agency in Bangladesh
Fast and reliable debt collection in Bangladesh - no upfront costs, only pay for success. Request a FREE Consultation or upload your claim today.
Recovering your debt in Bangladesh is easiest through this method.
Debitura is an expert in debt recovery services in Bangladesh, with a team of seasoned professionals highly skilled in accounts receivables management, debt collection notices, pre-legal and legal debt collection, and enforcement court proceedings. We apply our extensive knowledge about the specific laws and regulations governing debt collection in Bangladesh to deliver efficient and effective solutions that help businesses retrieve their outstanding debts.
We provide continuous support throughout the entire process.
Tailored debt recovery plan.
We have a team of over 500 experts who specialize in international debt collection.
Our debt collection services boast a success rate of 87%, which is achieved at the most affordable cost.
Shanjid Siddique & Jurists is a litigation-oriented law chambers based in Dhaka, Bangladesh. Since its inception in 1989, it has been conferring legal services in matters of corporate and commercial law, criminal litigation, labor and employment law, personal and corporate taxation. It provides dedicated industry-oriented legal support at every stage of a company's life from issues arising on incorporation, directors’ duties and governance/compliance, through to employment and regulatory proceedings, shareholder disputes and crisis management.
The ultimate guide about debt collection in Bangladesh
If you're due financial reparations from an enterprise or customer based in Bangladesh, you've come to the right destination!
Our experienced team has assisted hundreds of other businesses in reclaiming their debt obligations within the country. Rest assured that we can help guide your claim toward success as well!
Collecting a debt in Bangladesh can appear to be an extremely daunting task. The language and cultural disparities, foreign regulations and traditions, as well as the physical distance all present intense obstacles. When striving to recoup debt, enlisting the aid of a collection agency knowledgeable in both local laws and cultural practices can make it significantly easier to get your money back. At Debitura, we center our efforts around the people- making sure you get your money back while still keeping a good relationship with your customer. Our strategic public relations techniques are preserving and protecting your reputation as well as building it up! We strive to be fair but firm when dealing with any complications that arise.
Should you need to collect a debt on your own and wish to familiarize yourself with the full Bangladeshis debt collection process, this guide is perfect for that. If however, your preference is working with an experienced local law firm specialising in debt recovery in Bangladesh - we are available to assist!
Start collecting your debt instantly with Debitura! All you need to do is upload the claim and in less than 24 hours, we will review it and give you three complimentary quotes from top-notch Bangladeshi debt collection attorneys. Plus, our services extend to more than 200 countries worldwide. Sign up today for a hassle-free experience! We employ a collaborative and tech-forward approach to deliver maximum results while upholding customer relationships. Our comprehensive strategy provides an integrated solution for contact management that won't compromise on quality or service. In this way, you can be sure you're getting the outcome you desire without sacrificing your customers' needs. Furthermore, our vast network of debt collectors, attorneys, and partners are strong relationships that help us succeed. Every single relationship is treasured by us regardless of its size.
Begin the process of collecting your outstanding debts in Bangladesh today at no cost. Simply create a free profile and upload your case, which will take only two minutes of your time.
We have a proven pre-legal recovery process that we use for the first 3 months to try and collect your claim. It's 100% no-cure-no-pay.
"If your claim remains unpaid during the pre-legal phase, we offer you three quotes from our nearby debt collection lawyers."
You get access to our online portal where you can track your case in real-time
Introduction to collecting debt in Bangladesh
Struggling to collect debt from your Bangladeshi customers? Let us simplify the process for you! Our services make it easy and stress-free for you to get paid in Bangladesh.
In Bangladesh, the one who is owed money is known as "the debtor" while the individual or entity responsible for delivering an invoice or debt must be referred to as "the creditor".
If the debtor repays to their original creditor, this type of collection is referred to as “first-party collection”.
A creditor may choose to hire a third-party agency to handle their collections process, which is referred to as "third party collections".
The debt collection process in Bangladesh
The process of collecting debts in Bangladesh is usually conducted through multiple stages.
Step 1: In Bangladesh, "amicable collections" is the term for when firstly friendly reminders are sent and then followed by a final notice letter to initiate the collection process.
Step 2: If, after sending friendly reminders and a notice letter, your debtor still fails to pay you, commence legal collections. This requires the help of an attorney registered in Bangladesh who will use their country's court system to hold your debtor accountable for repayment.
Step 3: You may then turn to the enforcement courts in Bangladesh if payment has still not been made following legal collection proceedings.
Debitura is here to help you with every single step of the process in Bangladesh. We provide the best solutions and strive for excellence, giving our customers optimal satisfaction.
Amicable collection in Bangladesh
At Debitura, we offer a no-risk and efficient process for Amicable collections that will get you results within 24 hours. All it takes is to submit your claim and our team of professionals will take care of the rest!
In order to expedite payment from your debtor, we will employ numerous communication methods in Bangladesh such as SMS messaging, emailing, mailing personal letters, telephone calls and social media outreach.
The primary objectives of this process are twofold:
A) Secure payment in full from the debtor or
B) Foster acknowledgement and agreement to a repayment plan.
Should the debtor dispute your claim, you must bypass any amicable resolution and proceed directly to legal collections.
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amicable debt collection
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Legal collection in Bangladesh
If your claim remains unpaid after the amicable negotiation phase, or if it is disputed by your debtor, we offer three complimentary quotes from local debt collection attorneys. In the subsequent legal stage, our lawyers will contact your debtor and attempt to strike a resolution for payment. Our partners can also take action in court on your behalf and obtain a lawful order of payment via Bangladesh's judicial system. This legitimate decree can then be used to enforce repayment through an enforcement court procedure.
To secure the most advantageous rate, we highly advise you get multiple quotes when searching for an attorney to handle your claim. With Debitura, obtaining these different quotations can be done with a few clicks - quickly and easily! The amount charged by attorneys will rely on the size and complexity of your case.
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legal debt collection
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Debt enforcement in Bangladesh
Once you have acquired documented validation of your claim from the debtor or a court order, Bangladesh's bailiff court can be used to enforce your demand in the country.
The process and cost for your unique situation can change, so submit your case to Debitura now - you will receive three tailored quotes within 24 hours. Take advantage of this helpful service today!
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Our analysis concludes that the risk of running a business in Bangladesh is medium-high. Based on this medium-high score, we recommend always charging upfront payment or using credit insurance when trading with customers in Bangladesh, as it may be very difficult to get paid. The medium-high risk score is based on the following factors:
The economic risk in Bangladesh
Economic risk in Bangladesh is high (5 out of 6). An economic risk of 5 out of 6 is relatively high in Asia.
GDP and economic growth are critical drivers for economic risk.
The GDP of Bangladesh is 416.26 bn. USD (2021), growing by 6.94% per year.
In terms of the size of its economy, Bangladesh ranks #33 out of 183 countries and has a large economy.
In terms of growth rate, it is ranked #49 out of 183 countries and is therefore considered a fast-growing economy.
GDP per capita is 2503 USD, ranking Bangladesh number #127 out of 183 countries. This means the purchasing power of citizens in Bangladesh is low compared to the rest of the world.
You can see a more detailed picture of GDP and economic growth in Bangladesh 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 detailed picture of monetary key performance indicators in Bangladesh in the table below:
The inflation in Bangladesh was 5.5% in 2021 which is considered a medium inflation rate.
Businesses has an interest rate which is 7.32%.
The business environment risk in Bangladesh
Our analysis shows that the business environment risk in Bangladesh is high (5 out of 6), which is a high risk score in Asia.
The business environment risk are determined by the level of economic freedom and rights in a country. Take a look at the important facts for Bangladesh in the table below:
As you can see in the table, the property rights index is 38 in Bangladesh, which is considered low in Asia.
The business freedom index is based on 10 indicators, using data from the World Bank’s Doing Business study. The Index is 56 in Bangladesh, a quite low score for a country in Asia.
Bangladesh's overall economic freedom index is 57 out of 100 and is based on factors such as the rule of law, regulatory efficiency, and market openness.
The political risk in Bangladesh
The political risk in Bangladesh is very high, with a score of 6/6. This is a high political risk score in Asia.
The governance and political stability indicators are critical drivers for political risk. An overview of Bangladesh can be seen in the graphs 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 Bangladesh, the rule of law index is at -0.61 points, with the score going from -2.5 (weak) to 2.5 (strong). Bangladesh has, therefore, a very low rule of law index, which means it is often close to impossible to enforce your contracts. We, therefore, recommend avoiding credits and recommend charging upfront payment instead.
Other drivers for the very high political risks are the very weak control of corruption, the very weak political stability index, and the large shadow economy that is 27.6% of Bangladesh's GDP.
The commercial risk in Bangladesh
In Bangladesh, the commercial risk score is 3/4, which in our model is a medium score. This medium commercial risk score is relatively high compared to the average in Asia.
The commercial risk is relying on a country's international trade relationships. You can see some of the key facts for Bangladesh in the table below:
Bangladesh has a foreign exchange reserve of 46.17 bn. USD.
Bangladesh has a negative trade balance of -6.4% of GDP. This means that Bangladesh imports more goods and services than the country exports.
The annual growth of exports of goods and services has been growing 9.19% annually - now 10.66% of GDP. Import of goods and services represents 17.06% of the GDP in Bangladesh.
The financing risk in Bangladesh
We have calculated the financing risk to be 2/4, which equals a low risk. A low financing risk score is relatively low for countries in Asia.
The country's banking system, efficiency, and stability influence the financing risk. You can find the extra information for Bangladesh in the table below:
In Bangladesh, the credit information sharing index is 4 on a scale from 0 (low) to 8 (high). The consequence of that number, is that the access and quality of credit information available in Bangladesh is medium.
This makes it not that easy for you to understand the credit risk of your counterpart in Bangladesh. Unless you have found a good source for credit ratings or know your specific customers well, we suggest charging payment upfront or using credit insurance.
Your rights as a creditor are 5 out of 12 and, therefore, weak.
The low financing risk for creditors also impacts the high interest rate in the private sector of 7.32%.
Debt Collection in Bangladesh: Frequently Asked Questions (FAQ)
In Bangladesh, debt collection involves multiple stages. Firstly, friendly reminders and a final notice letter are sent to initiate the collection process, known as "amicable collections". If the debtor continues to not pay, legal collections are commenced with the help of a registered attorney. Lastly, if payment is still not made, enforcement courts can be used. Debitura can assist you in every step of the process to make it easier and stress-free.
The debt collection process in Bangladesh involves friendly reminders and final notice letters in the pre-legal phase, followed by legal collections with a registered attorney. If payment still isn't made, enforcement courts can be utilized. Debitura can assist you every step of the way for a successful debt collection process in Bangladesh.
To collect a debt in Bangladesh, a civil lawsuit may be required if the debt is disputed. Legal options for debt collection include debt enforcement and insolvency proceedings. It's recommended to hire a local lawyer. With Debitura, we offer three complimentary quotes from local debt collection attorneys to help you select the best option for your case. The lawyer's fee will depend on the size and complexity of the case.
Debt collection costs in Bangladesh depend on your case and desired actions. Debitura offers a no-cure-no-pay model for pre-legal collection with a success fee of 10-20%. For legal actions, prices vary. Debitura can provide 3 quotes from the best debt collection lawyers in Bangladesh.
The duration of debt collection in Bangladesh varies depending on the debtor and the case. If the case is resolved in the pre-legal phase, then it usually takes between 3-6 months. However, if legal action is required, it may take 12-18 months. The timeframe for debt collection ultimately depends on the specific circumstances of each case.