Top-Rated Debt Collection Agency in Ecuador
Fast and reliable debt collection in Ecuador - no upfront costs, only pay for success. Request a FREE Consultation or upload your claim today.
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Recovering your debt in Ecuador couldn't be simpler.
Debitura focuses on debt recovery in Ecuador and provides a variety of services, such as accounts receivables management, debt collection notices, pre-legal and legal debt collection, and enforcement court proceedings. Our team of experts possesses extensive knowledge of Ecuador's debt collection laws and regulations, enabling us to offer effective and efficient solutions for businesses looking to recover outstanding debts.
Receive unwavering assistance throughout the entire collection process with our committed support.
Tailored collection approach.
We have a team of over 500 experts specializing in international debt collection.
Our successful debt collection rate stands at an impressive 87%, achieved at the most competitive rates.
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International Law Firm with experience in debt recovery. Our experience is based in the legal counseling that we have provided to two of the most important banks in Ecuador.
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We are a well-established law firm with 40 years of experience in all fields of Ecuadorian commercial law. We have an active practice in debt recovery.
Bermeo has 75+ years of experience assisting foreign clients with their business operations and legal needs in Ecuador.
Our practice is based on a comprehensive view of business, the company’s reputation, and external factors that may be relevant to litigations. While we analyze the possibility to have a favorable result on each claim we handle, we also advice our clients with other possible ways to solve their conflict upholding our commitment to avoiding unnecessary litigation.
We provide clients with effective legal representation for debt recovery. Our lawyers are members of the International Arbitration Center (CIAM) and the Arbitration Center of the Chamber of Commerce of Quito which are two of the most relevant arbitration centers in Ecuador.
Quito Legal is an inclusive and honest law firm that strives to create trust in its clients through ethical, professional, and legal services. Our experienced professionals specialize in Corporate Law.
Ulloa & Associates is a reputable legal firm that provides comprehensive legal services to individuals, businesses, and organizations. With years of experience in the legal industry, our team of skilled lawyers is dedicated to delivering effective and practical legal solutions to our clients. We pride ourselves on our personalized approach, attention to detail, and commitment to excellence. At Ulloa & Associates, we strive to provide our clients with the highest level of legal representation and help them achieve their goals.
The ultimate guide about debt collection in Ecuador
If you have money that someone else owes you from Angola, you are in the right place. We have helped hundreds of other businesses get their money back from people who owe them. It can be very difficult to get money back from someone in another country, but it is easier when you use a collection agency that knows the laws and customs of that country.
At Debitura, we care about people. We want to help you get your money back while still being fair to the person you lent it to. Our goal is to make sure that your reputation is good. If you want to learn more about how to collect debt yourself, keep reading this guide. If you would rather work with a local law firm that knows about Ecuador's debt collection process, we can help you with that too.
At Debitura, we provide a simple way to collect your debt in Ecuador and other countries. You can begin today by uploading your claim. We will assess your case within 24 hours and provide you with 3 free quotes from local debt collection lawyers in Ecuador. We use a people-oriented approach with the latest tech-driven solutions to drive results and provide better contact management. This comprehensive method gets the results you need while preserving customer relationships. In addition, our network of debt collectors, attorneys, suppliers and vendors are cherished relationships that allows us to get the job done. We value each of these relationships, no matter how small or large.
Upload claim
Begin the debt collection process in Ecuador today without any cost. Simply create a free profile and upload your case in only 2 minutes.
Pre-legal
Our pre-legal recovery process is proven to work. If your claim qualifies, we will try to collect it for the first 3 months with our 100% no-cure-no-pay policy.
Legal
If your debt remains unpaid after the pre-legal phase, we will obtain three quotes from local debt collection attorneys for you.
24/7 updates
You get access to our online portal where you can track your case in real-time
Introduction to collecting debt in Ecuador
Do you have trouble getting paid by your Ecuadorean customers? We can help. The person who owes money is called the debtor, and the person who is owed money is called the creditor. If the creditor collects the debt himself, this is called first-party collection. If the creditor hires someone else to collect the debt, this is called third-party collections.
The debt collection process in Ecuador
In Ecuador, the process of asking people for money they owe usually happens in more than one step.
The image below shows the process we use to collect debt in Ecuador:
1 Upload your claim:
If you want someone to help you get your money back, you will need to find a debt collection partner. Upload your claim to their website. Debitura will give you 3 quotes from local partners in the South America country that is related to your case. This is free - there are no strings attached.
2 Amicable collection:
The collection process typically begins with sending reminders to your debtor via email, SMS, letter, and other available communication channels in the specific country. The goal is to get the debtor to pay or acknowledge the debt and start a payment plan. Debitura offers a solution where you only pay a small success fee if we recover your debt. Amicable collections with Debitura are therefore 100% risk-free!
3 Evaluation:
If the person you are owed money from has not paid you after you talked to them, it is time to decide what to do next. We will look at how much money you are owed, the chance of getting paid, and other factors to help you decide what to do. There are three typical next steps:
A: Surveillance:
If your claim is for less than 2,000-5,000 euros, it is often not worth it to take more legal action. In this case, we recommend "debt surveillance." This means that we will keep trying to reach your debtor and try to negotiate a friendly settlement.
B: Legal collections:
We suggest starting a legal action for bigger demands. The specific steps you need to follow depend on the nature and amount of your demand. Usually, it takes about a year and a half to finish the process.
C: Debt enforcement:
If the debtor agrees that you are owed money, or if there is a court order, you can use the bailiff's court to get your money.
At Debitura, we can help you with all three steps in Ecuador.
Amicable collection in Ecuador
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 start working on it within 24 hours.
We will try to contact the person you owe money to in Ecuador through different ways, such as email, text messages, letters, phone calls, and social media. The goal is to:
A) get the debtor to pay the full amount or
B) get the debtor to say that they owe the money and start a plan to pay it back
If the person you are trying to get money from has disputed your claim, you cannot try to resolve it yourselves. You must go directly to legal collections.
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 Ecuador
If the person you owe money to has not paid you back, or if they say they do not owe you money, we will give you 3 free quotes from our local debt collection attorneys. Our local attorney will talk to the person and try to get them to agree on a payment plan. Our partners can also go to court and get a payment order from the legal system in Ecuador. This payment order can then be used to make the person pay you back.
Legal fees vary, depending on how complicated your case is and how big your claim is. To get the best price, we recommend that you get quotes from multiple attorneys. You can do this quickly and 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 Ecuador
If the person you are owed money from has written down that they owe you money, or if a court has said they owe you money, you can go to the bailiff's court in Ecuador to get your money.
The way to do this and how much it will cost differs depending on your situation. You can upload your information onto Debitura. They will give you 3 different quotes for what you want within 24 hours.
Get started with
debt enforcement
Upload your claim and get 3 FREE quotes from our local collection partners.
Insolvency proceedings in Ecuador
If the person you owe money to cannot pay you back, there is a final stage you can initiate called an insolvency procedure. The goal of this procedure is to take the things that the debtor owns and sell them so that the creditors can get some of the money they are owed.
Our analysis has shown that the risk of doing business in Ecuador is medium-high. Based on this medium-high score, we recommend always charging upfront payment or using credit insurance when trading with customers in Ecuador, as it may be very difficult to get paid. The medium-high risk score is based on the following factors:
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The economic risk in Ecuador
Economic risk in Ecuador is high (5 out of 6). An economic risk of 5 out of 6 is high in South America.
GDP and economic growth are critical drivers for economic risk.
The GDP of Ecuador is 106,17 bn. USD (2021), growing by 4,24% per year.
In terms of the size of its economy, Ecuador ranks #61 out of 183 countries and has a medium-sized economy.
Having a view at the growth rate, it is ranked #97 out of 183 countries and is therefore considered an excellent growing economy.
GDP per capita is 5935 USD, ranking Ecuador number #88 out of 183 countries. The result of this is purchasing power of citizens in Ecuador is average compared to the rest of the world.
You get a more detailed idea of GDP and economic growth in Ecuador in the table below:
Another big impact for the risk score is the inflation rate and the interest rates. You get a more detailed idea of monetary KPIs in Ecuador in the table below:
The inflation in Ecuador was 0,1% in 2021 which is considered a very low inflation rate.
The business environment risk in Ecuador
Our analysis shows that the business environment risk in Ecuador is high (5 out of 6), which is a high risk score in South America.
Economic freedom and rights has a big influence on the business environment risk in a country. You can see the critical facts for Ecuador in the table below:
As you can see in the table, the property rights index is 40 in Ecuador, which is considered low in South America.
The business freedom index is based on 10 indicators, using data from the World Bank’s Doing Business study. The Index is 50 in Ecuador, a quite low score for a country in South America.
Ecuador's overall economic freedom index is 52 out of 100 and is based on factors such as the rule of law, regulatory efficiency, and market openness.
The political risk in Ecuador
The political risk in Ecuador is high, with a score of 5/6. This is a high political risk score in South America.
The governance and political stability indicators are critical drivers for political risk. An overview of Ecuador 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 Ecuador, the rule of law index is at -0,34 points, with the score going from -2.5 (weak) to 2.5 (strong). Ecuador 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 high political risks are the very weak control of corruption, the very weak political stability index, and the large shadow economy that is 30,18% of Ecuador's GDP.
The commercial risk in Ecuador
In Ecuador, 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 South America.
The commercial risk is influenced by a country's international trade relationships. You can see some of the key facts for Ecuador in the table below:
Ecuador has a foreign exchange reserve of 7.91 bn. USD.
Ecuador has a positive trade balance of 0,99% of GDP. This means that Ecuador imports fewer goods and services than the country exports.
The annual growth of exports of goods and services has been growing -0,13% annually - now 26,19% of GDP. Import of goods and services represents 25,2% of the GDP in Ecuador.
The financing risk in Ecuador
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 South America.
The country's banking system, efficiency, and stability influence the financing risk. Additional facts and info can be found for Ecuador in the table below:
In Ecuador, the credit information sharing index is 8 on a scale from 0 (low) to 8 (high). The result of this is accessibility and quality of credit information available in Ecuador is high.
This makes it easy for you to understand the credit risk of your counterpart in Ecuador. 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 1 out of 12 and, therefore, very weak.
Debt Collection in Ecuador: Frequently Asked Questions (FAQs)
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In Ecuador, debt collection typically happens in multiple steps. First, upload your claim to a debt collection partner's website, who will send reminders to your debtor via email, SMS, and other channels. If the debtor doesn't pay, a debt collection partner like Debitura can help you evaluate your options, which may include debt surveillance, legal collections, or debt enforcement. Debitura offers a 100% risk-free solution with a small success fee if your debt is recovered.
In Ecuador, the debt collection process typically happens in three steps: Pre-legal collection, legal debt collection, and debt enforcement. The process may include sending reminders to the debtor, negotiating a payment plan, and taking legal action if necessary. Debitura can help with all three stages and offers a free upload of your claim to receive quotes from local partners in South America. Our amicable collection solution is risk-free, and we only charge a small success fee if we recover your debt.
In Ecuador, if a debt is disputed, a civil lawsuit is required. Debt enforcement and insolvency proceedings are also an option. Legal action requires a local lawyer. Our local attorneys can help you with the legal process and get a payment order from the legal system in Ecuador in case of disputes. Legal fees vary depending on the complexity of the case and the amount being claimed. Insolvency proceedings can be initiated if the person can't pay back the debt.
At Debitura, our pre-legal collection is based on a no-cure-no-pay model, with a success fee ranging between 10-20%. For legal actions, the cost varies depending on your specific case and the actions taken. However, we can provide you with 3 quotes from the best debt collection lawyers in Ecuador.
The length of debt collection in Ecuador depends on the debtor and the case. If the case can be resolved in the pre-legal phase, it typically takes 3-6 months. However, if legal action is necessary, the process can take 12-18 months. This timeline may vary depending on the specific circumstances of the case.
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