Top-Rated Debt Collection Agency in Equatorial Guinea
Fast and reliable debt collection in Equatorial Guinea - no upfront costs, only pay for success. Request a FREE Consultation or upload your claim today.
Recovering your debt in Equatorial Guinea is easy with our services.
Debitura specializes in Equatorial Guinea debt recovery, providing a variety of services including accounts receivables management, debt collection notices, pre-legal and legal debt collection, and enforcement court proceedings. Our team of experienced professionals are well-versed in Equatorial Guinea debt collection laws and regulations, enabling us to offer efficient and effective solutions that help businesses recover outstanding debts.
From beginning to end, our support is committed and focused.
Tailored collection approach.
More than 500 professionals specialize in international debt collection.
Our debt collection service has a remarkable success rate of 87%, all at an affordable price.
The ultimate guide about debt collection in Equatorial Guinea
If you have money that someone else owes you from Equatorial Guinea, you are in the right place. We have helped many 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 we can help.
At Debitura, we always put people first. We do everything we can to get your money back while still keeping a good relationship with your customer. Our PR efforts are always fair but firm-ensuring that your reputation is always our top priority! If you want to understand the Equatoguinean debt collection process from beginning to end, keep reading this guide. But if you would rather work with a local law firm that specializes in debt recovery in Equatorial Guinea, we can help you with that too.
At Debitura, we make it easy to collect your debt in Equatorial Guinea and other countries. Just upload your claim today, and we'll assess it within 24 hours. Then you'll get 3 free quotes from local debt collection lawyers in Equatorial Guinea. We use both people and technology to get the results you need while still maintaining good customer relationships. Our network of collectors, lawyers, suppliers and vendors are all relationships that we value, no matter how big or small they may be.
Begin your debt collection process in Equatorial Guinea today, without any charges. Simply make a free profile and submit your case in just 2 minutes.
During the initial 3 months, we will attempt to recover your debt using our effective pre-legal recovery approach. This service is offered with a 100% no-win-no-fee guarantee.
If your claim hasn't been paid during the pre-legal phase, we offer three quotes from our local debt collection attorneys.
You get access to our online portal where you can track your case in real-time
Introduction to collecting debt in Equatorial Guinea
Is it hard for you to get paid by your Equatoguinean customers? We can help. When someone owes a debt, we call them the debtor. The person or company they owe is called the creditor. If the creditor collects the debt themselves, we call it first-party collection. If the creditor hires someone else to collect the debt, we call it third-party collections.
The debt collection process in Equatorial Guinea
The debt collection process in Equatorial Guinea usually has multiple steps.
The image below explains our standard process for collecting debt in the Equatorial Guinea:
1 Upload your claim:
If you want someone to help you get your money back, you need to find a debt collection partner. You can upload your claim to their website. Debitura will give you 3 quotes from local partners in the Africa country that is related to your case. This is free - there are no strings attached.
2 Amicable collection:
The collection process starts with sending reminders to the person who owes you money. The reminders are sent through email, SMS, letter, and other ways of communicating in the specific country. The goal is to get the debtor to pay or agree that they owe the debt and start a payment plan. Debitura offers a no-cure-no-pay solution for amicable collection, which means you only pay a small success fee if we recover your debt. Amicable collections with Debitura are 100% risk-free!
If the person you are owed money from has not paid you back after you have talked to them, it is time to look at what to do next. We will look at how much money you are owed, the chance of getting paid back, and other factors to help you decide what to do. There are three typical next steps:
If you are claiming an amount that is less than 2,000 to 5,000 Euros, it is not usually worth it to take more legal action. In this case, we recommend "debt surveillance." This means that we will keep trying to contact the person you owe money to and try to reach an agreement that is fair for both of us.
B: Legal collections:
It is a good idea to take legal action if you have a big problem that needs to be solved. The steps you need to take will depend on what kind of problem you have and how big it is. Usually, it takes about one and a half to two years to finish the legal process.
C: Debt enforcement:
If the person you think owes you money has agreed that they do, or if a judge has said they owe you money, you can ask the bailiff to help get your money from them.
At Debitura, we can help you with all three steps in Equatorial Guinea.
Amicable collection in Equatorial Guinea
At Debitura, we offer a 100% risk-free and efficient process for Amicable collections. All you have to do is submit your claim, and we will start working on it within 24 hours.
We will try to contact your debtor in Equatorial Guinea by email, SMS, letters, calls, and social media.
The goal is to:
A) Get the person who owes you money to pay the whole amount.
B) Get the person who owes you money to say that they will pay you back, and then make a plan for when they will pay you.
If the person you are trying to get money from has disputed your claim, you cannot start by trying to resolve it peacefully. You must start by going through legal channels.
Get started with
amicable debt collection
Upload your claim and get started with our 100% no-cure-no-pay collection solution.
Legal collection in Equatorial Guinea
If the person you owe money to does not pay you, we will give you 3 free quotes from local debt collectors. In the legal phase, our local attorney will reach out to your debtor and try to negotiate a payment. Our partners can also go to court and get a payment order via the legal system in Equatorial Guinea. This payment order can then be used to make the person who owes you money pay you back.
The amount of money you need to pay a lawyer depends on how big and complicated your case is. To get the best price, ask for quotes from more than one lawyer. 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 Equatorial Guinea
If you have written proof that the person you are suing owes you money, or a court order, you can go to the bailiff's court in Equatorial Guinea. This will help you get the money that is owed to you from the person who owes it to you.
The process and how much it will cost varies depending on your situation. You can upload your case onto Debitura to get 3 different quotes from companies within 24 hours.
Get started with
Upload your claim and get 3 FREE quotes from our local collection partners.
Insolvency proceedings in Equatorial Guinea
The final stage you can initiate if your debtor cannot pay his debts is an insolvency procedure. The goal of this procedure is to liquidate the debtors assets and distribute them to the creditors following the debt priorities.
Our analysis has shown that the risk of conducting business in Equatorial Guinea is high. Based on this high score, we recommend always charging upfront payment or using credit insurance when trading with customers in Equatorial Guinea, as it may be very difficult to get paid. The high risk score is based on the following factors:
The economic risk in Equatorial Guinea
Our analysis shows that the economic risk in Equatorial Guinea is very high (6 out of 6). An economic risk of 6 out of 6 is relatively high in Africa.
GDP and economic growth are critical drivers for economic risk.
The GDP of Equatorial Guinea is 12,27 bn. USD (2021), growing by -0,95% per year.
In terms of the size of its economy, Equatorial Guinea ranks #134 out of 183 countries and has a medium-sized economy.
In terms of growth rate, it is ranked #163 out of 183 countries and is therefore considered a declining economy.
GDP per capita is 8462 USD, ranking Equatorial Guinea number #73 out of 183 countries. This means the purchasing power of citizens in Equatorial Guinea is around the average compared to all other countries.
You can see a more detailed picture of GDP and economic growth in Equatorial Guinea 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 KPIs in Equatorial Guinea in the table below:
The business environment risk in Equatorial Guinea
Our analysis shows that the business environment risk in Equatorial Guinea is high (5 out of 6), which is a pretty average risk score in Africa.
The business environment risk are determined by the level of economic freedom and rights in a country. You can see the critical facts for Equatorial Guinea in the table below:
As you can see in the table, the property rights index is 28 in Equatorial Guinea, which is considered low in Africa.
The business freedom index is based on 10 indicators, using data from the World Bank’s Doing Business study. The Index is 36 in Equatorial Guinea, a low score for a country in Africa.
Equatorial Guinea's overall economic freedom index is 49 out of 100 and is based on factors such as the rule of law, regulatory efficiency, and market openness.
The political risk in Equatorial Guinea
The political risk in Equatorial Guinea is very high, with a score of 6/6. This is a relatively high political risk score in Africa.
The governance and political stability indicators are important drivers for political risk. An overview of Equatorial Guinea 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 transacting business in a country, the rule of law index is critical as it describes your ability to enforce commercial contracts.
In Equatorial Guinea, the rule of law index is at -1,2 points, with the score going from -2.5 (weak) to 2.5 (strong). Equatorial Guinea 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 31,38% of Equatorial Guinea's GDP.
The commercial risk in Equatorial Guinea
In Equatorial Guinea, the commercial risk score is 4/4, which in our model is a high score. This high commercial risk score is high compared to the average in Africa.
The commercial risk is impacted by a country's international trade relationships. You can see some of the key facts for Equatorial Guinea in the table below:
Equatorial Guinea has a positive trade balance of 8,88% of GDP. The meaning of this is that Equatorial Guinea imports fewer goods and services than the country exports.
The annual growth of exports of goods and services has been growing 4,45% annually - now 55,47% of GDP. Import of goods and services represents 46,59% of the GDP in Equatorial Guinea.
The financing risk in Equatorial Guinea
We have calculated the financing risk to be 3/4, which equals a medium risk. A medium financing risk score is pretty average for countries in Africa.
The country's banking system, efficiency, and stability influence the financing risk. You can find the critical facts for Equatorial Guinea in the table below:
In Equatorial Guinea, the credit information sharing index is 2 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 Equatorial Guinea is low.
This makes it very difficult for you to understand the credit risk of your counterpart in Equatorial Guinea. Unless you have a strong relationship with your customers in Equatorial Guinea, we highly recommend charging payment upfront or using credit insurance.
Your rights as a creditor are 6 out of 12 and, therefore, weak.
Debt Collection in Equatorial Guinea: Frequently Asked Questions (FAQ)
In Equatorial Guinea, debt collection usually involves multiple steps. First, upload your claim onto a debt collection partner's website to receive quotes from local partners. The process starts with amicable collection, sending reminders to the debtor to pay or agree to a payment plan. If unsuccessful, evaluation is done to determine the likelihood of recovery, with three typical next steps - debt surveillance, legal collections, and debt enforcement. Debitura can assist with all three steps in Equatorial Guinea, with amicable collections being risk-free through a no-cure-no-pay solution.
The debt collection process in Equatorial Guinea typically involves three steps. First, there is pre-legal collection where reminders are sent to the debtor to repay the debt. Second, if this is unsuccessful, legal debt collection is pursued which may take up to two years to complete. Finally, if the debt is acknowledged or upheld by a judge, debt enforcement is used. Debitura can assist with all three steps of debt collection in Equatorial Guinea.
If the debt is disputed, a civil lawsuit is required for debt collection in Equatorial Guinea. There are legal options such as debt enforcement and insolvency proceedings. It is important to note that legal actions require a local lawyer. The cost of hiring a lawyer will depend on the size and complexity of the case. To get the best price, ask for quotes from more than one lawyer. Debitura can assist in finding local debt collectors and lawyers.
The cost of debt collection in Equatorial Guinea varies depending on the case. Debitura offers a no-cure-no-pay model for pre-legal collection with a success fee between 10-20%. Legal action costs are case-specific. Debitura can get you 3 quotes from the top debt collection lawyers in Equatorial Guinea.
The length of time it takes to collect a debt in Equatorial Guinea depends on the debtor and case. If it's resolved in the pre-legal phase, it usually takes 3-6 months. However, if legal action is required, it can take 12-18 months. This timeline may vary depending on specific circumstances.