Top-Rated Debt Collection Agency in Mongolia
Fast and reliable debt collection in Mongolia - no upfront costs, only pay for success. Request a FREE Consultation or upload your claim today.
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Recovering your debt in Mongolia has never been easier.
Debitura is a specialist in debt recovery in Mongolia, catering to a wide range of needs such as accounts receivables management, debt collection notices, pre-legal and legal debt collection, and enforcement court proceedings. Our experienced team of professionals is well-versed with the debt collection laws and regulations in Mongolia, allowing us to provide efficient and effective solutions for businesses seeking to recover outstanding debts.
Receive unwavering support from beginning to end.
Tailored debt recovery approach.
We have over 500 experts who specialize in international debt collection.
We have achieved a success rate of 87% while keeping the costs at a minimum.
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MJL Attorneys LLP is a full-service limited liability partnership established in 2012 that provides professional consulting services, legal advice, advocating services, and deb collections services to both domestic and international clients.
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The ultimate guide about debt collection in Mongolia
If you have money that you are owed from a business or customer in Mongolia, then we can help you! We have helped many other businesses get their money back, and we can help you too.
It can be very hard to get people to pay you back in Mongolia. There are lots of challenges, like different languages and customs, and also it is far away.
It is easier to get money back from someone who owes you money when you use a collection agency that knows the laws and customs of the country where the person lives.
At Debitura, we always try to help you get your money back while still having a good relationship with your customer. We are firm but fair in our efforts to help you keep your good reputation! If you want to understand the Mongolian debt collection process yourself, read this guide from beginning to end. If you would rather work with a local law firm that specializes in debt recovery in Mongolia, we can help you with that too.
At Debitura, we provide a simple way for you to collect debt from people in Mongolia and +192 other countries. You can start 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 Mongolia. We use a people-oriented approach with the latest tech-driven solutions to get results and provide better contact management. This comprehensive method gets the results you need while preserving customer relationships. We have a lot of friends who help us with our work. We have people who help us collect money, people who help us with the law, people who give us supplies, and people who do other jobs for us. We like all of these friends and we think they are important.
Upload claim
Get started on debt collection in Mongolia for free today. Simply create a free profile and upload your case in just 2 minutes.
Pre-legal
We use a pre-legal recovery process to collect your claim for the first 3 months. We have a proven track record and operate on a no-cure-no-pay basis.
Legal
If your claim remains unpaid in the pre-legal phase, we offer you three quotes from our nearby debt collection lawyers.
24/7 updates
You get access to our online portal where you can track your case in real-time
Introduction to collecting debt in Mongolia
Do you have trouble getting paid by your Mongolian customers? Do not worry; we can help you collect debt in Mongolia.
In Mongolia, when someone owes money, we call that person the debtor. The person they owe money to is called the creditor. If the creditor collects the debt themselves, we call that first-party collection. If the creditor gets someone else to help collect the debt, we call that third-party collections.
The debt collection process in Mongolia
The debt collection process in Mongolia usually happens in a few steps. The picture below shows the standard way to collect debt in Mongolia:
1 Upload your claim:
If you want help to get your money back, you will start by finding a company that collects debt. You will give them some information about the money you are owed, 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 Asian country where the person who owes you money lives. This is free - there is nothing else you have to do.
2 Amicable collection:
The collection process usually starts with sending reminders to the person you think owes you money. You can do this by email, text, or letter. The goal is to get the debtor to agree that they owe the money and start a plan to pay it back. We offer a solution where you only have to pay us a small success fee if we are able to collect the debt. 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, it is time to decide 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 choose the best option. There are three typical next steps:
A Surveillance:
If the amount of money you are claiming is below 2,000-5,000 euros, it is often not worth it to take further legal action. In this case, we recommend "debt surveillance." This means that we will keep trying to contact the person who owes you money and try to reach an agreement about payment.
B: Legal collections:
We suggest starting paperwork for bigger problems that need to be solved in a legal way. The specific steps for doing this may vary depending on what you're trying to accomplish and how big the problem is. Usually, it takes around one and a half years for the whole thing to be finished.
C: Debt enforcement:
If the person you are claiming money from has said that they owe you money or if there is a court order, you can go to the bailiff's court to get your money.
At Debitura, we can help you with all three steps in Mongolia.
Amicable collection in Mongolia
t 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 get started within 24 hours.
We will try to contact your debtor through different ways in Mongolia. This might include e-mail, 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 acknowledge the debt and start a payment plan
If the person you are asking for money from says they do not owe you any money, you cannot try to work it out with them. You must start with legal collections right away.
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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 Mongolia
If the person you are owed money from has not paid you during the friendly phase or if they dispute 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 through the legal system in Mongolia. This payment order can then be used to enforce your claim through enforcement court.
The amount of money you will need to pay for a lawyer depends on how big and complicated your claim is. To make sure you are getting the best deal, it is a good idea to ask more than one lawyer for their price. This way, you can compare different prices and choose the best one. 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 Mongolia
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 Mongolia to get your money.
The process and cost for this will be different depending on your situation. You can upload your case onto Debitura to get 3 specific quotes based on your claim within 24 hours.
Get started with
debt enforcement
Upload your claim and get 3 FREE quotes from our local collection partners.
Our analysis has shown that the risk of conducting business in Mongolia 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 Mongolia 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 Mongolia
Our conclusion based on the economic risk factors, is that the economic risk in Mongolia is very high (6 out of 6). An economic risk of 6 out of 6 is high in Asia.
GDP and economic growth are critical drivers for economic risk.
The GDP of Mongolia is 15,1 bn. USD (2021), growing by 1,42% per year.
In terms of the size of its economy, Mongolia ranks #123 out of 183 countries and has a medium-sized economy.
In terms of growth rate, it is ranked #153 out of 183 countries and is therefore considered a slow-growing economy.
GDP per capita is 4535 USD, ranking Mongolia number #102 out of 183 countries. This means the purchasing power of citizens in Mongolia is around the average compared to all other countries.
You get a more detailed idea of GDP and economic growth in Mongolia 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 Mongolia in the table below:
The inflation in Mongolia was 7,1% in 2021 which is considered a high inflation rate.
The business environment risk in Mongolia
Our analysis shows that the business environment risk in Mongolia is high (5 out of 6), which is a high risk score in Asia.
Economic freedom and rights has a big influence on the business environment risk in a country. Take a look at the important facts for Mongolia in the table below:
In the above table, you can see, the property rights index is 48 in Mongolia, 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 62 in Mongolia, a quite low score for a country in Asia.
Mongolia's overall economic freedom index is 62 out of 100 and is based on factors such as the rule of law, regulatory efficiency, and market openness.
The political risk in Mongolia
The political risk in Mongolia is medium-high, with a score of 4/6. This is a pretty average political risk score in Asia.
The governance and political stability indicators are important drivers for political risk. An overview of Mongolia 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 trading with businesses in a country, the rule of law index is critical as it describes your ability to enforce commercial contracts.
In Mongolia, the rule of law index is at -0,23 points, with the score going from -2.5 (weak) to 2.5 (strong). Mongolia 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 average political stability index, and the normal shadow economy that is 13,2% of Mongolia's GDP.
The commercial risk in Mongolia
In Mongolia, the commercial risk score is 2/4, which in our model is a low score. This low commercial risk score is pretty average compared to the average in Asia.
The commercial risk is influenced by a country's international trade relationships. You can see some of the key facts for Mongolia in the table below:
Mongolia has a total of foreign exchange reserves of 4.38 bn. USD.
Mongolia has a negative trade balance of -0,5% of GDP. This means that Mongolia imports more goods and services than the country exports.
The annual growth of exports of goods and services has been growing -14,52% annually - now 59,82% of GDP. Import of goods and services represents 60,32% of the GDP in Mongolia.
The financing risk in Mongolia
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 Asia.
The country's banking system, efficiency, and stability influence the financing risk. You can find the critical facts for Mongolia in the table below:
In Mongolia, the credit information sharing index is 7 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 Mongolia is medium-high.
This makes it easy for you to understand the credit risk of your counterpart in Mongolia. You should therefore be able 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 9 out of 12 and, therefore, strong.
Debt Collection in Mongolia: Your Frequently Asked Questions Answered
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In Mongolia, debt collection can be done through first-party or third-party collections. The process typically involves uploading your claim to a debt collection company, sending reminders to the debtor for payment, and evaluating the best course of action if payment is not received. This may include debt surveillance or legal collections, depending on the amount of money owed. Debitura can help with all three steps in Mongolia.
The debt collection process in Mongolia typically involves three steps: pre-legal collection, legal debt collection, and debt enforcement. First, you'll upload your claim to a debt collection company who will attempt amicable collection, reminding the debtor of their payment obligations. If unsuccessful, the debtor's ability and willingness to repay will be evaluated, and options such as debt surveillance, legal collections, or debt enforcement will be suggested. Debitura can assist with all three steps in Mongolia, providing risk-free solutions for debt collection.
Legal options for debt collection in Mongolia include civil lawsuits if the debt is disputed, as well as debt enforcement and insolvency proceedings. However, legal actions require the assistance of a local lawyer. Debitura offers 3 free quotes from local debt collection attorneys to negotiate payment with the debtor, and can also obtain a payment order through the Mongolian legal system for enforcement court. Legal fees vary based on the complexity of the case, but using Debitura can help compare prices and find the best deal.
Debt collection in Mongolia with Debitura offers a no-cure-no-pay model for pre-legal collection with a success fee between 10-20%. Legal actions' price varies depending on your specific case and desired actions. Debitura can provide you with 3 quotes from the best debt collection lawyers in Mongolia.
The length of time it takes to collect a debt in Mongolia depends on the debtor and the specific case. If it can be resolved in the pre-legal phase, the process typically takes 3-6 months. However, if legal action is required, it may take longer, typically 12-18 months. The timeline can vary depending on the complexity and circumstances of the debt.
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