Top-Rated Debt Collection Agency in Montenegro
Fast and reliable debt collection in Montenegro - no upfront costs, only pay for success. Request a FREE Consultation or upload your claim today.
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Recover your debt in Montenegro easily.
Debitura is a Montenegro-based debt collection agency with a skilled team of experts, catering to a comprehensive range of services. Our services comprise handling accounts receivables management, debt collection notifications, pre-legal and legal debt collection, and enforcement court proceedings. Our proficiency in the debt collection laws and regulations of Montenegro enables us to provide effective and timely solutions for businesses struggling to recover their outstanding debts.
We provide unwavering assistance from beginning to end.
Tailored collection strategy.
We have a team of over 500 experts who specialize in international debt collection.
We achieve a success rate of 87% at the most affordable cost.
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The ultimate guide about debt collection in Montenegro
Are you having trouble collecting money from a business or customer in Montenegro? Don't worry, we're here to help! We have helped many other businesses recover their debt in Montenegro.
Collecting debt in Montenegro can be difficult because of language, cultural differences, and laws that are different from your own country. But it's easier when you use a collection agency that knows the laws and customs of the country where the debtor lives.
At Debitura, we focus on treating people with respect and doing everything we can to get your money back while still keeping a good relationship with your customer. We use fair and firm strategies to protect your reputation.
If you want to try collecting the debt yourself, this guide will help you understand the process in Montenegro. If you prefer to work with a local law firm that specializes in debt recovery, we can help you with that too.
At Debitura, we make it easy for you to get your money back from people who owe you in Montenegro and over 190 other countries. To begin, simply upload your claim and we'll evaluate it within 24 hours. You'll then receive 3 quotes from local debt collection lawyers in Montenegro for free. We use a combination of human-centered methods and advanced technology to achieve success and maintain good communication with customers. This comprehensive approach is effective in getting results while also keeping customer relationships strong. Furthermore, we have a network of debt collectors, lawyers, suppliers, and vendors that we work closely with to get the job done. We value all of these relationships, no matter how big or small.
Upload claim
Begin the process of debt collection in Montenegro today at no cost. Simply create a free profile, and upload your case in under 2 minutes.
Pre-legal
During the initial 3 months, we utilize our effective pre-legal recovery process to retrieve your claim. Our service operates with a no-cure-no-pay policy of 100%.
Legal
If your unpaid claim persists through the pre-legal phase, we offer 3 quotes from debt collection attorneys in your area.
24/7 updates
You get access to our online portal where you can track your case in real-time
Introduction to collecting debt in Montenegro
Are you struggling to get paid by people in Montenegro who owe you money? Don't worry, we can help make it easier for you.
The person who owes the money is called the "debtor" and the person who gave them the loan or invoice is called the "creditor". If the creditor collects the debt themselves, it's called "first-party collection". But if they ask someone else to collect it for them, it's called "third-party collection".
The debt collection process in Montenegro
In Montenegro, it's common for debt to be collected in several steps. Here's a picture that shows how we usually do it.
1 Upload your claim:
Unless you plan on handling the repayment of your debt on your own, the first step you should take is to find a company that specializes in collecting debt. You can do this by submitting your claim to a debt collection partner's website. One option is using Debitura, which offers a free service where they will provide you with three quotes from local debt collection partners in the European country that relates to your specific case. There are no hidden fees or obligations.
2 Amicable collection:
The way we gather money that is owed to us usually starts with sending friendly reminders through different ways of communication, such as email, text, mail, and other ways that are available in the country. Our goal is to get the person who owes us money to either pay it back or agree that they owe it and make a plan to pay it back. We offer a plan where you don't have to pay anything if we can't collect the money, but if we do collect it, we will charge a small fee. This means that working with us to collect money is completely risk-free!
3 Evaluation:
If the person you are trying to get money from hasn't paid you back after trying to work it out nicely, it's time to figure out what to do next. We'll look at how much money you are owed, the chances of getting paid, and other important details to help you decide what the best course of action is. There are usually three options to choose from.
A Surveillance:
If the amount of money you are claiming is less than $2,000 to $5,000, it may not be worth it to continue with legal proceedings. In this situation, we suggest "debt surveillance." This means that we will continue to contact the person who owes you money and try to come to a peaceful agreement.
B: Legal collections:
We suggest beginning a legal procedure for bigger lawsuits. The specific way it is done varies depending on the kind and amount of your claim. Usually, it takes around 12-18 months for the procedure to be completed.
C: Debt enforcement:
If the person you are trying to collect money from has admitted they owe you or a judge has ruled in your favor, you can ask the bailiff's court to make them pay up.
Amicable collection in Montenegro
At Debitura, we have a great way for you to get your money back without any risk. All you have to do is send us your request and we'll start working on it within a day. We'll contact the person who owes you money using different methods, like email, text messages, letters, phone calls, and social media.
Our goal is to either:
A) get them to pay you everything they owe or
B) get them to admit they owe you and set up a plan to pay it back.
However, if they don't agree that they owe you anything, we can't help and you'll have to take legal action.
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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 Montenegro
If your demand for payment hasn't been met during the friendly stage or the person you're claiming from disagrees with your demand, we'll give you 3 options for lawyers who specialize in debt collection from our local area. During the legal stage, one of our local lawyers will contact the person you're claiming from and try to come to an agreement for payment. Additionally, our partners can take the case to court and obtain a court order for payment in Montenegro. This court order can then be utilized to make your claim legally binding through an enforcement court.
The cost of hiring a lawyer depends on how difficult and big your case is. To get the most affordable option, it's a good idea to get quotes from multiple lawyers and compare them. You can easily do this by using a website called Debitura.
Get started with
legal debt collection
Upload your claim and get 3 FREE quotes from our local collection partners.
Debt enforcement in Montenegro
If you have proof that the person you are trying to get money from has agreed to pay you or a court has ordered them to pay you, you can ask a special court in Montenegro (called a bailiff's court) to make sure they follow through and give you the money they owe you.
The way it works and how much it will cost can be different depending on your situation. If you want to know more, you can send your information to Debitura. They will give you three different estimates for your case within one day.
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 doing business in Montenegro is medium-high. Based on this medium-high score, we recommend always charging upfront payment or using credit insurance when trading with customers in Montenegro, as it may be very difficult to get paid.
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The economic risk in Montenegro
Our conclusion based on the economic risk factors, is that the economic risk in Montenegro 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 Montenegro is 5,81 bn. USD (2021), growing by 12,43% per year.
In terms of the size of its economy, Montenegro ranks #147 out of 183 countries and has a small economy.
In terms of growth rate, it is ranked #11 out of 183 countries and is therefore considered a fast-growing economy.
GDP per capita is 9367 USD, ranking Montenegro number #68 out of 183 countries. The result of this is purchasing power of citizens in Montenegro is average compared to the rest of the world.
You can see a more detailed picture of GDP and economic growth in Montenegro in the table below:
Another significant influencer 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 Montenegro in the table below:
The inflation in Montenegro was 2,4% in 2021 which is considered a low inflation rate.
Looking at the interest rate for businesses, it is 5,76%.
The business environment risk in Montenegro
Our analysis shows that the business environment risk in Montenegro is medium (3 out of 6), which is a relatively high risk score in Europe.
Economic freedom and rights determine the business environment risk in a country. Take a look at the important facts for Montenegro in the table below:
As you can see in the table, the property rights index is 58 in Montenegro, 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 74 in Montenegro, a pretty average score for a country in Europe.
Montenegro's overall economic freedom index is 63 out of 100 and is based on factors such as the rule of law, regulatory efficiency, and market openness.
The political risk in Montenegro
The political risk in Montenegro is high, with a score of 5/6. This is a high political risk score in Europe.
The governance and political stability indicators are vital drivers for political risk. An overview of Montenegro 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 trading with businesses in a country, the rule of law index is critical as it describes your ability to enforce commercial contracts.
In Montenegro, the rule of law index is at -0,06 points, with the score going from -2.5 (weak) to 2.5 (strong). Montenegro 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.
The commercial risk in Montenegro
In Montenegro, 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 Europe.
The commercial risk is influenced by a country's international trade relationships. You can see some of the key facts for Montenegro in the table below:
Montenegro has a foreign exchange reserve of 1.98 bn. USD.
Montenegro has a negative trade balance of -19,66% of GDP. What this means is that Montenegro imports more goods and services than the country exports.
The annual growth of exports of goods and services has been growing 81,09% annually - now 43,04% of GDP. Import of goods and services represents 62,71% of the GDP in Montenegro.
The financing risk in Montenegro
We have calculated the financing risk to be 4/4, which equals a high risk. A high financing risk score is high for countries in Europe.
The country's banking system, efficiency, and stability influence the financing risk. You can find the critical facts for Montenegro in the table below:
In Montenegro, the credit information sharing index is 5 on a scale from 0 (low) to 8 (high). The result of this is accessibility and quality of credit information available in Montenegro is medium.
This makes it not that easy for you to understand the credit risk of your counterpart in Montenegro. 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 legal rights as a creditor (and as a borrower) are 12 out of 12 and, therefore, very strong.
The high financing risk for creditors also impacts the medium interest rate in the private sector of 5,76%.
Common questions about debt collection in Montenegro
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Debt collection in Montenegro typically involves several steps. As a creditor, you can collect the debt yourself (first-party collection) or ask a third-party debt collection company such as Debitura to handle it for you. The debt collection process usually starts with amicable collection, which involves sending friendly reminders to the debtor. If this doesn't work, you may proceed to surveillance or legal collections, depending on the amount of money owed and your chances of getting paid. Debt enforcement can be requested if the debtor has admitted their debt or a judge has ruled in your favor.
In Montenegro, debt collection usually involves three steps: pre-legal collection, legal debt collection, and debt enforcement. The process starts by submitting your claim to a debt collection partner's website. Next, friendly reminders are sent to the person who owes money. If that doesn't work, you can choose between debt surveillance, legal collections, or debt enforcement depending on your claim amount. Legal proceedings can take around 12-18 months, and the bailiff's court can be involved to make the person pay up.
If your debt is disputed, a civil lawsuit is required for legal debt collection in Montenegro. Debt enforcement and insolvency proceedings are also possible legal options. These legal actions require a local lawyer. We can provide 3 options for lawyers specializing in debt collection from the local area to assist with the legal stage. The cost of hiring a lawyer depends on the complexity and size of the case. Debitura is a website that can help you compare quotes from multiple lawyers for the most affordable option.
Debitura offers a no-cure-no-pay model for pre-legal debt collection in Montenegro with a success fee between 10-20%. The cost for legal actions depends on your specific case and desired actions. Debitura can provide you with 3 quotes from the best debt collection lawyers in Montenegro.
The time to collect a debt in Montenegro depends on the debtor and the case. If it can be resolved in the pre-legal phase, it takes 3-6 months. But if legal actions are needed, the process can take 12-18 months. The duration varies based on individual circumstances.
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