Top-Rated Debt Collection Agency in Myanmar
Fast and reliable debt collection in Myanmar - no upfront costs, only pay for success. Request a FREE Consultation or upload your claim today.
In Myanmar, recovering your debt is easiest through this method.
Debitura's expertise lies in debt recovery in Myanmar, offering a wide range of services such as accounts receivables management, debt collection notices, pre-legal and legal debt collection, and enforcement court proceedings. Our team of seasoned professionals, equipped with in-depth knowledge of Myanmar debt collection laws and regulations, provides businesses with efficient and effective solutions in recovering outstanding debts.
We provide unwavering support from beginning to end.
Tailored collection plan.
We have a team of over 500 experts who specialize in international debt collection.
Our debt collection services have a success rate of 87% while being the most cost-effective option available.
The ultimate guide about debt collection in Myanmar
If you have money that you are owed from a business or customer in Myanmar, then you have come to the right place! We have helped hundreds of other businesses get their money back from people who owe them.
It might seem impossible to get someone to pay you back if they live in Myanmar. There can be a lot of challenges, like different languages and customs, or that the person lives far away.
When you use a collection agency that knows the laws and customs of the country where the debtor lives, it is easier to get your money back.
At Debitura, we always put people first. This means that we will do everything we can to get your money back while still preserving a good relationship with the customer. Our strategic public relations efforts are fair, but firm-ensuring your reputation is our top priority! If you want to collect the debt yourself and understand the Burmese debt collection process from start to finish, continue reading this guide. If you prefer working with a local law firm that specializes in debt recovery in Myanmar, we are here to help.
At Debitura, we make it easy for you to collect your debt in Myanmar and other countries. To get started, upload your claim today. We will review your case and provide you with 3 free quotes from local debt collection lawyers in Myanmar within 24 hours. We use both people and technology to get results and manage customer contact. This comprehensive method gets the results you need while preserving customer relationships. In addition, our network of debt collectors, attorneys, suppliers and vendors are all important relationships that allow us to get the job done. We value each of these relationships, no matter how small or large.
Start collecting your outstanding debt in Myanmar at zero cost today. Simply create a free profile and upload your case within 2 minutes.
Our proven pre-legal recovery process will be implemented for the first 3 months to collect your claim. We work on a 100% no-cure-no-pay basis.
If your claim remains unpaid during the pre-legal phase, we offer three quotes from our nearby debt collection attorneys.
You get access to our online portal where you can track your case in real-time
Introduction to collecting debt in Myanmar
Do you have a hard time getting paid by your customers in Myanmar? Do not worry; we make it easy for you to collect debt from them.
In Myanmar, the person who owes money is called the debtor, and the person who gave them the money is called the creditor. If the creditor collects the debt themselves, it's called first-party collection. But if they give someone else the job of collecting it, that's third-party collections.
The debt collection process in Myanmar
The debt collection process in Myanmar usually happens in a few steps. The picture below shows the standard way that we collect debt in Myanmar:
1 Upload your claim:
Unless you want to get your money back yourself, you will start by finding a company who can help you. You will give them some information about the money you are owed, and then they will try to get the money for you. If you use Debitura, we will give you 3 quotes from different companies who can help in the Asian country where your case is. This is free - there is nothing else that you have to do or pay for.
2 Amicable collection:
When we try to collect a debt, we first send reminders to the person who owes the money. We use email, SMS, and other ways to communicate. The goal is to get the debtor to pay or at least acknowledge the debt so we can start a payment plan. Debitura offers a no-cure-no-pay solution, which means you only pay us a small success fee if we are able to collect the debt. Therefore, there is no risk for you!
If you have not received payment from the debtor after trying to work it out, 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 things to help you decide what is best. There are three common next steps:
If you are owed less than 2,000-5,000 euros, it usually is 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 beginning a court process for bigger problems. The way to do it changes depending on the problem and how big it is. Usually, it will take around a year and a half to finish.
C: Debt enforcement:
If the person you are owed money from has said that they owe you money, or if there is a court order saying they owe you money, you can go to the bailiff's court to get your money.
At Debitura, we can help you with all three steps in Myanmar.
Amicable collection in Myanmar
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 get started within 24 hours.
We will try to contact your debtor in Myanmar using different methods like email, text messages, letters, phone calls, and social media.
The goal of this process is to either:
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 trying to get money from has said that they do not owe you money, you cannot try to resolve this issue peacefully. 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.
Legal collection in Myanmar
If we have not been able to pay your claim during the first phase or the debtor disagrees with your claim, we will provide you with 3 free quotes from our local debt collection attorneys. In the legal phase, our local attorney will try to negotiate a payment with your debtor. Our partners can also go to court and get a payment order through the legal system in Myanmar. This payment order can then be used to enforce your claim in enforcement court.
The amount of money you will spend on a lawyer depends on your legal case. To get the best price, ask for 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 Myanmar
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 Myanmar to get your money.
The process of getting money back and how much it will cost varies depending on your case. You can upload your case to Debitura. They will give you 3 quotes for your claim within 24 hours.
Get started with
Upload your claim and get 3 FREE quotes from our local collection partners.
The analysis is concluding that the risk of conducting business in Burma (Myanmar) is high. Based on this high score, we recommend always charging upfront payment or using credit insurance when trading with customers in Burma (Myanmar), as it may be very difficult to get paid. The high risk score is based on the following factors:
The economic risk in Burma (Myanmar)
Our analysis shows that the economic risk in Burma (Myanmar) 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 Burma (Myanmar) is 65,07 bn. USD (2021), growing by -17,98% per year.
In terms of the size of its economy, Burma (Myanmar) ranks #76 out of 183 countries and has a medium-sized economy.
In terms of growth rate, it is ranked #175 out of 183 countries and is therefore considered a declining economy.
GDP per capita is 1187 USD, ranking Burma (Myanmar) number #149 out of 183 countries. This means the purchasing power of citizens in Burma (Myanmar) is low compared to the rest of the world.
You can see a more detailed picture of GDP and economic growth in Burma (Myanmar) 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 KPIs in Burma (Myanmar) in the table below:
The business environment risk in Burma (Myanmar)
Our analysis shows that the business environment risk in Burma (Myanmar) is very high (6 out of 6), which is a high risk score in Asia.
Economic freedom and rights determine the business environment risk in a country. You can see the critical facts for Burma (Myanmar) in the table below:
As you can see in the table, the property rights index is 37 in Burma (Myanmar), 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 60 in Burma (Myanmar), a quite low score for a country in Asia.
Burma (Myanmar)'s overall economic freedom index is 55 out of 100 and is based on factors such as the rule of law, regulatory efficiency, and market openness.
The political risk in Burma (Myanmar)
The political risk in Burma (Myanmar) 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 important drivers for political risk. An overview of Burma (Myanmar) 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 transacting business in a country, the rule of law index is critical as it describes your ability to enforce commercial contracts.
In Burma (Myanmar), the rule of law index is at -1,46 points, with the score going from -2.5 (weak) to 2.5 (strong). Burma (Myanmar) 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 very large shadow economy that is 50,99% of Burma (Myanmar)'s GDP.
The commercial risk in Burma (Myanmar)
In Burma (Myanmar), 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 impacted by a country's international trade relationships. You can see some of the key facts for Burma (Myanmar) in the table below:
Burma (Myanmar) has a positive trade balance of 3,48% of GDP. What this means is that Burma (Myanmar) imports fewer goods and services than the country exports.
The annual growth of exports of goods and services has been growing -18% annually - now 28,32% of GDP. Import of goods and services represents 24,83% of the GDP in Burma (Myanmar).
The financing risk in Burma (Myanmar)
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 Asia.
The country's banking system, efficiency, and stability influence the financing risk. Additional facts and info can be found for Burma (Myanmar) in the table below:
In Burma (Myanmar), the credit information sharing index is 0 on a scale from 0 (low) to 8 (high). This means the accessibility and quality of credit information available in Burma (Myanmar) is very low.
This makes it very difficult for you to understand the credit risk of your counterpart in Burma (Myanmar). Unless you have a strong relationship with your customers in Burma (Myanmar), we highly recommend charging payment upfront or using credit insurance.
Your legal rights as a creditor (and as a borrower) are 2 out of 12 and, therefore, very weak.
Debt Collection in Myanmar: Frequently Asked Questions
In Myanmar, debt collection involves a debtor who owes money to a creditor. Debt collection is usually divided into first-party collection or third-party collections. The process involves uploading your claim, amicable collection, and evaluation. The evaluation step determines the best course of action, be it debt surveillance, legal collections, or debt enforcement. Debitura can assist with all three steps in Myanmar, and their no-cure-no-pay solution means you won't have to pay unless they successfully collect the debt.
The debt collection process in Myanmar involves three steps: pre-legal collection, legal debt collection, and debt enforcement. Pre-legal collection involves finding a company to help you collect the debt and sending reminders to the debtor. If payment is not received, legal action may be taken through surveillance or court processes. Debt enforcement can then be pursued through a bailiff's court. Debitura can assist with all three steps in Myanmar. Our no-cure-no-pay solution ensures that you only pay a small success fee if we are able to collect the debt.
In Myanmar, if a debt is disputed, a civil lawsuit is required for legal collection. The legal options for debt collection include debt enforcement and insolvency proceedings, which require a local lawyer. Our local debt collection attorneys can negotiate a payment with your debtor or go to court for a payment order. The cost of legal action varies, so it's best to get quotes from multiple lawyers, which you can do through Debitura.
Debt collection costs in Myanmar vary depending on the specifics of your case. For pre-legal collection, Debitura offers a no-cure-no-pay model with a success fee between 10-20%. Legal action fees depend on the desired actions and case details, but Debitura can provide you with 3 quotes from the best debt collection lawyers in Myanmar.
The time it takes to collect a debt in Myanmar depends on the debtor and the case. If it can be handled during the pre-legal phase, it usually takes 3-6 months. However, if legal action is necessary, the process typically takes 12-18 months. The length of time is influenced by the complexity of the case and the willingness of the debtor to cooperate.