1. Costs - No Win No Fee! 

Having long standing relationships with all our overseas partners we have agreements to provide these services on a NO WIN NO FEE basis charging the agreed commission rate against monies recovered only. 

2. Coverage in Cyprus 

Cyprus is divided into 6 districts. Our head office is in Nicosia with a second office in Limassol enabling us to recover debts throughout all of Cyprus. 

3. Local Experience 

Unlike many of our competitors all cases are handled by the local office or partner. The reasons for this are they speak the debtors' language, in this case the official languages are Greek and Turkish. We understand the local cultures and know all the legal processes. These are reasons why Creditreform are the ideal people to help you in collecting debts from overseas. 

4. Statute of Limitation in Cyprus 

6 years but there are special exemptions so whatever the age please contact us and we will advise if we can assist with your claim 
Search a country below for debt collection: 

How to Instruct Us 

We simply require the following details: 
Full name & address of the debtor 
All available contact details of the debtor i.e. contact name(s) / Tel / Mobile / Email(s) 
Amount owed (Invoice(s) or Statement will help) 
Or ask us to call you – just leave us your details: 

Case Study - GBP 30,000 recovered from Cyprus Debtor 

Initiation of Case 
A UK client located near Leicester had a debt of £30,000 against a debtor in Limassol, Cyprus. The debt related to Shipping repair services. Reasons for non payment by the debtor are that they were only acting as agents for the ship owners and have been awaiting funds. 
Debt Collection Processes 
Upon receipt of the case we forwarded it to our local approved partner in Cyprus. They then immediately sent the initial dunning letter to the debtor stating the amount owed and a deadline to pay. Following continued pressure the debtor advised the ship owners had cashflow problems and a payment plan was made and agreed. The local partner made sure the payment plan was adhered to and the debt was settled in full in the agreed time. 
The client was very satisfied with the professionalism of the services provided. 

Cyprus Debt Collection – No Win No Fee 

Creditreform operates a global specialist International debt collections service. We have local offices and fully approved expert international debt collection agency partners in every country worldwide. All our International debt collection agency partners and offices operate on a No Win No Fee basis charging an agreed commission against monies recovered only. 
Main reasons why a local country debt recovery agency is so important rather than trying to recover from a debt collection agency UK are as follows: 
The local International Debt collection Partners know: 
The local cultures 
The best methods of initiating debt recovery letters and processes 
The languages 
The laws 
Are in the same time zones 
Herewith details of our debt collection service Cyprus: 

Location of debt recovery office in Cyprus? 

Our head office is in Nicosia, we also have a small subsidiary office in Limassol. All debt collection letters are sent by the local head office. 

Number of debt collection staff? 

For our national and International Debt collection Team we are 20 staff (including our back office) plus 7 Lawyers (in Cyprus). Each staff member is allocated a client and all their debt collection letters are personalised in order to effect the best response result s from debtors. 

How long have you been operating a debt recovery service in Cyprus? 

Our office has been providing legal and collection services since 1981, we are well established and well known in Cyprus and throughout the world, not just for International Debt collection but in the Corporate field also. Cyprus is included on our debt collection agency list

What type of debt collection services do you provide? Do you do commercial debt recovery (B2B) and consumer debt recovery (B2C)? 

We handle both Business to Business debt recovery cases and Business to Consumer debt collections cases. There is different content for business to business debt collection letter templates and business to consumer debt collection letters templates

Statue of Limitation in Cyprus? 

The Standard Statute of limitations for commercial claims is 6 years however there are some exception as this is quite a recent law. 
Cyprus civil litigation statute of limitations is a law that time limits a plaintiff’s right to bring a claim against a defendant. The statute of limitations in Cyprus is 6 years. However, if an action has been taken within this time then the statute of limitations time will be extended to account for this. Once the specified time period elapses then no action can be taken through the legal processes unless the plaintiff is able to prove exceptional circumstances. Other Statute of Limitations include: 
Cyprus Open Account Years – 2 years 
Cyprus Promissory Notes – 2 years 
Cyprus Written Contracts – 2 years 
Cyprus Oral Agreements – 2 years 

How EU (European Union) laws effect debt collection in Cyprus? 

For Consumer cases we have to follow the regulations set out by the Data Protection Act. As Cyprus is part of the EU we obviously carry out our collection activities in a similar way as the rest of Europe, legal proceedings differ slightly. 
Cyprus has been a European Union (EU) member country since 2004 and a Euro area member since 2008. 

How many companies registries in Cyprus for businesses (i.e. UK has just 1 central registry)? 

There is 1 company registry in Cyprus which is called Cyprus Department of Registrar of Companies and Official Receiver located at Corner of Makarios Avenue and Karpenisiou Street, Nicosia 1427, Cyprus. 
We have access to Cyprus Company Registry searches to find out who further background information on all Cyprus companies. 

What is the debt collection process in Cyprus? 

We send out our initial debt recovery letters to the debtor, then try to contact the debtor by telephone and e-mail.  We always try to persuade the debtor to resolve the matter amicably and if we believe they are financially not capable of settling the case in one lump sum try to find a solution by way of a monthly installment plan that would be agreed upon with our clients. 

Average length of time to collect a debt? 

The average time taken to recover a Cyprus B2B debt collection case varies from case to case. The length of time depends greatly on the case, the financial status of the debtor and the debtors willingness to cooperate. 

Can late payment fees / interest to be added to claims? 

We always try to recover interest however this is usually not possible amicably and only sometimes possible by way of legal action, it depends entirely on the judges decision. 

Details on legal service / process in Cyprus? 

The list of proceedings in Cyprus are: 
Law suit ( Action) 
Liquidation/Bankruptcy proceedings 
Registration of foreign judgement 
Registration of Arbitration award 
European payment order. 
A power of Attorney is not normally required in Cyprus for legal proceedings, however a witness is frequently requested to be present at a court hearing. 

Cypriot Business Credit Reports 

Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. There are 210,000 active companies in Cyprus. 87% are limited liability companies, 10% are business names, 2% are partnerships and 1% overseas.  We provide freshly investigated Cyprus Company Searches which can be done prior to trading to make sure the company you will be dealing with can meet the commitment or once the debt becomes overdue to ensure the debtor can meet the amount owed. 

Cyprus Skip Tracing Agents 

Creditreform’s debt collection company service also uses expert local Cyprus people tracing agent services to locate any absconded debtor. This debtor tracing service is provided on a No Find No Fee basis only charging for a successful trace. 

Specialist Debt Recovery Experts 

There are many unique requirements to recovering international debts in all countries including Cyprus debt collection services which differ from the UK and therefore it is very important that cases are handled directly by our expert international debt collection agencies and not from debt collectors UK. This method of international debt collection sets Creditreform aside from the competition who in many cases try and recover debts from a UK debt collector only. Using the local offices and partners enables us to achieve a far greater success rate and our No Win No Fee service together with competitive commission rates against monies recovered only ensures you get the best service. 

Cyprus Debt Collection Partners in the following Cyprus Cities 

Which countries border Cyprus? 

Cyprus is an island nation. The closest country is Turkey in the north (70km). 
Other neighbouring countries are Syria (110km) in the east, Lebanon (200km) and Israel (300km) in the southeast, Egypt (400km) in the south and Greece (800km) in the west. 

Who are the main trading partners for Cyprus? 

The main export markets for Cyprus are Libya, Greece, Norway, United Kingdom
The top import countries for Cyprus are Greece, Italy, China, Germany and South Korea

What is the legal system in Cyprus? 

The Cyprus legal system is based on English common law as inherited from British colonization, with civil law influences, particularly in criminal law. 

What is the Supreme Court in Cyprus? 

The Supreme Court of Cyprus is called in Greek Ανώτατο Δικαστήριο Κύπρου. 

Cyprus Debt Collection Agency FAQs 

1. How does a Debt collection agency in Cyprus recover overdue debts? 

The debt collection process is initiated by an introductory letter to your debtor stating the amount owed to you and informing them of our involvement. Letters are then followed up with emails and telephone calls. From our experience the most effective part of this process will be the outsourcing to a third party debt collection agency in Cyprus as the debtor now has to resolve the debt and can no longer hide or provide lame excuses. 

2. How long does the debt recovery agency in Cyprus take to process a case? 

The debt collection case will be processed immediately up receipt and a letter sent normally by email and post. You will receive an automated confirmation by return. 

3. What is the success rate for debt collection agencies in Cyprus? 

The success rate of the debt recovery case depends on a number of factors including the solvency of the debtor and whether the case has a legitimate dispute. Our aim is to recover every debt that is recoverable. 

4. Does the debt recovery agency in Cyprus operate a No Win No Fee debt collection? 

We take on all debt collection cases on No Win No Fee basis only charging the agreed commission against monies recovered. 

5. Why use a local debt recovery agency in Cyprus? 

The reasons for using a local Cyprus debt collection agency than processing from a different country is the debt collector in Cyprus speaks the local language, knows the local laws and operates in the same time zones. 

6. Are there any debts too old or too small for Cyprus debt collection? 

We will assess all debt cases, irrelevant of age and size and then advise the best processes to recover these through the Cyprus debt collector. 

7. How do I instruct the debt collectors in Cyprus? 

Instructing the debt collectors Cyprus is a simple process. You just email details of the debt, debtor and amount to be recovered and the case can be initiated. 

8. What evidence do I need to provide when instructing the Cyprus debt collector? 

When instructing the debt collector in Cyprus just provide copies of invoices/statements, debtor contact details and any relevant information you may have to assist with the recovery process. 

9. Who does the debtor pay? 

In general the debt collector in Cyprus will request payments to be sent directly to the client but if not possible for any reasons will take payment directly. If payment is taken then cleared funds will be processed and sent to client straight away. 

10. Can I instruct multiple cases? 

You can send unlimited debt case instructions. Our systems will automate volume cases to meet your requirements. 

11. Can you trace debtors in Cyprus? 

Through our network of skip tracing agents we have an extremely high success rate of locating your absconded debtor. 

12. How long does the debt collection process take? 

On average the debt collections process takes 90 days to resolve an amicable debt recovery case. There are a number of factors that can delay this process but we will keep you informed every step of the way. 

13. What are my options if debt collection in Cyprus is not successful? 

If the debt recovery service is not successful we will advise you of your options including legal actions. Please note no legal actions or other processes will be taken without prior instruction from you. 
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