When it comes to debt collections, Turkey is a country that offers a lot of benefits for companies looking to recover their unpaid invoices. Below we will outline the Debt Collection Process in Turkey, as well as some of the benefits of using a local debt collection agency.
We understand that businesses need to collect debts efficiently and with little hassle, which is why our team of experts are here to help. With over 25 years of experience in international debt recovery services, we are confident that we can help your business recover its unpaid invoices quickly and at a reduced cost.
The Benefits of Using a Local Turkey Debt Collection Agency
When it comes time to collect a debt, you have a few different options. You could try to do it yourself, but that can be difficult and time-consuming.
Alternatively, you could work with a local Turkey debt collection agency. They have the experience and expertise to navigate the complex Turkish court system and get the debt paid quickly and efficiently.
What's more, using a local agency has several benefits:
- They know the local laws and procedures inside out, so there is less chance of making mistakes
- They have established relationships with courts and other government agencies, which can help speed up the process
- They are familiar with the cultural nuances of Turkish business dealings, so they can accurately assess debtor intentions and motivations
- They are experts in Turkish collections law, so they can get the best possible outcome for you
Understanding the Debt Collection and Court System in Turkey
It's important to understand the basics of the debt collection and court system in Turkey before you even think about collecting a debt. Here is a quick overview to get you started.
The court system in Turkey is based on the French legal system. There are three levels of court: primary courts, appellate courts, and the Supreme Court. In general, commercial debt cases are tried in primary courts, and civil and family law cases are tried in appellate courts. The Supreme Court is the final arbiter in all cases.
There are two types of commercial debt cases in Turkey: contract debts and tort debts. Contract debts are debts that are based on a written contract, while tort debts are based on an oral agreement. The statute of limitations for commercial debt cases is five years.
Amicable Debt Collection Procedure in Turkey
When it comes to debt collections, Turkey is a relatively amicable country. The debt collection procedure in Turkey is relatively straightforward, and there are a number of benefits to using a local Turkey debt collection agency.
Here's an overview of the debt collection process in Turkey:
- Send a written demand for payment. This can be done by email, fax, or letter.
- If the debtor does not respond or pays within the specified time period, you can commence legal proceedings.
- The court will appoint a trustee to collect the debt on behalf of the creditor.
- The trustee will attempt to recover the debt through negotiation and/or legal action.
- If the debtor still does not pay, the trustee can seize assets and sell them to repay the debt.
- Finally, any remaining debt will be written off after a period of five years.
What to Expect From a Professional Turkish Debt Collection Agency
Working with a professional debt collection agency in Turkey means you can expect a comprehensive and competent service. A good agency will be able to help you with all aspects of the debt collection process, including preparation, negotiation and collection. They will also have access to legal resources enabling them to pursue court proceedings if necessary. Furthermore, they should also provide you with updates regarding the status of your case and regular reports on payments received or any other relevant updates. Working with an experienced agency is a great way to ensure that the debt collection process runs smoothly and quickly, allowing you to focus your time and attention on running your business.
Benefits of Hiring a Local Debt Collector in Turkey
When it comes to collecting business debts, having a local debt collector in Turkey can be instrumental in getting the job done quickly and efficiently. A local debt collector will have intimate knowledge of the Turkish court system, so they can provide advice and guidance throughout the collection process. Additionally, they’ll have access to resources such as credit bureaus and databases that can be useful when locating debtors or conducting due diligence prior to issuing legal action. Working with a local debt collector also eliminates much of the language barrier and enables them to communicate effectively with both debtors and creditors. Furthermore, using a local agency eliminates the need for sending representatives over from abroad, which can save time and money. Lastly, a trustworthy local debt collection agency can be an invaluable asset when it comes to developing relationships with both creditors and debtors that will stand the test of time.
Common FAQs on Collecting Business Debts in Turkey
Preparing to collect unpaid debts in Turkey? You probably have a few questions. One of the most common is whether or not to use an agency. Many businesses in Turkey have found that using a local debt collection agency like Intercol is the most effective way to collect commercial debts, especially if you are located outside the country. This is because our team of expert debt collectors are multi-lingual and native to the countries they work in, so they are familiar with all the legal nuances and procedures required to get you paid promptly.
Another frequently asked question is whether or not legal proceedings will be needed to recover debts. We can often collect unpaid accounts amicably, but sometimes it becomes necessary to involve the court system in order to achieve results. In cases like this, our team of legal professionals can assist in navigating the court system for maximum efficiency and effectiveness.
Funny facts about debt collections services in Turkey
Now it's time to have a little fun! Did you know that in Turkey, there is a popular saying that goes: "If you lend money, you lend your friend, but if you ask for money back, you will lose your friend!" This is a humorous take on the traditional expectation of debt repayment in Turkish culture.
However, this doesn't mean debtors should take advantage of their friends; creditors must take action if they want to get paid! That's why Intercol offers customizable debt collection services in Turkey. Our professional team of debt collectors have decades of experience and can significantly reduce the time needed to collect overdue accounts from all over the world.
So don't let an unpaid bill drive a wedge between you and your friends; let our debt collection agency do the work so everyone can keep their friendship intact!
10 Economical facts about Turkey
There's a lot to learn about debt collection in Turkey, and understanding the local economy is key. To help you better understand the state of trading in Turkey, here are 10 important facts you should know:
- Turkey has the world's 17th largest economy by nominal GDP.
- It ranks 6th in Europe and 18th in the world for total GDP (PPP).
- Turkish exports totaled US$173 billion in 2018.
- Its top imports include machinery, chemicals, transport equipment, fuels, etc.
- The automotive industry is one of Turkey's leading industrial sectors – it produces 1 in every 10 cars constructed across Europe.
- Tourism accounts for 8% of the country’s gross domestic product (GDP), making it one of its most important sources of revenue.
- In 2019 alone, Turkish exports rose by 11%.
- Foreign direct investment (FDI) increased by 13% between January–June 2019 compared to the same period in 2018, reaching US$9 billion total at the end of June 2019.
- Inflation surged from 15% to 18% from May 2018 to April 2019 but then decreased back down to 15% in May 2019 and 14% in June 2019 before stabilising at 12%.
10. These figures paint an encouraging picture; the country’s GDP could reach US$2 trillion if current growth rates continue through 2023!
More about Turkey:
-Turkey is a middle-income country with a GDP of $857 billion
-The Turkish economy is diverse, with sectors such as agriculture, industry, services, and construction all contributing
-Turkey has a population of 80 million people
-The official language of Turkey is Turkish
-The currency of Turkey is the Turkish Lira
-Turkey has a young population, with over half of the population being under the age of 30
-The average life expectancy in Turkey is 75 years
-Education is compulsory in Turkey for children aged 6 to 14
-Turkey has a growing economy, with an annual growth rate of 5%
So, whether you're a business struggling to recover unpaid accounts or you're simply looking for a debt collection agency with experience and a successful track record, Intercol is here to help. With our unrivalled understanding of the debt collection process in Turkey, we can help you get back what's rightfully yours quickly and effectively. Get in touch today for a free consultation!