Debt Collections Handbook Finland 2018

Debt Collection Handbook

  • Finland
  • Agriculture,
  • Automotive/Transport,

24th September 2018

Having drawn from the expertise of Atradius Collections' local offices, the International Debt Collections Handbook explains the different regulations and procedures for debt collections in Finland.

Amicable collections

General information

 

 

Handbook Report Page - Amicable Phase

 

 

Atradius Collections follows a collection process that is professional at all times with the objective of retaining the relationships between our clients and their debtors whenever possible. Our staff of collection professionals carry out the first collection tier in-house. We relentlessly pursue debtors verbally and in writing within the bounds of federal and state laws.

Interest

Atradius Collections always charges interest to debtors calculated from the base rate set by the Finnish National Bank, plus 7.5% per year. There are two alternatives:

  • To calculate the interest rate as agreed between the creditor and the debtor
  • T o calculate the interest rate according to Finnish regulations based on the reference rate fixed by the National Bank of Finland (plus 7.5% per year). This rate is fixed twice a year on 1st January and 1st July.

The second alternative will always occur if the interest rate is not agreed between the creditor and the debtor.

From a cultural point of view, Finnish debtors are used to paying late payment interest.

Debt collection costs

In Finland, debt collection costs are chargeable to debtors, representing the creditor’s claim for late payment.

The Debt Collections Handbook presents a snapshot of Finland's economic situation and covers the following topics:

  • Legal prodedures
  • Lawsuit and costs
  • Insolvency proceedings
  • Time frame and outcome

To read more about steps and procedures undertaken in debt collections in Finland:

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Download Debt Collections Handbook Finland now!

 

Disclaimer

The statements made herein are provided solely for general informational purposes and should not be relied upon for any purpose. Please refer to the actual policy or the relevant product or services agreement for the governing terms. Nothing herein should be construed to create any right, obligation, advice or responsibility on the part of Atradius, including any obligation to conduct due diligence of buyers or on your behalf. If Atradius does conduct due diligence on any buyer it is for its own underwriting purposes and not for the benefit of the insured or any other person. Additionally, in no event shall Atradius and its related, affiliated and subsidiary companies be liable for any direct, indirect, special, incidental, or consequential damages arising out of the use of the statements made information herein.