TIMOCOM International Debt Collection: your partner for debt collection

Frequently asked questions about TIMOCOM international debt collection

• Do I have to be a TIMOCOM customer to use the service?

  Yes, the debt collection service is only available to existing TIMOCOM customers. If you are not yet a customer, you can register here.

• Does the service only work for late payments organised within the TIMOCOM Marketplace?

  No. Our team is also happy to help you collect on debt that is not a result of activities within the TIMOCOM Road Freight Marketplace. Submit your debt collection case here now.
  
  
  

• What is the TIMOCOM international debt collection service’s success rate?

  The success rate is more than 83% of cases successfully resolved.
  
  
  

• How much does it cost to hire the debt collection service?

  We charge a €25 processing fee. If we are successful in collecting on the debt, we then charge a success fee which is based on the amount of money collected. This fee is based on the German legal framework in place regarding such fees, and can be calculated before you hire us using our fee calculator.y.

• Can the cost of the debt collection service be invoiced to the debtor?

  In principle, the service is governed by the legal framework regarding damages caused by late payment as set out in EU Directive 2011/7/EU. These laws are intended to ensure that unpaid invoices are paid promptly. New rights and obligations have applied to cases of late payment ever since this Directive came into force within the EU. The following thus applies to debtors and creditors:

  payment of invoices sent to a business is automatically considered late 30 days after receipt of invoice or provision of services. In addition, payment deadlines longer than 60 days after receipt of the invoice are allowed only in exceptional circumstances. If, despite this, the payment is late, the creditor can demand that the debtor cover certain costs incurred during debt collection, as well as interest on the late payment.

  The costs incurred during debt collection can include the dunning costs caused by the late payment, as well as costs for debt collection services, a lawyer or dunning notices. For creditors, this means that they can require the debtor to cover the costs of the debt collection service, including the fee to be paid in the event of successful debt collection. To clarify, the creditor can require the debtor to pay all debt collection service costs, both the basic fee and the fee charged in the event of success, provided that payment is late and the debtor is responsible for the delay.

  It is important to note that these rules only apply to invoices that  

  • are incurred for performance of contract, and not, for example, damages or double payments

  • are verifiably late

  • are sent to a debtor located within the EU

  Dunning notices or similar requests for payment by the creditor are no longer necessary, but may be sent if desired, and of course doing so continues to be a sensible and recommended course of action, in the hopes that the debt collection service is not required in the first place. 

• What languages does the TIMOCOM international debt collection service team speak?

  Our debt collection team is active across Europe and the service is available for you in the following languages:
  
  Bulgarian (BG)
  
  Danish (DA)
  
  German (DE)
  
  English (EN)
  
  Finnish (FI)
  
  French (FR)
  
  Greek (EL)
  
  Italian (IT)
  
  Croatian (HR)
  
  Latvian (LV)
  
  Lithuanian (LT)
  
  Macedonian (MK)
  
  Dutch (NL)
  
  Norwegian (NO)
  
  Polish (PL)
  
  Portuguese (PT)
  
  Romanian (RO)
  
  Russian (RU)
  
  Swedish (SV)
  
  Serbian (SR)
  
  Slovak (SK)
  
  Slovene (SL)
  
  Spanish (ES)
  
  Czech (CS)
  
  Turkish (TR)
  
  Ukrainian (UA)
  
  Hungarian (HU) 

• Can I use this service to collect on international debts?

  Yes, the TIMOCOM debt collection service works internationally, in particular across Europe, in your native language. International debt collection services are not a problem.

• What happens if my debtor has filed for bankruptcy?

  In the event of bankruptcy, the debtor’s assets are usually placed under management by an insolvency court or an external administrator. This body/person manages the claims and distributes the remaining assets. This ensures that it is not just the creditors with a close relationship to the debtor who receive money; instead, all creditors are treated relatively equally.
  
  Every country has a special process for submitting a claim as a creditor. We recommend lodging your claim with the insolvency administration as quickly as possible, in order to be considered as a creditor in the process and to ensure that the remaining amount is not further decreased by the cost of representation.

• How does TIMOCOM debt collection handle late invoices from customers?

  Our aim is to support creditors as they collect legitimate claims from their debtors. In the event that the debtor is experiencing shortages, the parties may agree upon payment in instalments, so that that creditor will receive their money despite the debtor’s issues. At the same time, TIMOCOM ensures that its Marketplace customers are protected from further late or unpaid invoices.
  
  If a user refuses to pay and cannot provide a valid reason for doing so, they are in violation of the TIMOCOM quality criteria. They will therefore no longer be welcome in the network of verified customers.

• What documents do I need to submit so the TIMOCOM debt collection order request is complete?

  The following documents must be submitted: the transport order, delivery note, invoice and the last request for payment.
  
  
  

• What happens after I submit the debt collection order?

  Your order will be checked by the TIMOCOM debt collection team. An employee will then get in touch with you.
  
  
  

• How late must the payment be in order for the claim to be collected?

  At least 30 days must have passed since the claim became due.
  
  
  

• Is it possible to submit multiple invoices for the same debtor in one order?

  It is possible to add multiple invoices for one debtor to the order.