30 years of Trusted Debt Collection in Thailand
AAA specialize in Thai debt collection from Thailand companies and have completed literally thousands of successful payments worth millions of Thai Baht to our clients both in Thailand and overseas.
What’s my chances of recovery?
The statue of limitations in Thailand states that commercial debts need to be recovered within 2 years of delivery. Loans need to be recovered within 10 years. This means that ‘time is money’ and it’s important to take action quickly to ensure you get your cash.
Typically, we will need full documentation between you and the debtor – for example, written correspondence, email correspondence, purchase orders, invoices and evidence of previous bank transfers or goods delivered.
If you can provide these details and the debtor still exists we will get your money in 60% of cases.
Debt Collection Network
Our contacts, built up over 30 years of doing business in Thailand, enable us to gather essential information on outstanding debts to help our collection team. We enjoy a close working relationship with Dun & Bradstreet who extend our network around the globe, Global Credit Solutions, an Australian-based company with offices around the world from Europe to Asia. We are members of Lawyers Forwarding, American Collectors Association and the European Organization League International for Creditors (LIC) of Germany, to name a few.
Debt Collection Process
The process for collecting monies owed in Thailand can be divided into 2 phases:
Phase 1: Collection without court (50% of cases are settled this way)
Phase 2: Collection through court
These 2 phases are important because the fees you pay are different depending on which phase your case is settled in. The first phase involves checking the persons or businesses address, occasionally if the person has changed address we may need to leverage a small charge for tracing their new address. The second phrase involves taking legal action through the appropriate Thailand court to recover the debt.
Fees for Debt Collection in Thailand
We don’t believe in charging expensive hourly rates like some Thailand law firms. If we can recover your money in Phase 1 we only charge a standard percentage of the monies recovered. If the collection goes through to Phase 1 we agree a fee in advance with you to cover basic expenses plus a percentage of the amount collected (this % is less than when recovery is made without going to court. Generally speaking, collecting money inside the Bangkok Metropolitan area is cheaper than collecting payments up country. Court costs in Thailand average approximately 5% of the amount claimed.
As we mentioned before, our 26 years experience in Thai debt collection has taught us an important lesson – waiting costs you money. As time goes by it becomes harder to find the proofs needed to obtain payment; so we recommend contacting us as soon as possible. To get started now… download, fill in and email the form below to us.
