Do you have any outstanding credit collection in Belgium? Rely on Invenium!
In Belgium, it is customary to make the first attempt for out-of-court credit collection.
The debtor is also required to pay the costs incurred by the creditor for out-of-court collection. In this regard, the law of 2 August 2002 on combating late payment in commercial transactions envisages that the defaulting party is responsible for a lump sum amount equal to 10% of the value of the outstanding receivable.
For uncontested receivables, it is also possible to initiate the European order for payment procedure, pursuant to Reg. EC 1896/2006, aimed at obtaining entitlement that can be enforced in all Member Countries. For contested receivables, on the other hand, it is appropriate to take legal action.
In Belgium, the judge doesn’t have the power to order the filing of the respective extras to the parties but draws up a timetable for presenting the conclusions. This means that the parties can reply in writing to each other’s complaints. In case of non-contestation, a sentence will be issued in absentia.
Belgian law also envisages arrears interest of the order of 8% annually. In the case of a dispute between a company and a natural person, if the general terms and conditions are not applicable, the interest rate is equal to 4.25%.
Debt collection in Belgium is, therefore, a fairly complex operation, which certainly needs to be supported by an international debt collection company such as Invenium, which can assist you in every phase of collecting your outstanding receivables in Belgium.