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Debt Collection Matters in Spain

Creditors often complain about Spanish laws when it comes down to debt payment. The debtors have 95 days to settle bills unlike the 30 day limit in other European countries. The problem is compounded by the fact that Spanish courts give debt collection matters low priority.

Any surprise that debt collection agencies are in high demand in Spain. When creditors fail to realise the debt, they turn to professionals for the recovery. They would encourage the debtors to either pay the debt or surrender their assets to the company to pay off the debt.

Debt collection agencies figure out the current location of the debtors and pursue them for the repayment; if payments have not been successfully made on a bill or a credit product. Often, creditors will sell the debts to the collection agencies. The most preferred option is those agencies who work on a No Result No Fee basis. This simply means that the agency will only take a fee if the debt is recovered. This is the best option for the creditors, who only need to pay when the debt is realised.

The law requires debt recovery teams in Spain to act in a particular way. Professionals of debt collection agencies know how to operate effectively whilst keeping within the purview of the law.

There are cases when the debt collection agency leaves no other option for the debtors but to allow seizure of their property for debt repayment. The law has specified what can and cannot be seized.

Goods that can be seized include non-essential electrical equipment and televisions, items outside their home such as a car and possessions stored in an unlocked garage or shed. Possessions agencies cannot seize include computing equipment or tools, essential electrical appliances, bedding, clothes, etc.

Spanish law spells out that the actions involving an interest greater than €2,000.00 must be brought by a lawyer and an attorney of record in a court of law. There are different ways to bring further legal action.

The attorney will make both a written and a telephone demand upon the debtor for payment. If the debtor fails to pay within the deadline set, legal action can be initiated.