Uuva Debt Collection

High-quality and professional debt collection service reduces your workload

A debt collection service that is implemented in a professional and appropriate manner helps prevent legal proceedings that are often slow and expensive.

We always aim to establish good and constructive cooperation between our clients and the debtors. This enables an end result to be reached that satisfies both parties as flexibly and quickly as possible. The debtor can always turn to us and ask for advice regarding his or her situation.

Our debt collection process is completely transparent for the client and the debtor. We believe that this helps find the best possible payment solution for both parties. Uuva Oy’s debt collection service always fulfils all requirements of the field at all levels.

Why should I outsource the sending of payment reminders and the debt collection service?

1. Motivation

Your customers’ motivation to pay increases. The involvement of a debt collection agency increases your customers’ motivation to pay

2 Saving time

You save working time when the often difficult monitoring of payments is outsourced

3 Saving money

You save money when you no longer need to send payment reminders

4 Money into the account

You can get the money into your bank account quicker and more reliably.

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Value promises of Uuva Oy’s debt collection process

Transparency

Debt collection services do not include annual or monthly fees
Suited to companies of all sizes
A fully transparent debt collection process

Human-orientation

Our aim is to ensure a good customer experience for both parties
Our expert staff provides full support in situations where advice is needed
The payment morale of your customers will increase

Efficiency

Real-time monitoring and management of your own assignments
Our automated service minimises manual work

Corporate debt collection

Consumer debt collection

Debt collection services – An example of the corporate debt collection process

The due date of the invoice
The original invoice has not been paid by the due date.
A reminder letter
If no payment has been received, a reminder is usually sent within seven weekdays from the due date, observing any case-specific needs and the interest of the customer.
A demand for payment
The Debt Collection Act specifies no time limit for companies to send a demand for payment. We usually send the first debt collection letter or a demand for payment to the debtor within seven days from the due date of the payment reminder. In the first debt collection letter, a corporate debtor is given seven days to make the payment.
An unaccepted bill of exchange
If the debtor fails to make the payment within the set time limit, we will send a second demand for payment, which contains a threat of publication and requires that the payment be made immediately.
A protest
If the debtor still fails to make the payment, the debt will be protested. The protest is always made by Uuva Oy. Before the protest is made, our customer service tries to contact the debtor in order to inform the debtor of the consequences of the protest.
Legal debt collection
After the protest, the debt will be transferred to legal debt collection subject to Uuva Oy’s discretion.
Post-collection
Post-collection measures only apply to partnerships.

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Debt collection services – An example of the consumer debt collection process

The due date of the invoice
The original invoice has not been paid by the due date.
A reminder letter
In consumer debt collection, there must be 14 days between the due date of the invoice and the reminder letter.
1. A demand for payment
The first debt collection letter, i.e. a demand for payment will be sent to the debtor if (1) at least 14 days has passed since the payment reminder was sent; (2) we have not yet received a payment. In the demand for payment, a consumer debtor is given 12 days to make the payment.
2. A demand for payment
If the debtor has not made an agreement on the payment or made the payment by the set time limit, we will send another demand for payment with a 12-day term of payment. Where required, we will also contact the debtor by telephone.
Legal debt collection
If the debtor still fails to make the payment or has not made an agreement on the payment, the receivable will be transferred to legal debt collection subject to Uuva Oy’s evaluation.
Post-collection
If the debtor’s ability to pay is poor and there is no sense to initiate a legal debt collection process at the moment, we will transfer the receivable to post-collection. In post-collection, Uuva Oy will continue the collection of the receivable also ensuring that the debt will not expire. We will initiate a legal debt collection process when the debtor’s ability to pay improves.

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Frequently asked questions

In the case of consumer receivables, the creditor can, based on the law, charge reasonable debt collection expenses to the debtor. Based on the Debt Collection Act, a EUR 5 reminder fee (14 days after the due date) and penalty interest in accordance with the Interest Act can be charged from a consumer debtor. The Bank of Finland will specify (twice a year) the penalty interest to be applied at any given time.

If the debt cannot be collected due to the debtor’s inability to pay, the debt collection expenses will remain a loss of Uuva Oy. This can happen, for example, if the debtor dies or is announced bankrupt and the estate has no funds to pay the debt.

However, the debt collection process is often continued by transferring the debt to post-collection or by filing a writ of summons to a competent district court. The correct method is always determined case-specifically based on the debtor’s ability to pay.

The speed at which debt collection succeeds is always case-specific. The debt collection measures are always affected by the debtor’s ability and will to pay. If the debtor has payment difficulties, it is also significant how quickly the debt collection measures are initiated.

Often the debtor pays the debt when he or she receives the first debt collection letter, but sometimes the debt needs to be collected for a longer period either through a post-collection or legal collection process.

Interested?

We are happy to provide additional information of our debt collection service and other services related to invoice lifecycle management. Please contact us by using the contact form below or by calling our sales services +358 20 721 84 96.