Debt collection in Finland

You have an international debt in Finland ? As a company, you can open your market to other companies internationally. But if they don't pay, it becomes more complicated to get your money back. Discover fast and efficient debt collection with the Sekundi network.


Debt collection in Finland

Debt collection is a measure to ensure that you are paid for the work you have done or the goods you have produced. There is a separate law on debt collection, which deals with measures to ensure voluntary payment of an outstanding debt. For the industry, the Recovery Act lays down clear timelines for the progress of recovery and maximum cost limits for reminder and recovery actions.

After the end of the voluntary performance letter collection, we can transfer the open case directly to judicial collection for a judgment. On the basis of the judgment, we will transfer the claim to our enforcement department. 

We strive to help our clients to obtain payment of their outstanding debts as quickly as possible, while at the same time fostering the open debt and the client relationship. To this end, we have added a few steps to the process so that the end-customer can closely monitor the status of their claim and also receive support in setting up a repayment plan if necessary. We always try to find a solution that suits both parties. This is why we use SMS and telephone collection, in addition to letter collection, as agreed.

Be sure to recover your debts internationally

International debt collection in cooperation with the Sekundi network.

International debt collection is a service we offer you when the person who owes you money resides or has its registered office in a country other than yours.

Manage relationships with international debtors

We can help you with international debt collection. If your company has sent invoices to foreign companies or individuals, Kravia can help you to get your collection case processed in that country. Kravia itself operates in Norway and Finland. In the rest of the world, we are part of an international network of companies to whom we can refer recovery cases.

To facilitate recovery action, it is important to provide up-to-date information about the client and the outstanding claim (e.g. correct address, original invoice) and to respond as quickly as possible to enquiries from Kravia. Recovery is an effective tool for recovering a claim. The sooner the case is sent to Kravia for processing and we receive the necessary information, the more likely we are to resolve the case and recover the debt.

What are the costs and fees associated with debt collection?

Kravia passes on the costs of collection to the final customer. The maximum costs for the debtor are set by law. In the case of national collection, the debtor bears the VAT on the collection costs.

For international recovery, we follow the cost structure agreed with our network of partners. The maximum amounts for judicial recovery are also set by national law and vary between €100 and €250, depending on the amount of the principal to be recovered.

Current statistics about debt collection in Finland

With automated debt collection, we are making a decisive contribution to speeding up the cash cycle. It is estimated that we resolve 80% of outstanding debts at the reminder stage of voluntary collection. Automated recovery is an efficient way to manage outstanding debts. The earlier a case is sent to Kravia for processing, the more likely it is to be resolved.

You have outstanding debts in another country and having problems getting them paid?

Frequently Asked Questions

How to set up an efficient debt collection strategy?

Kravia allows you to choose a fully automated collection process. This means that Kravia will automatically initiate recovery action on overdue debts. By automating the collection process for all outstanding debts, the client does not need to spend time on approvals or other clarifications. This makes the process highly efficient.

How can the data be used to improve collection processes?

The range and timing of collection measures is strictly regulated by law. It is therefore crucial to use the existing sectoral data and to choose the right automated sequence of actions to improve the processes.

How can I measure the performance of my debt collection strategies?

Kravia's customer portal displays information and statistics on all completed and ongoing debt collection cases. This makes it easy to monitor progress and success rates.

How can I automate debt collection processes to make them more efficient?

Kravia recommends a fully automated debt collection process. This means that Kravia automatically triggers the reminder and recovery of the overdue debt in accordance with the time limits set by the Collection Act. Kravia handles the collection process in such a way that the creditor does not have to spend time on approvals or other clarifications.

How can I manage the risks associated with debt collection?

The key is to act swiftly. The most important thing is to obtain the correct information about the outstanding debt (debtor and address details and a copy of the original invoice) and to ensure that communication between the creditor and the collection agency is immediate. Recovery is a powerful tool. The earlier the recovery action is initiated in Kravia, the more likely it is that the case will be resolved and payment will be recorded.


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