First Collect International (FCI) has laid stress on the application of Directive 2000/35/EC of the European Parliament for late payment. It entitles businesses to get compensation for late payments.

1. FCI Draws Attention of Creditors to Directive 2000/35/EC of the
European Parliament for Debt Collection
First Collect International (FCI) has laid stress on the application of Directive 2000/35/EC of the European
Parliament for late payment. It entitles businesses to get compensation for late payments.
First Collect International (FCI) has pressed for the application of Directive 2000/35/EC of the European
Parliament for late payment of debt. The leading UK based debt collection agency favours enforcement of the
directive which requires the debtor to contribute the collections’ costs along with interest at 7 points above the
ECB rate. This would allow businesses to get compensated for late recovery.
“European Parliament has issued Late Payment directive which requires businesses to make payment of their
invoices within 60 days, unless an alternative accord is documented and it is not grossly unfair. Creditors can
claim interest for late payment and are entitled to a minimum fixed amount of €40 as compensation for recovery
costs,” commented a senior executive with the agency.
Enterprises are well within their rights to claim compensation for the remaining reasonable recovery costs. The
legal process may entail enforcement of laws and regulations of member states as well along with the provisions
of the directive. Applying the directive enables the creditors to take the cost to the debtor. First Collect
International has successfully used this legal window to deliver better collections consistently. While average
collector recoveries were USD497, 000 according to an ACA industry survey, average of First Collect
International was way ahead at 1.5 Million USD per collector.
The agency works in collaboration with other debt collection agencies across the European Union to obtain
collection for clients. As the executive said, “Our network of partners and associates is spread over 130
countries. We have enough manpower to work on 1 account or unlimited accounts with attention to detail. Our
expertise with various financial and legal systems enables us to negotiate with complexities involved in the
process.”
FCI uses state-of-the-art debt collection software which can import data in multiple formats and incorporate it into
the system. It makes the procedure more efficient, while saving clients’ resources. The system deployed by FCI
facilitates the processing of mass volume accounts at very low costs to the clients.

2. About the Company
First Collect International recovers debts quickly and efficiently, leaving businesses enough time to concentrate
on their core tasks. Counted among the top debt recovery agencies in the UK , they have earned reputation
for professionalism, efficiency and reliability. An international agency, it offers debt collection services in
Russia , Germany, France and several other countries. They have been a member of the CSA, ACA, IACC and
LIC.
Contact Information
34-36 High Road,
South Woodford,
London E18 2TX
United Kingdom
Tel: +44 (0)20 8532 9637
Fax: +44 (0)20 8532 9638
Website: http://www.firstcollect.com/