Get paid industry in Latvia in transformation

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Thomas Zedendahl
Baltic Countries General Manager
SERGEL

Published in: Economy & Finance, Business
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  • Get paid industry in Latvia in transformation

    1. 1. Page: Get paid industry in Latvia in transformation Thomas Zedendahl Baltic Countries General Manager
    2. 2. Page: Agenda Brief Presentation of Sergel Get paid process today vs. tomorrow? Collection association current topics
    3. 3. Sergel <ul><ul><li>Founded 1988 in Sweden </li></ul></ul><ul><ul><li>310 employees in 5 countries </li></ul></ul><ul><ul><li>100% owned by TeliaSonera Group </li></ul></ul><ul><ul><li>Turnover & EBIT (2010) </li></ul></ul><ul><ul><ul><li>81 M€ (57 MLVL) </li></ul></ul></ul><ul><ul><ul><li>16 M€ (12MLVL) </li></ul></ul></ul>Page:
    4. 4. Business Concept <ul><li>Sergel offers high quality payment solutions to transaction intensive companies in the Nordic and Baltic markets </li></ul><ul><ul><li>Our core strategy is working closely with </li></ul></ul><ul><ul><li>our customers, we tailor size our collection process </li></ul></ul><ul><ul><li>to your specific needs </li></ul></ul>Page:
    5. 5. What we offer Page: AR Services i.e. reminders Credit history data base Pre legal cases Open court cases Insolvency cases Monitoring company changes i.e board members Pre legal collection Legal collection Debt surveillance Debt acquisitions
    6. 6. Some of our clients in Latvia Page:
    7. 7. Page: Better understanding of debtor Cost-efficient process with higher recovery World Class - Debts administration Existing Latvian - Debts administration The more you wait the lower recovery you get CUSTOMER Sergel Due date of invoice Reminder customer name Take the in-call/call reminders Termination of agreement Start Pre-legal collection Pre-legal and legal collection Debt surveillance and legal collection Back to customer Day 7-30 Day 7-30 Day 30-180 Day 30 - 180 Day 30-180 Day 180-360 Day 90 -360 CUSTOMER Sergel Due date of invoice Reminder customer name Take the in-call reminders Call to the debtors Pre-legal Collection Termination of agreement Debt Surveillance or Legal collection Buying debts? Day 7 Day 7 - 3 0 Day 10-30 Day 30 Day 45-60 Day 90-360 Day 360
    8. 8. <ul><li>Debt Collection is based on -The Civil Law of Latvia </li></ul><ul><li>No separate regulation professional debt collection (new law up for decision in government ) </li></ul><ul><li>Historically, customers pay for collection service </li></ul><ul><li>Now there is a change to that debtors are paying more of the cost, with an alarming increase in debtors fee from some market players </li></ul><ul><li>Collection officers can do work and home ”visits” </li></ul><ul><li>No regulation when to call 24/7/365 </li></ul><ul><li>No common database of bad debts or legal cases </li></ul><ul><li>Problems with public registers i.e. address register, not enough data, phone register, debtor´s phone numbers are mostly “secret” </li></ul><ul><li>Long litigation process </li></ul>Page: Laws and regulations - And practice
    9. 9. Collection association <ul><li>Founded 2010 </li></ul><ul><li>90% of the open collection market represented </li></ul><ul><li>The association actively trying to change to new law </li></ul><ul><li>Regulation fees Adoption to Nordics </li></ul><ul><li>Regulation calls From 08:00 am - 21.00 pm except Sundays and official holidays </li></ul><ul><li>Communication regulations No job our home visits </li></ul><ul><li>“ Lobbying” for better court procedures easy way to get court decision, turning around the thinking, if the debtor do not answer well they have agreed! </li></ul>Page:
    10. 10. Page: Collection association statistics   Number of invoices sent to collection agencies Total amount in LVL   2009 2010 2009 2010 B2B 70 609 29 605 56 662 626 25 736 799 B2C 432 434 389 156 111 002 690 131 011 461
    11. 11. Page: P-A Blomquist 2008.10.17 Thanks! SERGEL Lielvārdes street 8a, Rīga, Latvija Tel: (+371) 67630303 Fax: (+371) 67630304 www.sergel.lv [email_address] [email_address]

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