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DEBT COLLECTION

Recovery of collection costs

Recovery of debt collection outlays
In terms of Article 6 of Italian Law (D.L. n.231 09/10/2002) the debtor may be held liable for the repayment to the creditor of the latter’s outlays made in seeking an extra-judicial (in the pre-litigation phase) settlement of the debt. Said article reads as follows:

1. The creditor shall be entitled to the costs incurred by him in the recovery of sums which have not been paid timeously, excepting where the debtor is able to demonstrate that the delay was not due to his fault.
2. The costs - always within the limits of the principles of transparency and proportionality - may also be determined on the basis of presumptive elements and of the court tariffs regarding extra-judicial costs.

Quantification of compensation for recovery costs
In terms of the above-mentioned law, the quantification of costs recoverable from the debtor shall be calculated by reference to the court tariffs in force regarding extra-judicial credit recovery. The sums requested from the debtor, therefore, shall be line with those which would be sought by a legal firm in the first pre-litigation phase (default/warning of legal action).
These parameters allow us to request from the debtor the total reimbursement of the costs borne by the creditor (our client) for the extra-judicial work for the recovery of credits entrusted to us, relative to sums under €2,500. In addition to this sum, the debtor may be requested only a partial compensation of the recovery costs. (see table)

Worked example
If we consider the situation where COMAS receives instructions to recover a sum of €5,000 which has been outstanding for a period of 12 months, the debtor would receive the following payment demand:

  • Capital €5,000
  • Interest €543.68 (calculated in terms of the DL n.231 above)
  • Bank charges €35.00
  • Compensation of recovery costs €450.00
  • Total sum to pay €6,028.68

Should the debtor effect payment of all the above-mentioned sums, the creditor would recover a net sum of €5,359.24 (the difference between the sum collected and the compensation of €669.44 due to COMAS on the basis of an agreed commission of 12%, calculated on capital, interest and bank charges recovered).

Clarification
The missed or partial recovery of the sums requested from the debtor as heads of compensation of the recovery costs may not in any way have a bearing on the compensation due to COMAS by the creditor on the basis of mandate given to COMAS.
The request for reimbursement of the recovery costs may not be applied to credits dated prior to 8 August 2002.

 


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