Saudi Arabia debt collection may seem impossible. Barriers to language and culture, foreign laws and customs, and far beyond all pose significant challenges.
Debt recovery is easier if you use a law enforcement agency in the laws and customs of the country where the debtor resides. Cedar Financial provides international representatives in Saudi Arabia who understand debt collection practices that work to support full repayment of your money.
Saudi Arabia Debt Collection
Our marketing work with the expertise of law firms in Saudi Arabia is fast moving through the necessary process to repay your debt. We are so confident with our networks that they can repay the loan so much that we have not charged you in advance, because you will actually only pay once the assigned agency has received the debt. This means that you have peace of mind knowing that you do not owe us money. In addition, our expert team will ensure that we start the process as soon as possible after consulting you for the first time.
Saudi Arabia and the UAE are listed as the two most difficult countries in the world of debt collection, in the analysis of debt collection processes in 50 countries worldwide by Euler Hermes.
International credit insurance states that in Saudi Arabia and the UAE, the difficult conditions for debt collection are due to a large number of factors: from high speed, high costs and general uncertainty of Saudi Arabian local actions to legal crisis Framework and lack of independence and judicial integrity in the UAE.
Since 1991, Cedar Financial has been operating as a nationwide trusted credit bureau, helping businesses collect unpaid accounts worldwide. With debt collection information in a variety of industries, our knowledgeable team collects your debts quickly and efficiently so you can get the payments you owe.
With offices in more than 150 countries, including Saudi Arabia, working with Cedar Financial gives you access to a global network of licensed debt collectors nationally. Our deep understanding of local laws, customs and traditions guarantees the best possible debt settlement results.
As with all GCC provinces, late payment is common in Saudi Arabia. In fact, the law does not regulate late payment, while interest on late payment is prohibited and collection costs cannot be reimbursed to the debtor unless a specific agreement has been entered into by the parties. As a result, creditors often try to negotiate a rebate to pay off as soon as possible.
Local legal action is slow, expensive and uncertain at all, because the courts are not bound by the previous system and have a greater understanding of applying Sharia principles in certain cases. In addition, weeks or months may separate individual hearings and courts do not follow time management requirements.
Saudi Arabia has an oil-based economy with strong government control over major economic activities. While Saudi Arabia does not have the same strict transfer rules as other authorities, transactions between related parties should be concluded on the basis of independent parties.
Insolvency law does not provide much support when it comes to debt recovery: the process of debt restructuring is set but in reality remains untested and closure is prevalent, thus leaving no chance of repayment to creditors.
Sweden, Germany and Ireland take the lead in Euler Hermes for being the easiest countries to collect debt. Global debt collection is three times more complex in Saudi Arabia than in Sweden.
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