Taking action quickly after an invoice becomes overdue increases the chances of payment. The Finnish Debt Collection Act requires that the debtor receive a payment reminder before any collection measures can begin.Cash-In’s payment reminder service provides a streamlined and professional way to manage this step. If the invoice is still unpaid after the reminder, it will be forwarded to voluntary debt collection.
Timely initiation and efficient management of overdue invoice collection are essential to successful business operations. The likelihood of recovery increases when payment reminders and collection measures are initiated without delay.In accordance with the Finnish Debt Collection Act , voluntary debt collection begins with a written demand for payment. If the debt is not settled following the initial demand, additional measures may be employed, including further written demands, telephone contact with the debtor, and, in non-consumer cases, the use of Tratta, which involves publishing notices of unpaid debts in major national newspapers. These measures are generally effective.During voluntary collection, the debtor may propose a payment plan at any time, which Cash-In will actively administer. All collection activities are conducted in accordance with applicable legislation and established good debt collection practices.
If a debt is not recovered through voluntary collection, it may be pursued through legal channels. For undisputed debts, a creditor can apply for a default judgment from a court. Once granted, the judgment can be enforced by public authorities through the seizure of the debtor’s income or assets. Enforcement continues until the debt is fully repaid or legally expires.Other legal remedies include repossessing goods sold on payment plans, eviction by enforcement authorities, and, where appropriate, initiating or threatening bankruptcy proceedings.Cash-In also handles cases where the debtor is in debt or enterprise restructuring, including the following:
Post-collection refers to cases where the debtor currently has no assets or income that can be seized, or where the debt has been written off as a credit loss. In this phase, Cash-In monitors the debtor’s financial situation and ensures the debt remains legally enforceable.If the debtor later regains the ability to pay, collection efforts are resumed. All tools used in voluntary and legal collection are also available during post-collection.
International debt collection is required when the debtor is located abroad. The process begins with voluntary collection. Communication by phone and email is conducted in Finnish, Swedish, or English, and payment demands can be issued in the customer’s preferred currency.If the debtor is unable to pay the full amount, a payment plan may be agreed and managed by Cash-In. If voluntary collection is unsuccessful, each case is assessed individually and may proceed to legal action. For debtors located in Sweden, Cash-In may apply for a payment order through the Swedish Enforcement Authority, which can then be enforced through seizure of assets or income.For debtors in other countries, Cash-In works with local representatives who can coordinate directly with the customer regarding legal action. Cash-In oversees the enforcement process and, where necessary, acts as a point of contact between the customer and the local representative.
