In Cyprus, debt collection can involve sending formal demand letters, negotiating payment plans, initiating legal proceedings, and, if necessary, enforcing court judgments. Agathokleous-Neophytou & Co. LLC offers expert guidance through each step, ensuring compliance with local laws while maximizing recovery efforts.

Debtors in Cyprus are protected against unfair collection practices and have the right to be treated with respect and dignity. They can dispute invalid debts and request reasonable repayment plans. Our law firm ensures that all parties’ rights are respected throughout the collection process.

Creditors typically have up to six years to pursue most types of debts under Cyprus law, starting from the date the debt became due. However, this period can vary depending on the debt’s nature, so it’s crucial to seek legal advice from firms like Agathokleous-Neophytou & Co. LLC to understand specific timelines.

Yes, creditors can charge interest on overdue debts in Cyprus. The rate can be agreed upon in the contract, or, in its absence, the legal rate set by the Central Bank of Cyprus applies. It’s important to ensure that interest rates adhere to legal limits to avoid disputes.

Yes, a debtor’s assets can be seized in Cyprus for debt recovery following a court order. This includes bank accounts, real estate, and personal property. The seizure process is strictly regulated to ensure fairness and compliance with the law.

Mediation serves as an alternative dispute resolution method, offering a faster, less confrontational way to resolve debt collection issues in Cyprus. It allows both parties to negotiate a mutually acceptable solution with the help of a neutral mediator. Agathokleous-Neophytou & Co. LLC can represent clients in mediation, facilitating effective negotiations and settlements.