My debts

How to set up a payment plan?

OK Incure offer’s a variety of solutions to make payments easy. We understand your financial situation may be difficult at this time and lead to late or non payment of debt. To assist you we can arrange a suitable payment plan, where you do not have to pay the full amount at once, it is also possible to defer the payment of the debt for an agreed set time. The terms of the agreement depend on the claimant, the amount and age of the debt and the amount you want to pay each month.

The more you can pay each month, the shorter and less stressful the repayment period, and the more likely you are to reach an agreement with your debt collection specialist at OK Incure regarding a payment schedule. Unfortunately the longer you delay contacting OK Incure to request a payment agreement, the more difficult it will be to enter into a payment schedule that satisfies all parties.

EXPEDITED PAYMENT ORDER PROCEDURE

Are you struggling to meet monthly payment schedules?

Do you postpone your payment to the next month then realize the following month you will have to pay double?

In this stressful situation do you ignore all attempts to contact you? No longer look at reminder notices, read emails or take phone calls? Do you feel your future remains unclear?

If so let OK Incure explain the follow on process for a order for payment procedure:

In this scenario, a debt collection agency can immediately go to court and file an application to initiate a payment order procedure against you. It is the fastest form of procedure, with the lowest costs, the claim does not need to be proven, there is no court hearing and it is possible to obtain an enforcement order (payment order) which is then immediately enforceable. Consequently if the debtor does not pay the amount ordered by the court voluntarily to the claimant, the claimant has the right to apply to a bailiff for an enforcement proceedings order against the debtor.

A claim under the accelerated payment order procedure may not exceed EUR 6400 (including ancillary claims such as interest and default interest). If the amount is higher, the lawsuit will become more costly and time-consuming for both parties involved. The fast-track payment order procedure is submitted via the electronic portal E-file. After submitting the application, the court will resolve it within 10 days and send the payment proposal along with the objection form to the debtor.

If the debtor has not paid the amount specified in the payment proposal or has not objected to the payment proposal in time, the court shall issue an order to recover the amount due. If the debtor acknowledges the claim, it is possible to contact OK Incure and request the possibility of arranging a payment schedule.

Both parties must sign the payment schedule and submit it to the court, where it will be confirmed as a payment order together with the payment schedule, which in turn is a legal enforcement document. If the debtor objects, the case is transferred and becomes an action procedure, which involves higher costs and more time-consuming proceedings.

More information at https://www.kohus.ee/en/node/2526

The register of payment defaults is a database managed by the company ‘Creditinfo’.

Here any company can enter a payment defect; i.e. notify an individual who has not fulfilled his or her financial obligations.

Payment defaults can be entered by any company that has a CreditInfo agreement and is the owner of the right of claim; i.e. has the legal right to demand fulfilment of the obligation. In other words, it can be either the lender or the party to whom the lender has assigned the claim (for example OK Incure, a debt collection agency).

Default data is updated (positive or negative amounts) according to the debt balance at least once a week, if necessary. Terms of the default agreement are, the payment default shall be terminated upon full payment of the debt. The end date of the payment default is the last day of payment of the outright completed debt.

Payment default records are not cancelled in agreement with the debtor. The information entered in the payment default register is retained for 7 years in the case of companies and up to 5 years in the case of private individuals. This is from the date of the termination of the payment default.

The purpose of a payment default is to highlight bad payment behavior. It assists Estonian entrepreneurs and businesses to make the right credit decisions and enables the application of the principle of responsible lending. Therefore, it must be taken into account that in case of default, it may become impossible to consume credit products in the future.

Read more here https://www.creditinfo.ee/en/credit-register/

BAILIFF

If, notwithstanding the court decision issued, the debtor does not comply with the court proceedings, the creditor has the right to enforce the matter, i.e. an application for enforcement proceedings which will be submitted to the bailiff, informing them of the debtor’s place of residence.

The bailiff can then enforce the compulsory execution of the decisions of the courts and arbitration bodies ‘enforcement documents’, along with other documents that can be enforced without initiating legal proceedings: various administrative acts (incl. Tax debts, parking fines) as well as some contracts (incl. Notarised contracts in which the parties undertake to be immediately enforced in case of non-performance).

The bailiff is obliged to immediately take all measures permitted by law for the execution of the enforcement order, to make a claim against the property of the debtor or in certain cases the property of the debtor’s spouse.

The Bailiffs Act is available at https://www.riigiteataja.ee/en/eli/526062017005/consolide.

BANKRUPTCY OF AN INDIVIDUAL

Insolvency is the inability to pay debts when they are due. You can be insolvent without being bankrupt, however, you can’t be bankrupt without being insolvent.

In these cases both the debtor and the creditor(s) can file for bankruptcy, however, the debtor is liable for the costs of proceedings. Bankruptcy of a private individual to resolve insolvency is the most extreme option, before that the debtor can try to reach an agreement with the lender(s). After the declaration of bankruptcy, the assets of the individual then become bankruptcy assets, which the trustee in a bankruptcy procedure has the right to manage.

If the creditors’ claims are met satisfactorily to the agreement, the bankrupt individual can resume his or her economic life, although by law the court can only release the debtor from the defaulted obligations five years after the commencement of the proceedings. Consequences of the declaration of bankruptcy specified in the Bankruptcy Act are;

The debtor’s assets become bankruptcy assets. The trustee in a bankruptcy order acquires the right to manage the debtor’s assets and to represent the debtor in proceedings relating to disputes concerning the bankrupt estate. The debtor loses the right to make any transactions with the bankruptcy estate; Interest and default interest are suspended.

Fortunately, there are solutions for resolving insolvency, including borrowing money or increasing income so that you can pay off debt, if this is not possible you can negotiate a debt payment or settlement plan with OK Incure.

The Bankruptcy Act is available at https://www.riigiteataja.ee/en/eli/519052020005/consolide