What Is the (Main) Payment Method for Debtors to Pay Their Debts in Turkey? What Kind of Regulation Do the Authorities Have On That Payment?
Parties of a debt relation may determine the way of payment by either written or verbally, both may be before or after the debt arise. There are various types to make a payment regarding the debt such as cash, credit transfer or payment by delivery and parties may choose one or more type of payments freely. The payment may be made to the creditor or its representative directly, this is the most preferred way to make a payment in the amicable stage.
In case the debt is collected by the legal stage, there are two ways to make a payment; paying directly to the execution office, or paying to the creditor or its attorney. If the debt is to be paid to the execution office and the debt is on foreign currency, the payment has to be made by its equivalent central bank Turkish Lira currency rate of the payment date. If the debt is to be paid to the creditor or its attorney during the legal stage, the payment and relevant payment proof must be submitted to the execution office in order to end the execution process.
Contributor: Emre Aslan
Position/Title: SENIOR LAWYER
For more posts contributed by Emre Aslan and ANTROYA DEBT COLLECTION & LAW OFFICE, please click here.
The Q&A Global is a special column run by CJO Global, and serves as a knowledge-sharing platform to facilitate peer learning and networking, and to provide the international business community with a global landscape of this industry. This post is a contribution from Antroya Debt Collection & Law Office. Antroya, headquartered in Istanbul, Turkey, has been working in the field of debt recovery dating back to 2005. They work with the world’s leading financial services companies and groups, who have the global largest network in International Receivables, and they are a member of several world's leading debt recovery networks.