Debt collection terminology
Voluntary collection
The first stage of collection involves so-called voluntary collection. The goal of voluntary collection is to reach an agreement with you on the payment of the debt as soon as possible, in which case costs and interest in the case will also be lower. If your payment is late and the debt is transferred to us for collection, we will send you a payment demand by letter.
After receiving the letter from us, you can flexibly negotiate with us the management of the debt in the way that suits you best. Please remember, however, to contact us before the due date of the payment demand. During voluntary collection, you will usually also be contacted by us (phone call, text message, email, letters).
Payment plan
A payment plan means paying off a debt in pre-agreed partial payments, i.e. “by instalments”. You can make a payment plan easily via the My OK service.
Accord/Composition agreement
An accord, or composition agreement, means a partial moderation of the debt, which the collection company or the original creditor may grant with regard to the principal of the debt or other costs. Accords are most commonly granted in situations where the debt is paid in full in one instalment.
An accord must always be negotiated separately with our Customer Service team. An accord application should be submitted in writing, either by post or email.
OK Perintä Oy
P.O. Box 442
FI-65101 Vaasa
Collection by legal measures
If the debt is not paid during voluntary collection, it might be referred to the District Court. We send a summons application to the District Court and request a decision on the debtor’s liability to pay. When the case is pending, i.e. the District Court has accepted the case for consideration, you will receive a summons notification. After receiving the notification, you still have 14 days to respond to the summons you received. You can pay the debt in full or submit to the District Court your response, if you disagree.
Otherwise, the District Court may issue a judgment in the case. A District Court judgment will result in a payment default entry in your credit information, which may adversely affect efforts to obtain, for example, rental accommodation, a loan or even employment. A possible enforcement procedure may also result.
If costs arise from collection by legal measures, they may be added to the original amount owed.
Judgment
In debt cases, the terms debt judgment, judgment or decision are used. A judgment is a formal decision issued by the District Court ordering a particular debt to be paid to the creditor. A judgment also involves legal costs. A judgment is required in order for a case to be sent to enforcement for collection.
Taxes and, for example, certain statutory insurance payments are exceptional cases, because they are directly subject to enforcement. For these, there is therefore no need for a District Court judgment; after payments are overdue and a payment reminder has been sent, they may be transferred directly to enforcement for collection.
Enforcement
If your debt is transferred to enforcement, you will receive notification of this. The enforcement authorities may seize part of your pay or other income directly. The enforcement authorities also have the right to seize your property to offset debts. Further information on enforcement can be found on the website of the National Enforcement Authority Finland.
If your debt has been transferred to enforcement, OK Perintä can no longer reach agreement with you on the payment of the debt. In these situations, you should reach agreement on this directly with the National Enforcement Authority Finland. Contact information of the National Enforcement Authority Finland
Post-collection
If a debt is not paid in voluntary collection, but the collection company or client does not refer the case to the District Court, the debt is transferred to the post-collection stage. In post-collection, we send you letters regularly to remind you of the existence of the debt. At any time during post-collection, you can contact us to agree on the payment of the debt. If a debt is returned to us from enforcement, we can agree on payment with you, even if a debt judgment has already been issued on the case.
Via the My OK service, you can check the information of an individual debt as well as the transaction history. In the service, you will see, for example, payments made, measures taken to interrupt the limitation period of the debt, and information about possible District Court decisions.