In 2018, the need for foreign debt collection is greater than ever before with the continued development of the European Business Community and ever increasing importing and exporting. There is a greater level of transparency across the globe in respect of validating a potential customer or client and this has made for even more purposeful global trade. Collecting Debt from foreign countries need not be a hardship with the right resources to do so.
This said, whilst the evolving world of business and measured advancements in technology have supported the trend of ever growing global trade, there still remains the necessity for professional overseas debt collection for the non payers, utilising local agents with a working knowledge of the local jurisdiction.
Quite often, if the debt has a relatively low value i.e. under 5k, it is sometimes written off by companies and put down to experience which really is not a good idea at all especially when there is the option of a recourse for a realistic recovery of owed monies.
For larger debts, the legal route via a law firm can be a very costly and timely option. We spoke to an Italian Lawyer recently who usually requires a 30,000 euros upfront as a retainer to take on foreign clients wishing to utilise his services. Quite clearly this is not an option 80% of businesses in the UK but it just goes to highlight the potential of huge costs of trying to recover overseas debt.
As with anything in life, the effectiveness of a International Debt Collection Agency is very much dependant on the quality of the company and their ethics, network and connections.
A simple example of such is, let us create a fictional name for instance such as Acme Collections. Now Acme Collections may claim to be able to offer a purported international debt collection service in order to supplement an image and to provide some form of credibility and kudos but can they actually offer such.
Do they have a assured network of fully vetted and professional foreign agents in every major state and country across the globe? Do they have bi lingual speakers? Probably not is the likelihood!
So by placing your £10,000 debt in their hands, what will you realistically achieve. The answer is very little apart from maybe an exacerbated situation that will only serve to increase frustration and may well even lead to you writing off the debt.
This could easily be avoided with just the basic due diligence and pro active decision making process. If something is worth doing, it is worth doing properly.
The International Debt Collection services of Federal Management are guaranteed to maximise the potential of you recovering your overseas debt with minimum cost to yourselves and utilising a ethical, trustworthy and professional extension to your credit control procedures.
Our dedicated Overseas Debt Recovery team have recovered millions of pounds over the past few years in foreign debts where the only real cost effective option was to right them off! We have maximised the cash flow of many a business by delivering our expert cross jurisdiction debt collection service, recovering debts from foreign nationals and companies across the world.
From Brazil to the Bahamas, from Delhi to Dubai, our truly global network of accredited partners and agents ensure we maximise the prospect of recovery your debts. No retainers, no mis guided information, no hidden fees….. in essence, simply no nonsense.
Speak to one of our friendly New Business Team today, we will give you free advice on how we can help. advise on the realistic possibilities of recovering your money and if we believe there is a realistic possibility it can be recovered, we can take instruction from you and take the first steps to getting your money back in your account. Of course, you could always give a ‘Acme Collections’ type Debt Collection Company a call but then again, you would not be reading this if you were not applying your own due diligence.
For the best results, use the best company….. Federal Management are the professional used by the professionals. Call us now FREE on 0800 043 6922 and take the first step to recovering your overseas debts.