Collecting Debt from Foreign Countries
Collecting Debt from Foreign Countries
People and businesses alike need help collecting debt from foreign countries.
The European business community continues to develop.
It is increasing exporting rates, and there is a daily increase in business.
Global trade has grown, and businesses at every level now buy and sell on an international scale.
There is a high demand for international trade.
As a result, there are many opportunities for debts to occur.
People may choose to dispute invoices or ignore requests for payments.
They might abscond, or stall a payment with excuse after excuse.
Others think that you cannot enforce a debt that they owe you because they are in another country.
Regardless of the case, collecting debt from foreign countries is something…
…that is a constant headache for business owners.
When facing international debt, many are unsure of a correct course of action.
We asked our debt collection experts the best way to approach collecting debt from foreign countries.
Collecting Debt from Foreign Countries – What Are Your Options?
Many business owners view recovering a debt owed by someone overseas as a great hardship.
This is not the case.
Finding help from those with the right resources to do this is the best way of resolving the matter.
The evolving world of business and technology has made it easy for people to trade overseas.
Businesses need international debt collectors more than ever before.
This is to combat the issue of non-payers located overseas.
Instructing a debt collection agency is the best way to recover your money.
Every nation in the world has its way of dealing with the issue of debt.
The agency you choose must have a working knowledge of local jurisdiction.
Federal Management, for example, has a global network of trusted collections partners.
This means that we can collect debt from anywhere in the world.
Each agent is an expert at collecting debt from foreign countries.
As well as this, a debt collection agency will provide a world-class service at a low cost.
Many business owners choose to reach out to solicitors…
…for help when collecting debt from foreign countries.
Quite often solicitors class some international debts as “low value”.
For example, many law firms class a debt of under £5,000 as a “low-value” debt.
Whilst a law firm can attempt enforcement with debt at this value, the cost would exceed it.
For example, one Italian law firm requires a €30,000 upfront retainer.
This is for foreign clients that want to utilise his services.
With this in mind, many businesses choose to “write off” the debt.
They put the loss of the debt “down to experience” and abandon the prospect of recovery.
This is never a good idea.
This is especially true when there is the option of a specialist agency collecting a debt from foreign countries.
This course of action can be even more costly for larger international debts.
As well as this, solicitors can take a very long time to produce any form or result.
Court processes can take a long time, and foreign systems may take even longer.
There are many options when collecting debt from foreign countries, and are too costly for 80% of UK businesses.
The best option is to instruct a professional debt collection agency.
They will recover a debt whilst providing a low-cost solution.
Collecting Debt from Foreign Countries – Instructing a Debt Collection Agency
Instructing a specialist recovery agency is the best way of collecting debt from foreign countries.
When you are searching for an agency, it is important to find one that is effective at recovering international debt.
The effectiveness of an international debt collection agency depends on several key factors.
- The quality of the agency
- Their ethics
- Their global network
- Their international connections
As with any service-based industry, there are both good and bad options.
Many low-quality agencies promote themselves…
…as being able to offer international debt collection services.
This may be a way for them to provide some form of creditability of their service, when in fact they can not provide one at all.
You should dedicate a good amount of time to looking for an agency to help with collecting debt from foreign countries.
You should look for answers to the following questions:
- Do they have an assured network of vetted and professional foreign agents in every major state and country across the globe?
- Do they have bilingual speakers?
If the answer is no to both or either, you may wish to look for another option.
This will take you more time, but this a better option than placing the recovery of your £10,000 debt in their hands.
If you did, you may end up having more issues than an unpaid debt.
This may lead you to write off the debt.
With some research and due diligence and proactive decision making, you can find the best agencies for the job.
Federal Management is one such agency.
We are the UK’s leading professional international debt collection agency.
Federal Management will maximise the potential of recovering your overseas debt…
…with the least cost to yourselves.
We utilise an ethical, trustworthy and professional extension for your credit control process.
Since 2004, we have helped thousands of businesses with collecting debt from foreign countries.
Our dedicated overseas debt recovery team have recovered millions of pounds in foreign debts.
Before this, the only cost-effective option for the business owed money was to write them off.
We have a global network of trusted and accredited debt collection partners.
With this, we can collect a debt from anywhere in the world.
For more information on how we can help with collecting debt from foreign countries, speak to one of our experts today.
We will provide a free pre-action assessment.
A debt collection expert will tell you about the realistic possibilities of recovering your money.
If we can recover your debt, we can take the first steps to get your money back.