Collection of debt from Egypt | Debt Collection
Debt Collection in Egypt
Egypt has historically built positive business bonds with a large list of countries across the globe.
For example, relations between Egypt and the UK are longstanding, with politics, defence and trade being at the forefront.
The strong trade partnership has allowed UK businesses to provide a large number of goods and services to Egyptian companies.
There are times when organisations may rely on the income from international trade more than in their native country.
In 2020, the recorded total number of United Kingdom exports to Egypt was $1.3 Billion. This is an impressive number, with machinery, steel and pharmaceutical being top contributors.
Whilst it is true that business is thriving, there are times when financial hardships occur behind the scenes.
It is a fact that the more business transactions that occur, the higher the likelihood that problems related to cash flow will arise.
One common example of this is when a business is not paid by the client they have provided goods to. Many business owners in the UK experience this when working with Egyptian clients.
Although scenarios such as late invoice payments are common in daily business life, action needs to be taken when this happens.
There are of course ways that business owners can prevent this from happening such as checking credit reports or implementing payment terms. However, there are times when the owing of money simply cannot be avoided.
Those that do this in Egypt may believe they can get away with it due to the distance which is certainly a false perception.
If you are owed money by a client in Egypt, you need an international debt collections service.
Federal Management, for example, is a debt collection agency that has specific experience recovering unpaid fees in Egypt.
There are various options available for debt collection in Egypt, and it can be a challenge to choose the right one.
This guide has been created to help business owners that are experiencing delinquent debtors in Egypt.
How To Undertake Debt Collection in Egypt
Successful debt recovery in Egypt relies on the understanding of country-specific factors such as language barriers, laws, time differences etc.
For example, having knowledge of the 16 different languages that are spoken in Egypt will aid the collection process.
Each of the factors mentioned all plays a part in how long it takes to recover a debt in that specific country.
Those that are classed as professionals in collecting debts will have the required expertise to form an amicable collection.
A common option could be to use a solicitor, as they will have knowledge of the laws in Egypt and how the court systems work.
Whilst they are a valid option for debt recovery, they often operate on a price-drip fee basis which can cost a lot of money. In some scenarios, the cost of using a law firm may exceed the debt value.
Naturally, business owners will want to stay away from spending a lot of money to recover what is already owed. Achieving a successful yet affordable collection of unpaid fees should be a top priority.
This outcome can be met by using a professional commercial debt collection company such as Federal Management.
Egypt Debt Collectors – Federal Management
If you have unpaid invoices in Egypt, you need a professional solution that will get your money back.
Whilst there are many options to choose from, we can provide you with the most beneficial one for your business.
At Federal Management, we have helped thousands of businesses since 2004 recover what they are owed.
There is a long list of benefits to using our expert service, including:
- An average recovery rate of up to 90% on undisputed debts.
- Lowest commission rates in the industry from as little as 6%.
- A global network of experts allows us to recover debt almost anywhere in the world.
- A tracing service that allows us to track down absconded debtors.
- Professional service allows existing relationships to stay intact.
No business wants to experience clients that refuse to pay invoices on time or at all. When this happens, a trustworthy and effective solution is required.
If you are owed money by a client in Egypt, you need to speak to our debt collection experts today.
Debt Collection in Egypt – Frequently Asked Questions
My business has unpaid fees in Egypt, can this be recovered?
Regardless of where your debtor is based across the globe, your fees can still be recovered by a professional. Contact our experts today to start the debt collection process.
How long is a debt able to be recovered in Egypt?
Each country has its own rules related to statute-barred debts. The statute of limitations on debts in Egypt is 15 years unless there are special exemptions related to the debt.
What is the success rate of debt collection in Egypt?
Each debt collection method provides its own rate of success. At Federal Management, we provide our clients with an average recovery rate of up to 90%.
Will it cost a lot of money to recover the debt?
Federal Management provides its clients with an affordable service with effective results. The cost of debt collection is entirely based on its circumstances, which can be discussed with an expert.
Can personal debts be recovered as well as commercial debts?
Yes, all types of debts can be recovered by a professional debt collection agency. We specialise in commercial debt collection, whilst others are experts at recovering consumer debt.