Debt Collection for a debt in Finland
Debt Collection in Finland
Does your business deal with clients in Finland? Are you owed money resulting from unpaid invoices? Has a client in Finland missed the due date on an invoice again?
Many businesses that deal with clients based in foreign countries find themselves in this position. Being owed money by anyone is always a stressful and frustrating experience. When the client that is withholding payment is based in another country, it can be even more stressful.
One of these countries is Finland, a nation that has been trading successfully with UK businesses throughout history. For example, there was $1.58 billion worth of exports sent from the UK to Finland in 2020 alone. This demonstrates how prosperous trading is between the 2 countries.
With such a high level of trade, there will always be a high probability that issues will occur. One such issue is non-payments. When a client in Finland withholds payment, it can cause a lot of problems for the UK business that is owed money.
Clearly, the money must be recovered as soon as possible, but what can businesses do when it comes to debt collection in Finland?
The answer is simple – the best and most beneficial solution is to instruct a professional international debt collection agency.
Debt Collection in Finland – The Benefits of a Debt Collection Agency
Whilst alternative options for debt recovery exist, they are often too expensive or time consuming. This often results in debts being written off, which should never be an option.
A professional debt collection agency can recover owed money at a low cost. As well as this, effective and appropriate enforcement processes are used to ensure that a professional service is delivered.
Many agencies specialise in a specific area of debt collection. For example, some agencies focus on private debt, and others are experts with commercial debt collection. Federal Management, for instance, is known as the UK’s leading commercial and international debt collector.
Having a specialist is crucial to success, especially when an overseas case such as debt collection in Finland is needed. International debt recovery cases are typically more complex than domestic collections. Having in-depth and up to date knowledge of local and national laws and customs is the highest requirement.
For example, Finland has its own unique rules, laws and regulations regarding the collection of debt. As well as this, time differences, cultural factors and even the spoken language of the debtor can all contribute to a case. In Finland, there are 2 main languages (Finnish and Swedish), and being able to speak either of these can help a cases success rise sharply.
In the UK, businesses usually work on payment terms of either 30 or 60 days. In Finland, things are different, and this can often cause a lot of friction when expecting a payment that isn’t coming. UK businesses often find themselves issuing payment demands as a Finnish client hasn’t paid in the agreed time frame.
There is also a time limitation period on recovering debts in Finland, which lasts for just 3 years.
Debt Collection in Finland – Recovering Owed Money
Federal Management can provide the UK’s most professional debt collection service. Our global network of trusted debt recovery partners ensures that we have expert knowledge. This ensures that we are able to recover money from virtually anywhere in the world.
Does your business need assistance with debt recovery in Finland? If so, speak with one of our friendly debt collection experts now for more help.
Debt Collection in Finland – Frequently Asked Questions
How long can a debt be collected in Finland?
Finland, like many other countries, has a limitation period on the enforcement of debt. In Finland, there is normally a 3 year limitation period for recovering owed money from contracts. For more information, it is always best to speak with a debt collection expert such as Federal Management.
How much does debt collection in Finland cost?
Typically, a debt collection company will operate on a commission basis. This is because there is no “single price” for debt recovery, as each case is unique and must be judged independently. Federal Management’s low commission rates begin from as little as 8%. Speak to one of our debt collection experts now for more information.
What is the process for debt collection in Finland?
Federal Management provides a debt collection service that is fully comprehensive. Our debt collection process takes everything into account and ensures that the case is handled professionally and appropriately.
Can a UK company recover a debt from a client in Finland?
Yes, if you have a debtor in Finland, a professional debt collector can help. It is better to instruct an agency that specialises in international debt. Federal Management is known as the UK’s best international debt collection agency. Speak to one of our friendly debt recovery experts now for more help.
What is the average success rate on debt collection in Finland?
Federal Management has an overall average collection rate of 90% or more on undisputed business debts. Speak with one of our experts today to find out how we can help to recover your unpaid debt.