Collecting a Debt from Italy
Expert Debt Enforcement In Italy
Italy is the world’s fifth most visited country and its tourism generates a large amount of money for its economy. It is no secret that the UK and Italy have a long and prosperous trade history.
This is especially true in the modern business world, where international trade is easier than ever.
In 2020, it was recorded that the UK’s exports to Italy were totalled to be around $11.03 billion.
This impressive statistic demonstrates how trade between the two countries continues to thrive.
Are you a business owner that provides goods or services with clients in Italy on a regular basis? Even with a large business relationship with clients in Italy, there is a higher potential for debts to occur.
There are a plethora of reasons why a payment may not be made, however, some clients may simply refuse to pay.
A common perception that international debtors believe is that they can get away with this due to the distance.
This is not the case and there are solutions available to assist with Debt Collection in Italy.
Should you have a client that is withholding payment in Italy, you need to take appropriate action to get this recovered.
Since 2004, Federal Management has recovered debts for businesses that are owed money in Italy and across the globe. Whether it is collecting a business debt from Italy or from an individual, we can help.
Across our long history, we have recovered millions of pounds worth of debts that are owed to companies in the UK.
If you require debt collection in Italy, our experts have put together this information to help you.
Debt Collection for Unpaid Fees in Italy
If a business is owed money by a client in the UK, this can create a rather stressful situation.
Various elements of a company can be affected when this happens such as cash flow, finances, longevity etc.
When the debtor is based in another country, this can make things even worse for the business that is owed money.
This is due to the various factors that need to be considered such as language barriers, time differences, cultures, laws and regulations etc.
For example, the statute of limitations in the United Kingdom is 6 years and in Italy, it is 10 years.
This is taken from the invoice due date, rather than the last acknowledgement of the debt like in the UK.
It is a sad reality that the stress of the situation alone can cause business owners to abandon the debt.
Whilst this is understandable, especially for small businesses, this should never be commonplace.
There are many different options available to help with recovering unpaid fees in Italy.
Options for Debt Collection in Italy
Acting as soon as possible when money is owed overseas is the best course of action to take.
Failing to act quickly may make the debtor believe they have gotten away with not paying.
There are certainly ways to prevent a debt from occurring in the first place, however, sometimes this cannot be avoided.
If a debtor fails to pay what is owed, you could send them a bill of exchange via registered mails.
This is a written order that states the debtor must pay the fees that are owed on demand.
Independently collecting a debt may take up a lot of valuable time and resources.
This is especially true if you are inexperienced in dealing with the factors mentioned above.
Legal action is another common method for debt collection in Italy that is known to be effective.
Despite its effectiveness, it can take a long time for this to move through the Italian court systems.
Italian law will also dictate how quick the recovery is, and the more time spent can cost lots of money.
Although conducting debt recovery alone or through legal proceedings may be attractive, a better solution is available.
A debt collection agency that has specific experience in recovering overseas debts is by far the best option.
Federal Management is one such agency and has a demonstrated history and knowledge of this.
Why Instruct A Debt Collection Agency?
Instructing a debt collection agency to recover debts in Italy is far more beneficial than any other option. This has quickly become the most popular way for businesses to recover money that is owed to them.
There are hundreds of agencies to choose from, however, you should always choose one with a demonstrated and successful history.
Federal Management is often viewed as the UK’s leading commercial debt collection agency and can recover debts globally.
This is achieved by having a global network of debt collectors with specific country recovery expertise.
The result of this is that debts can be recovered by us from virtually anywhere across the globe.
By choosing a professional agency, your business will receive the most effective service whilst minimising costs.
Although our debt collection in Italy service is affordable, this does not jeopardise its success.
We provide our clients with an industry-high average recovery rate of 90% on undisputed debts.
Further to this, we ensure to keep all existing business relationships intact by providing a professional service.
Debt Collection in Italy: Summary
If you or your business are owed money by someone in Italy, you need to take appropriate action immediately.
If you take a long time to do this, your business’s cash flow or finances may further be affected. Collecting a debt from Italy can be very challenging but with our specialist services it need not be.
Choosing a debt collection agency, such as Federal Management, is the best course of action to take.
This will provide you with the highest success rates whilst minimising the cost of the recovery.
There are various factors to take into consideration when recovering debts from overseas which the experts will have knowledge of.
Please contact our team of expert debt collectors today to kick start the collection of your debt from Italy.