How To Recover A Debt From The USA
Since our opening in 2004, Federal Management has helped thousands of businesses recover millions of pounds worth of unpaid debt. Our specialist Debt collection in the USA services have been a huge part of this.
The USA is the UK’s number one trading partner – An estimated £55.61 billion of trade was done in 2020 between the UK and the USA, making up the largest percentage of all UK exports. With this massive trade relationship, understandably the issue of unpaid debt arises on a regular basis.
In the modern day world of international trade, it has never been easier for companies in the UK to trade with companies in the USA. If a US based client does not pay, it can often leave the original creditor in a difficult position.
Federal Management has foremost knowledge of recovering owed money from debtors based in America. One of the key specialist services we provide is international debt collection.
Using our well crafted experience, we can recover your American debt in the most professional manner possible. Our service manages the whole process and takes local factors into account, such as time and cultural differences.
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How Can I Enforce Debt Collection in the USA?
The best way to resolve a case of debt collection in the USA is to use an experienced debt collection agency. This is as opposed to trying to recover the money internally or using an expensive option such as protractile legal action via the American federal court system.
Many debt collection agencies can only recover certain types of debt. This is not the case with Federal Management. We have experience of working in most commercial business sectors on an international scale.
A specialist debt recovery solution should always be preferred to a generic solution. Working with professionals can very often mean the difference between recovering what is owed or nothing at all. In order for any case of debt collection in the USA to be as effective as possible, every factor must be taken into account.
For example, there may be cultural elements of a case that must be taken into account. Or, something as simple as the time difference between the UK and USA must be factored in. Even more importantly, a working knowledge of American national and state law must be possessed by the agency that is collecting the debt.
Differences of Debt Collection in the USA and the UK
In the USA, the ways that the Federal Government deals with debt recovery differ somewhat from the laws we have in the UK. There are also some differences set by the individual states. If your debtor is based in California, for example, then there may be a different set of rules to a debtor in New York.
In the UK, a debt can only be enforced within six years of its creation. If the debt is not recovered after that time period, it becomes “statute barred” and can no longer be enforced.
In the USA, this time period is usually between three and six years, but in some states, it can be as high as ten or fifteen.
As well as this, this statute of limitations period can differ depending on whether the debt is part of a set of categories. These are Oral Agreements, Written Contracts, Promissory Notes and Open-Ended Accounts. Each category of debt also has its own limitation period too, for example: