Using a International Debt Collection service
Using An International Debt Collection Service
When an International Customer fails to pay what they owe, this presents a challenge. It is far more difficult to act when your Business customer is not in the United Kingdom. So using an international debt collection service can be a mandatory step to getting paid. Collecting Debts outside the UK carries a certain apprehension for some but that need not be.
Debts are recovered from all over the world on a regular basis. From a Business Debt in Dubai to a Commercial Debt in America, there are options to choose from.
When your customer is in a different jurisdiction, this can be a major obstacle. Knowledge of the relevant laws within that jurisdiction is essential. This article explores the simple steps that can be taken as part of our International Debt Collection service.
Contact your customer
If the invoice payment deadline has been missed, you need to reach out to your customer. Let them know payment is now overdue and it needs resolving. If your requests go ignored then advise you will instruct a third party. Sometimes this can trigger a chain reaction and they will pay without further delay.
Unfortunately, some debtors think because you are located in the UK, there is nothing you can do.
Get Expert Advice
So your customer has failed to pay the outstanding invoice. What are your options now? Well, start by speaking to a specialist. They can perform basic checks to ensure that all is not lost. Checks as to the legitimacy of your debt are the first port of call. Then checks and investigation into the current standing of the customer in question.
This assessment will enable the specialist to verify that there is the prospect of the debt being paid. It will give you a better perspective on the situation and understanding.
Proceed with action
If the Customer is still actively trading and there is merit in the Debt claim, action can begin. Copies of documentation pertaining to the relevant debt would be required. This will enable the Debt Recovery Specialist dealing with your claim to start. A notice of Instruction is usually issued to the Debtor Company straightaway to let them know. This will make them aware that the matter has now increased in severity.
Overseas Debt Collections
All cases are initially dealt with by our Head office. The file is prepared by an International Debt Collection service specialist. They perform all tasks and due diligence relating to the file. Maximum effort goes into resolving the matter as quickly as possible. Where a more Pro-Active action is required, we have Partners and Associates in most countries across the Globe.
Local knowledge is super valuable. Over the past 15 years, we have developed a network of the very best in International Debt Collection Agents. These can be called upon to act when our reasonable efforts at dialogue have been met with resistance.
A physical and local presence sometimes ensures the Debtor knows the matter will not simply disappear. We can also use relevant local litigation Agents when needed if a sterner approach is necessary. This localised intelligence and information is the difference between getting paid and not getting anything.
All clients of our renowned International Debt Collection service are kept updated. Regular reports keep clients informed of progress right up to securing payment. Our Global Accounts Team manage overseas payments from whichever country they originate. These payments are managed through to them being forwarded to your bank account.
Cost-Effective Collection solution
When people think of an International Debt Collection Service, they usually think of the great expense. That is not the case here, quite the opposite. We minimise the costs to our clients by delivering a low fixed fee service. If our initial investigations prove to be fruitful then we can act. If initial checks show that your international customer is insolvent, we will tell you.
Less than 1% of the International Debt Recovery cases we deal with require litigation. It is not in ours or our client’s interests to protract matters. Our aim is to keep costs to a minimum and recover what is owed expediently.
Act now – Time is of the essence
If you have perused this article in full then it is likely your business is owed money from an international customer. Procrastination will not help your Business Invoice get paid so speak to an Expert now. We can assess the situation in full and advise of the best solutions. The Debts we have collected have ranged from EU based debts through to more remote locations such as Africa.
Our Specialist International Debt Recovery Team are here to help you and your Business get paid. So contact us today for your free consultation and assessment in confidence.