International Debt Collectors

International Debt Collectors

It is easier than ever before to do business, with millions of agreements and transactions happening daily.

Boundaries and borders no longer exist, and businesses now have the potential to operate on a global scale.

Whilst this is a great step for businesses, it also provides a greater opportunity for debt to occur.

As such, there has never been a greater need for international debt collectors.

Indeed, since the Brexit referendum and departure from the European Union…

…there has been a reported increase in the number of European commercial debts that need recovering.

If you are a business owner and someone owes you money, you need to take action.

Your company must be able to function to grow and having ‘problem payers’ will put things at risk.

It is a fact that all businesses will encounter a client who is unwilling to pay at some point.

With the increase of international trade,  money that someone in another country owes is becoming more and more of an issue.

For many business owners and credit-control teams, recovering a debt from someone in another country can be a daunting task.

You can protect yourself from situations like this.

For example, creating contracts, payments terms…

…and a robust international credit control process can help.

In this article, we explain how international debt collectors can help recover money owed by someone in another country.

International Debt Collectors Expertise

International debt collectors have specialist expertise for recovering debt from around the world.

Having a working knowledge of each nation’s debt recovery laws is crucial.

It is this expertise that makes them an effective solution.

The next few sections outline some of the laws and procedures various nations have put in place.

European Order for Payment

For instance, according to the European Parliamentary Research Service…

…to supplement the existing order for payment measures, EU legislature created a European Order for Payment (‘EOP’) procedure.

The procedure is available for cross-border claims for money, for those arising from a contract.

It is based on standard forms and the claimant does not need to prove the case before an order is issued.

Once the defendant receives an EOP, they may oppose it.

This then makes the EOP unenforceable and the case then moves onto standard civil proceedings.

This is to combat the costs and time of cross-border debt collection.