ABCs of International Debt Collection
All about International Debt Collection
In our increasingly connected global economy, doing business over national borders is a fact of life for many companies. While this has many positive aspects, it also means that from time to time, international debt collection can become an issue for your business.
Navigating the jungle of language, cultural and legal differences involved in recovering international debt can be incredibly complex. The precise nature of the difficulties involved will vary depending on which country you are attempting to recover your debt from and can include:
- Language problems. Ambiguity can have a corrosive effect on financial discussions and an inability to communicate in a shared language can be a huge problem.
- Legal difficulties. Every nation has its own legal system and a working knowledge of the laws that apply in a particular jurisdiction is essential to successful debt recovery.
- Cultural issues. The UK has clear rules on debt, but other countries differ wildly. Some still retain debtors’ prisons, while others have no defined structure to the debt recovery process.
While recovering debt in the UK can be a tricky process, attempting to secure repayment of your debt across international boundaries takes this difficulty to a new level.
One way to improve your prospects of recovering an international debt is to engage the services of a reputable international debt collection agency.
A debt recovery agency that has a dedicated international department, will be able to fully organise the recovery of your debt locally, quickly assess the issues involved and will engage their expertise to navigate the minefield of local laws, customs and other rules in helping to secure your overdue payments. This includes everything from communicating in the debtor’s language to following local legal practices.
It has been estimated that business owners chasing foreign debt can end up spending as much as 35 hours attempting to secure each separate amount. So not only is recovering an international debt a complicated and difficult process, but it is also costly in terms of time and, ultimately, using a well-resourced international debt collection agency will save money.
By working with a dedicated and professional international debt recovery partner, you will be able to focus on growing your business, while experts take care of the debt collection issue. And a modern reputable debt collection agency will ensure that the whole process is handled professionally and courteously, helping to preserve valuable business relationships.
If you are facing an international debt, get in touch with us today and find out how we can help to take the hassle and stress out of securing your money. International Debt collection is our core business and we are here to help.
For more information on UK Debt Collection or International Debt Collection, please contact us. Our website platform also offer International Letter Before Action Services. Credit Limits international is a member of the TCM Group.