Foreign Debt Collection : It Can Be Done!

Many business people fear that if they have an overseas debt, that it will be difficult for them to recover that money. While overseas debt collection does bring some complications, it can be done, providing you have the skills, expertise and local knowledge.

In the internet age, it has never been easier to do business overseas, and every day there are millions of agreements made on an international basis, with goods and payments travelling vast distances at great speed. But while this is great for business, it does bring its own complications.

Unfortunately, it is in the nature of business, wherever you are in the world, that some people will seek to avoid paying or delay settling their debt, causing a potentially significant impact on your cashflow and resulting in you spending time and money pursuing your payments. Some debtors may even feel that they will be under less pressure to pay if they are based overseas.

Much of the challenge of recovering international debt lies in getting to grips with the local rules and regulations that apply to business and debt collection. Many nations have different common law approaches to the question of debt. For example, the UK statute of limitations on debt is six years, but in India, it is just three, which can lead to some costly errors.

There is also the question of the language and cultural barriers. To fully grasp the nuances of communicating with a debtor, you don’t just need to be fluent in the relevant language, you need to understand the local business practices and the debt collection framework in each country. If not, you may miss some vital details that can slow your debt collection process or worse, compromise the recovery of your debt.

Recovering Foreign Debt from the UK

One option for recovering foreign debt is to seek legal action within the UK. The legal system may be able to be of some help in this, but it is unlikely that any UK solicitor will be as familiar with the debt collection process as they need to be in order to secure the recovery your debt.

In addition, the cost of engaging a solicitor can be prohibitive. With costs sometimes running into hundreds of pounds an hour, it is understandable that some businesses opt to write off the debt. But this would be a mistake.

One of the most effective ways to collect foreign debt is to turn to a specialist international debt collection agency. A reputable modern debt collection company will utilise the skills of experts with in-depth knowledge of the relevant nation’s laws, customs and regulations.

Our global network of dedicated international debt recovery agencies have the language skills and the local knowledge to expedite your debt collection process, including the enforcement of judgments delivered in overseas courts. And, as a modern debt recovery agency we take a relationship-focused approach to the process of debt collection, ensuring that your debt is recovered efficiently while maintaining the business connections and reputation that is vital to your future success.

If you are facing an international debt and wondering whether it can be recovered from the UK, get in touch with us today and let us take the hassle out of overseas debt recovery.