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Overseas Debt Collection – Where to start
These days it is easier than ever to incur an overseas debt. With so much of our business done online, the physical distances that have long separated businesses and consumers have shrunk dramatically, and with a few clicks, you can contract significant overseas transactions.
While this opens up the world and presents many opportunities, one side effect is the inevitable accumulation of overseas debt. A certain proportion of customers, whether they are retail customers or other businesses, will either fail to pay on time or default on their debt entirely.
Handling International Debt Collection
In some cases, debtors overseas may feel that they are free from further action as long as they don’t return to the UK, as overseas debt collection is too difficult for most businesses. But this is not the case. The international debt collection process may be more complicated than for UK-based debts, but overseas debts can be recovered, with the right knowledge.
The complications involved in recovering an overseas debt can be significant. The difficulties include language issues and, depending on which nation you are dealing with, time zone issues. More importantly, there will be both cultural and legal complexities to deal with, as both the culture of debt recovery and the regulations governing it differ between nations.
“Collecting an overseas debt is certainly not about making calls from the UK or sending letters from the UK in the debtor’s language. Debt Collection is regulated at local level, and if, for example, you try collecting a debt in Belgium, Norway, Germany or many other countries from the UK, you will inevitably be in breach local Laws regulating debt collection activities. The best way to collect an overseas debt is to organise debt recovery at local level. TCM Group, probably the best debt collection network worldwide, guarantees compliant debt recovery in over 140 countries. We are the sole TCM Shareholder for the UK and in the same way, we will facilitate the recovery of UK debts on behalf of international creditors. Money knows no borders, neither do we.”
Outsourcing to an International Debt Collection Agency
Pursuing a foreign debt yourself can prove both costly and time-consuming and unless you have specific knowledge of the relevant legal system for that nation, it is far from certain that you will be successful. That’s why many businesses with overseas debts choose to employ the services of an international debt collection agency.
To find the right debt collection agency solution, you need to do your research. The first factor to consider is the agency’s expertise. Do they have in-depth knowledge of the country you are dealing with? Have they a track record of success in recovering debt from that country?
Reputation is another crucial factor. Seek out reviews of the international debt collection companies you are considering, in order to gain crucial insights into the way that they work and how successful they are, both at recovering debt and maintaining business relationships.
We understand the difficulties and unique frustrations that can come with international debt recovery, and our debt recovery agents are experts in navigating the regulations and cultural obstacles that can get in the way of collecting debt. Our modern, flexible approach to debt collection ensures that your debt will be recovered quickly and efficiently, without harming your crucial business relationships.
If you are interested in finding out more about how a modern debt recovery company works, or you are struggling with late payment issues affecting your company, get in touch with our experienced debt collection team. CLI is a member of the TCM Group.
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