How Does International Debt Collection Work?

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How Does International Debt Collection Work?

Being owed money by someone can always be a frustrating a stressful situation.

When a debtor fails to pay, it can often be unclear what the next course of action should be.

This can be even more stressful if your debtor is based overseas.

Many people are unsure of what to do if speaking to the person who owes you money involves crossing borders. 

Regardless of where the debtor is located, you must take steps to recover the debt as soon as possible.

If you leave the debt idle, your cash flow will be impacted.

A simple unpaid invoice could lead to more issues later on.

How Does International Debt Collection Work?

Searching for an international debt collection agency can be extremely time consuming. Speak to one of our debt collection experts today for a free international debt analysis.

There are many options for recovering global debt.

The most effective and cost-friendly choice is to instead an international debt recovery agency.

Some business owners or private individuals may consider taking legal action and appoint a solicitor to handle their debt recovery.

Whilst this can be effective in some cases. It is normally extremely costly in both money and time

In this article, our debt collection experts explain the benefits of using international debt collection services.

They also explain how the collection process works, and the debt collection activities that help recover a global debt.

How Does International Debt Collection Work?

Specialist International Debt Collection Agencies

There are many different types of companies that provide a debt recovery service

Each one specialises in a particular type of debt, which could be:

An example of this could be a commercial debt collection agency that specialises in recovering money owed from a business.

You should take the time to search specifically for a specialist international debt collection agency to recover your money from overseas.

Whilst most debt collectors are very skilled at their work…

…recovering a debt from someone in another country requires unique expertise and knowledge.

For instance, something like the ability to communicate in any language is needed to communicate with debtors in their native tongue.

Many people who do not want to pay will use every available tactic.

Pretending not to understand the language is a common way of trying to avoid payment.

Understanding the laws surrounding personal data and the collection process in every country is also needed to achieve a successful recovery.

These are known as international debt collection laws, and knowledge of these are critical to success.

As well as this, a professional approach must be taken to ensure success.

This is true for any type of debt collection, and the most successful agencies pride themselves on their professionalism.

Our sister company, Federal Management, was one of the first UK based debt collectors…

…to be authorised and regulated by the Financial Conduct Authority (FCA).

How Does International Debt Collection Work – Instructing a Specialist Debt Collector

The process of recovering an international debt is similar to that of one based in the same country as the creditor.

However, the expertise and knowledge outlined in the previous section separate the 2 recovery methods.

A good debt collection agency will have a proven track record of recovering debt from another country.

FM International, for example, is the UK’s leading international debt collection agency.

We have a global network of trusted debt collection agents.

Each one is an expert at all debt collection laws in their area of operation.

This allows us to recover debt from virtually anywhere in the world, from Accrington to Australia!

Our debt recovery agents utilise a debt recovery method that is effective and professional.

As well as our goal of recovering the debt, we take every step necessary to maintain existing relationships.

This is critical for businesses, as future opportunities could be risked if a less professional approach was taken.

Speak to one of our friendly debt collection experts for a free pre-action appraisal. 

We will examine the debt and assess if it can be recovered.

If it can be, we will be able to provide a quote and move forward towards recovering your international debt.

How Does International Debt Collection Work?

Searching for an international debt collection agency can be extremely time consuming. Speak to one of our debt collection experts today for a free international debt analysis.

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