Collecting a debt from somebody abroad
Collecting A Debt Abroad – Owed Money from Someone Overseas?
A ‘Cross-border’ debt is deemed as money owed by a person or business outside the creditors country of operation
Recovering overseas debt requires a specific set of knowledge and expertise that takes in all of the foreign financial regulations in existence.
The common misconception is that if a debtor is located abroad, you have little to no chance of a successful debt recovery action.
However, this is not the case.
Debt collectors have mechanisms in place across the world that allows creditors to pursue their debtors, be they individuals or businesses.
Whether it is a personal loan owed to you or monies owed for a service your business has supplied, there is a recourse to help you recover money that is quite rightly yours.
The right solution will be productive and cost-effective.
There are many reasons why you might need help collecting a debt abroad.
Many people loan money to their friends and family members, and with faster online banking it is easier to do this than ever before.
International agreements are a daily occurrence in business.
Many companies have a portfolio of non-paying customers for all manner of reasons.
In this article, our debt collection experts have outlined what the best course of action is if you need help collecting a debt abroad.
International Collection Agents
Reputable collection agencies in the UK are known to have good working relationships with foreign agencies.
This means that they are able to help those businesses chasing debtors overseas in a professional and ethical way.
At Frontline Collections, we have a global network of trusted agents to call upon if our own internal resources do not obtain the desired result.
On your own, you face a daunting task if you try and pursue the debtor, as you most likely don’t have an in-depth knowledge of the local jurisdiction and regulations regarding debt collection.
A professional debt collection agency is able to assist and have the expertise required to remain compliant with each country’s laws.
Emigration is Not an Excuse
People move abroad for many different reasons, from wanting to try out a different culture to starting a new job in a new country.
However, there are some that think that leaving the country wipes out any debts owed to businesses and people in the country they are leaving behind.
A point that re-emphasises the fact that much of the general public think this is a way out of settling your debts.
The truth of the matter is that more often than not, there can be no escaping the payment of your debts
Action is Necessary
A small business survives on the money it receives for the services it provides.
This may be an obvious statement, but the point is that you must take appropriate action in every instance where a client refuses to pay for the good of you and your livelihood.
Collecting a Debt from abroad should be as much a priority as collecting a debt from somebody in the UK.
The same can be said for personal debts.
If you have loaned money to somebody in good faith, you are well within your rights to expect them to repay you.
Many people will go to any length to avoid paying what they owe, and when this happens it is refreshing to know there are people who can help you.
When this happens, many people choose to take legal action with the aim of collecting a debt abroad.
In certain cases this can be an effective option, however, the cost of using solicitors and law firms can be very high.
Instead, instructing a professional debt collection agency is a far better option.
If your aim is to try collecting a debt from somebody living abroad, you most certainly are not on your own.
Millions of pounds are recovered every year from UK residents who have emigrated abroad without paying the monies they are owed.
Frontline Collections is the UK’s leading international debt collection agency.
We are able debt from virtually anywhere in the world, and countries include Australia, China, England and the United States.
Speak to our New Business Team today for a frank assessment of your situation and let us see if we can help.