Working with international customers can open up a whole new world of business opportunities for your company. However, if prompt payments from those customers begin to decline then recovering monies can become complex. If you need to know how to recover international commercial debts then we’ve put together a guide to help you. But be wary, without expert help it can become a convoluted process.
Where to begin?
Each country across the globe has its own debt collection rules that you must abide by when attempting to recover an international debt. Before you make your first attempted collection, it is vital that you understand these rules in detail and ensure that you are following the correct process. We would always recommend working with a professional in this field as they will have greater knowledge and experience in overseas collections and you will be able to feel comfortable knowing that your debt is being dealt with in the correct manner.
With all types of commercial debt, and international debt is no different, we always advise that you begin by attempting to make contact with your client as the first course of action. You should keep all records of communication, as this might be required as evidence later in the process. We often find that the biggest problem when our clients have attempted to contact their international debtors themselves is a language barrier. International clients who do not speak English may use this to their advantage and claim that they did not understand the communication and simply chose to ignore it, not realising that their account was overdue.
If your approaches with your client have been unsuccessful in securing payment then it is at this point that we would advise that you instruct a commercial debt recovery agency. My Debt Recovery has extensive experience in collecting monies from debtors outside of the UK and we can help you navigate the complex environment of international debt collection.
Some of our clients have their own internal collections team but they lack the necessary expertise to chase down an international debt and so we are able to work with them on an international collection process.
All of our cases are taken on a no collection no fee basis so there is little risk involved for you but the potential to secure the clearing of outstanding debts from your international clients without taking on the burden yourself.
We Need Help
If you need help with international commercial debt recovery then reach out to a member of our team today. We will gather as much information about your case as we can and have an open and honest discussion with you about the level of success we anticipate being able to achieve and talk you through each step of the process. International recoveries generally come with an elongated timeline due to the complexity of dealing with different rules and regulations and so we will manage your expectations with regards to the timeframe for completion.
So, if you have an international debt and you’re not sure how to proceed with recovery, then drop our team of experts a line today to find out how we can help: 0800 009 6106 or email us.