Collecting debts from abroad is never going to be easy. Not only can there be a language barrier and vast distances to deal with, but there will also be many different international laws to take into account and, as such, the time and hassle for a business themselves to try to undertake debt collection can end up being more costly than the money owed in the first place.
Whether you have sent goods abroad and never been paid, or you have paid for goods that never arrived, the amount you are owed, the circumstances in which the transaction took place and even the country with which you are dealing could all mean that a different approach to credit collection is needed.
There are two options when it comes to credit collection and dealing with foreign debt. The first is to seek credit protection before you deal with foreign companies to ensure that such circumstances never leave you out of pocket, and the second is to use a professional company to recover the debt for you.
Both have benefits, with the former allowing you to claim back money no matter what happens, but costing you an annual premium to get protection you might never need, and the latter not necessarily always being successful. Of course, there will be companies who offer international debt collection services that are only paid for upon successful retrieval of the owed monies, but if they are not successful you could still be extremely out of pocket.
Ultimately, for anyone dealing with businesses or individuals abroad for any sizeable amount of money, credit protection of one sort or another is going to be extremely important. However, if you are left to recover international debt, the most important thing to do will be to seek the help of a reputable specialist debt recovery service.
For more information please visit – www.eulerhermes.co.uk/en
