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International Debt Recovery Advice for UK Business Owners

Late payment of commercial debts can have a seriously negative effect on the cash flow or a business, particularly for the small to medium sized businesses on which the UK economy depends so heavily.  Recovering a debt presents a set of challenges to any business, particularly if it’s a high value debt or if the debtor is based overseas.  When recovering a debt owed internationally, a business owner needs to consider how difficult it can be to recover money owed by a debtor in a different country with different laws and customs.  Being in a different time zone just adds one more level of complexity when it comes to recovering funds from abroad.

Any business owner who is not experienced in international debt recovery may find themselves at a loss on which steps to take and at what stage during the debt collection process to take them.  There may also be a need to sustain a good business relationship with an international business debtor in order to carry on trading in future.  There are so many businesses here in the UK trading with businesses overseas and needing to preserve a good business relationship for the future, that it can be difficult to know just how steely you need to be when it comes to recovering monies owed.

This is when it can be a good idea to call in the professionals and engage the services of an international collection agency to recover the money owed to your business.  Acting quickly is the key to success, as any international debt collection agency will tell you.  This is why using an international recovery service to ensure that the debt is paid is vital for success.

A debt collection agency that offers an overseas service will have the expertise and experience necessary to avoid the pitfalls and navigate the debt collection process in Europe and other countries.  They will know how to begin the process overseas, who to deal with and what needs to be done at every step of the debt collection process.  Not only should they be able to recover the debt for your business, they are likely to do so without souring the business relationship you already enjoy with your debtor.

Moreover, collecting a debt from an international debtor by using an international debt collection provider may not be as expensive as you think.  There are international debt collection agencies that offer their services on a contingency basis – in other words, no-win no-fee.  This means that the debt collection agency only charges a fee if they are successful in recovering the funds owed to you.  Any debt collection agency that offers to collect a debt on a contingency basis like this will have the confidence of knowing that they are likely to recover the money successfully, and this confidence in themselves will provide you with the confidence that they will meet with a successful outcome.