International Debt Recovery
One of the most problematic aspects of international debt recovery is enforcing any action. Another hurdle is the cost of litigation – is your debt worth pursuing. If your debt is below 200,000 the cost of recovery might just outweigh any result. Does your debtor have any assets that a court can repossess? The timescales can be legendary – literally years.
What you need is an option that allows you to quickly launch a debt recovery campaign against a debtor. You can opt for Resolute Collections or an international legal firm.
Legal companies pricing for international debt recovery are 25% to 40% of the face value of your debt.
One thing is for sure, if you have had to start recovery proceeding against a customer, you will not be trading with that company again. If you fail to take action, there is absolutely no doubt that your company will be passed along the grapevine. you could end up with serial defaulters. You have to do something. Do not delay and start action today.
Resolute Collections offers a sharp and timely rebuke to international nonpayers.
Worldwide Trade Opportunities
The ability to trade internationally provides huge potential for profit. It also has pitfalls should your client default and you need international debt recovery.
You have probably completed a D&B report and other due diligence. Possibly requested a deposit or staged payments, whether you are selling or buying goods internationally. However, the growth of scams is making international trading more difficult.
Taking early and quick action against the less scrupulous is essential. Others will become aware that you are not to be deceived or dallied with.
International Debt Recovery Due Diligence.
You will find an international debt collecting company quite easily in your own jurisdiction. However, at the other end it is another story. And you must remember, it is your international reputation at stake.
This is from a symposium we attended in the late 90’s. The lesson is still valid. An international debt collection company had employed the services of a debt agent in Nigeria. The agent was performing exceptionally well. Too good to be true, so an auditor was sent to determine what was happening.
What the agent was undertaking, was to threaten and actually abducting members of the debtor’s family! Family members were returned when debt was paid.
It is YOUR responsibility to ensure that everyone in the debt collection chain is performing the way you would expect.
Debt Recovery Strategy
What is there to strategize over? The debtor owes the money to the creditor. Ask them to repay it as agreed. How difficult is that?
All you need is legitimacy (your contract with the debtor) and persistence. Here is a quote from our home page on Resolute Collections:
“A little more persistence, a little more effort, and what seemed hopeless failure may turn to glorious success”
That is your strategy in a nutshell.
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What do international debt recovery firms mean by this? It quite literally means; if it is too difficult, we walk away. Could you imagine if a civil engineer said, if the bridge we built for you falls down, we will not charge you?
What about the collateral damage to your business? There was a risk – yours. You are now months if not years down the debt recovery road with no result. And they walk away!
Debt recovery lawyers take defeat as a little knock to the chin and get on with the next deal. This was a big deal for you. It could be a disaster if handled incorrectly.
There has been a cost. Your time in choosing the debt recovery company, updating them with information and reading reports. It has cost you TIME. And time is money.
There is no such thing as risk free international debt collections, nor no cost. It is risky and costly for you.
At the very minimum Resolute Collections shows you something tangible. And our fees are amazingly simple to understand. If your debt is less than 200,000, you might just want to give us a stab at it.
International Debt Recovery Comments
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