International debt collection relates to the collection of cross-border uncontested claims. It includes the collection of accounts overdue in relation to foreign customers for companies. The rules and laws that apply to debt collection are always regulated at the national level. When collecting debts, the laws of the country where the debtor is located apply.
Stages of B2B debt collection
The latest strategic methods allow legal professionals to find your debtor, regardless of his location. The main goal of the lawyers is to help you recover your debt both without going to court at the out-of-court stage, and with a reference to the law enforcement agencies at the «court hearings» stage. In this case, experienced lawyers in all cases, select the most favorable solutions for you. They perform the next steps.
Debtor Verification
The first step lawyers do is research your debtor by analyzing data in international sources. Specialists can find out all the information about a person’s financial transactions, that is, whether the debtor has taken out loans before, whether he or she has paid them back, and when it happened. This allows them to take the right action to solve your problem.
Letters to the debtor
Specialists will write individual letters to the international debtor demanding payment. Thus, a letter written in the offender’s language increases the likelihood of collection by showing some pressure.
Phone calls
This is the step where most international penalties end. Offenders get very worried when they get a call. The situation comes to a standstill when attorneys speak to a foreign debtor in his native language, leaving no time to come up with unnecessary excuses. It makes sense that by exerting pressure in this way, they force your debtor to pay.
Linking with Detectives
Your debtor has no chance of escaping from professional detectives. International specialists from the legal field have connections with judges, police officers and private detectives with great experience and all credentials. If necessary, they can involve them in the case, after which the detectives will conduct an additional investigation of the debtor.
Face-to-face meeting
Specialists will visit the foreign debtor. In addition to analyzing data and finding a solution, international lawyers have the right to schedule a meeting with the offender. Thanks to their cooperation with local bailiffs, they can track down an international debtor at any time, no matter where he is.
Forensic debt collection
If the offender still refuses to pay the money back, the attorneys can file a lawsuit with your consent. At the beginning of the investigation, they will determine in which cases the legal process will bring you the best chance of success. With their extensive experience and unique knowledge, they can also determine which solution will be the fastest, most profitable and most effective.
Lawsuits are usually brought to the country of the debtor. Most countries have simplified court procedures to regulate undisputed claims in the event a creditor needs to bring any legal action. Thus, it is safe to say that lawyers are almost one hundred percent likely to be able to help you recover from a foreign debtor company.
In order to enforce a foreign judgment, a country must have an international agreement in place, and the country must adhere to it. Fortunately, these laws and agreements exist to facilitate free movement, including cross-border interaction and trade.
