When it comes to debt collection, there are few other industries that can offer as much opportunity. The key is understanding both the pros and cons of international debt collection. This guide will outline the best ways to get started on your journey towards becoming a professional debt collector—from start to finish.
Debt Collecting Professionals
- Debt collection agencies
- Debt collection lawyers
- Debt collection companies
- Debt collection specialists
- Debt collection services (e.g., for credit cards or medical bills)
Outsourcing to a Third Party
Outsourcing to a third party can be an effective way to improve your debt collection efforts. However, you should consider the following before outsourcing:
- How well does the third party know their business? There are many reasons why this may not work out as well as you’d hope. For example, if they don’t know what they’re doing or how to do it properly, then there’s no point in using them at all!
- Do they have any experience working with collectors? If so and if they’ve worked with others before too then maybe this will help them understand how some customers respond when approached by collectors (or vice versa).
Pros and cons of debt collection
Debt collection is a necessary part of doing business, life and society. It’s also an important part of the economy.
It’s hard for people to imagine that debt could be collected without being violent or damaging in some way. But think about this: if you owe someone money and they come after you with a lawsuit or other legal process, how do you feel when they show up at your house? Or if it’s your partner who owes money and he comes after you with a lawsuit or other legal process (or maybe even both), how do they make you feel? How does it change the relationship between two people who had once been close friends/lovers/etc.?
How to get the best results from your international debt collection requirements.
- Choose a debt collection agency that is experienced in dealing with international debts.
- Look for an agency that has access to the necessary resources, training and experience to collect your international debt.
- Make sure that you choose an agency that has the right tools and expertise for collecting your international debts.
- Ensure that your chosen debt collection agency is knowledgeable about the laws governing their country of operation so they can effectively pursue payment from those who have defaulted on their obligation.
- International Debt Collection:
- In the United States, debt collection is a complex and frustrating industry. Businesses have few enforcement options in these circumstances, and most countries honor court judgments if they are produced by other courts in their own countries. This can make recovering debts difficult to achieve when the debtor is located overseas or has been granted immunity from prosecution under certain treaties, such as the Hague Convention of 19 December 1969 or other international agreements.
- However, there are still ways for businesses to collect on outstanding debts through international law procedures that allow them access to foreign courts—but only after first making sure that those courts will accept jurisdiction over their case (which may require filing an application).
Rules on court judgments differ from nation to nation, so it is best for creditors who want to pursue this route to consult a lawyer experienced in international law before contacting an international collection agency or pursuing legal action abroad against their debtors.
If you have a debt, it is important to understand the rules that apply in your situation. These rules will differ from nation to nation and may require you to hire a lawyer before pursuing legal action abroad against your debtor. Check out debt collection or court action.
As an example: In Europe, creditor’s rights are not as strong as they are in the United States or Canada. For example, if you can prove that your debtor owes money on a credit card bill and has made no payments since January 2010 (which would be considered “timely”), then UK courts will usually grant relief from payment of the debt by enforcing judgment against assets owned by your debtor at least until April 2020 (the date when England joins Europe). However if there were no assets left after one year then this could lead to imprisonment instead!
International Collection Agencies
If you are a debt collector, you should be aware of the laws in each country. To be successful in international collection then compare debt collection agencies, it is important that you understand your client’s laws and the laws in countries where the debtor lives. If a debtor has assets outside of their home country, they may also have assets in their home country as well. It is important to understand what rights you have under each set of laws before initiating any enforcement action against them
We hope this information has helped you get a better sense of the pros and cons of international debt collection. If you have any questions about this process, please contact one of our experts today.