Can a Foreign Debt be Collected in UK?

Can a Foreign Debt be Collected in UK

Being owed money from someone in another country is a common occurrence. Both businesses and private individuals can deal on a global scale at the press of a button. Whilst this opens up huge opportunities, it also provides a huge potential for cross border debts to occur.

Many debtors think that if they are based in another country, they are completely free from any prosecution. Whilst they themselves may not be required to return to the UK physically, debt collection can still be enforced remotely.

There is a growing need for an effective international debt collection service. Whilst many options exist, finding one that is trustworthy, reputable and effective is often a challenge.

Recovering a foreign debt can be more complex than normal domestic cases.

For example, simple factors such as the native language of the debtor’s country might need to be taken into account. Or, the time zone might be completely different, making it difficult to contact during UK working hours.

As well as this, there may be cultural differences that have to be observed. This also includes the knowledge and expertise required. For example, it is important to know the exact laws the debtor’s country has for recovering owed money.

Can a Foreign Debt be Collected in UK – Recovering Owed Money

Finding the right solution for international debt collection takes time and thorough research. Here are some tips that will help you to narrow the search.

Expertise

One important factor to consider when looking for an international debt collector is their expertise. Collecting debt from another country requires in-depth knowledge and specialist expertise.

Reputation

You should always research the debt collector you are looking at instructing before committing. Look for client reviews on third-party websites that will provide detailed insights into the company.

Accreditation and Approval

Many agencies are not regulated, and as such may employ debt recovery tactics that could cause problems for the client. You should always search for an agency that is authorised and regulated by an official organisation. One example of this could be the Financial Conduct Authority (FCA).

Some key areas of debt collection in the UK are focused on the country’s export partners. Several examples of these include:

• Debt Collection in the USA
• Debt Collection in Ireland
• Debt Collection in the Netherlands
• Debt Collection in France
• Debt Collection in Germany
• Debt Collection in China

Can a Foreign Debt be Collected in UK – Frequently Asked Questions