International Debt Collection: Debt Recovery Services Overseas

International Debt Collection: Debt Recovery Services Overseas
by Michael Gillen

International debt collection has its own pitfalls, but it's a crucial part of any debt recovery services plan. In the global village in which we live, it isn't realistic to assume to all of your debtors are going to remain within the United States. Considering our history as immigrant nation, it makes sense that people will have connections in foreign countries and, if they no longer want to repay their debt, they could end up skipping town.

The first thing you should remember is that, even if a person has fled to another country, international debt collection is still possible. In fact, it is a growing field. You don't stop owing money just because you moved to a different town, so it makes sense that the same would follow if you were living in a different country.

International debt collection has numerous problems specific to it that must first be addressed. The simplest and most obvious is the language barrier. If you're attempting to do research on a client that lives in Japan, it makes sense that you gain the services of somebody who is fluent in Japanese. Although the old adage is that everybody speaks English, not everybody speaks it well enough to discuss something as complicated as debt collection.

Next you should figure out the laws that are in place regarding international debt collection in the country you're trying to work in. Take, for example, the laws regarding bounty hunting. Whereas bounty hunting is a legitimate last resort in the United States, it is illegal almost everywhere, at least if done by a foreigner. Obviously, you do not want your debt collection to end in your arrest, so you should work on learning all you can about the country you are trying to find your debtor in.

Finally, it may be best for you hiring a professional agency to handle your debt recovery services, especially if you are trying to perform international debt collection. Debt collection is a highly regulated activity, so it makes sense that you work with an expert that will know the ins and outs of international debt collection.