Global debt recovery: How our panel can assist

Global debt recovery

Global debt recovery refers to the process by which lenders or creditors retrieve outstanding debts from borrowers or businesses that operate in different countries. With globalization, many businesses now operate internationally, leading to a rise in cross-border financial transactions. Consequently, when businesses or individuals default on these international debts, a specialised system for international debt recovery becomes essential.

Challenges of Global Debt Recovery

• Different Legal Systems: Every country has its unique set of laws, which can make global debt recovery calls complex.
• Cultural and Contact Preferences: Differences in communication styles, business etiquettes, and preferred methods of contact can be a hurdle.
• Currency Differences: Variations in currency values can alter the amount due. 

How a UK-based Solicitor Can Aid in Global Debt Recovery

• Expertise in International and UK Law: A solicitor with knowledge of international commercial laws can provide insight on cross-border debt management and recovery. They’ll be familiar with terms like ‘statute barred’, which refers to debts that are no longer legally enforceable due to the passage of time.
• Utilising Phone Calls: One of the primary tools in debt collection is phone calls. A solicitor or a debt collection agency can make global debt recovery calls, respecting the debtor’s contact preferences, to discuss the outstanding amount.
• Negotiation for Payment Plan: Before any harsh legal actions, a solicitor can negotiate with the debtor, possibly establishing a feasible payment plan. Such plans can make it easier for the debtor to clear their dues over time.
• Partnerships with Debt Collectors: Many UK solicitors collaborate with debt collectors or agencies overseas to facilitate the recovery process.
• Knowledge of Financial Ombudsman: The Financial Ombudsman Service can help resolve disputes between debtors and credit services in the UK. A solicitor can guide clients through this process if necessary.
• Advice on Debt Management and IVAs: For debtors struggling with multiple debts, a solicitor can offer advice on debt management or even suggest an Individual Voluntary Arrangement (IVA). An IVA is a formal agreement in the UK that lets individuals repay their creditors over time.
• Awareness of Unsecured Debt: Unsecured debts are loans not backed by an underlying asset. A solicitor can help in the recovery of such debts from international debtors.

In summary, global debt recovery is intricate due to the multifaceted challenges of international transactions. A UK-based solicitor, with expertise in both local and international laws and practices, is a pivotal asset in navigating this complexity, ensuring that credit services successfully recover what’s due to them.

How can Expert Commercial law assist?

Expert Commercial Law has a panel of debt recovery solicitors comprising law firms with credit control and debt recovery teams. Most of the firms on our panel will offer a debt recovery service on a fixed fee, hourly rate, or conditional fee agreement. This will be discussed at the outset of your case. We have extensive experience in case management for our clients.

All of the solicitors on our panel have the experience and expertise required to take on your case. We only select the best in the business. All of our solicitor firms are authorised and regulated by the Solicitors Regulation Authority (SRA) and offer a range of funding options for your case.

If you are looking for more information surrounding commercial debt recovery solicitors and how our team can help recover debt and boost your cash flow, please do not hesitate to get in touch today.

We are not a firm of solicitors; we have a panel of commercial law solicitors. If you contact us in relation to a commercial law case, whether you are looking for formal legal advice or cost-effective assistance on your case, we will pass your case on to a panel firm.

Our panel can also assist with commercial issues such as business energy claims, shareholder disputes and contract disputes.