What is International Debt Collection

Many creditors based in the UK can do very little if a customer leaves the country with an outstanding debt owing to them. Beyond a letter and maybe a phone call, they may be hard pushed to travel internationally to collect this person's debt. Unfortunately, some people are aware of this and believe a move abroad is an answer to all their money problems. International debt collection is aiming to stop this, or at the very least reduce the amount of people who move to another country leaving their debt behind.

The Credit Reform International Group is made up of 170,000 international debt collection agencies. Most of these companies have agents in several different countries beyond where they are based. Since they formed in 2008, they are believed to have recovered millions of euros in outstanding debts, which ordinarily would have been written off with the debtor's move abroad.

The information the Credit Reform International Group is extensive, with access to personal information and credit reports. They use this information to track the debtor down. Once found, a communication will begin to attempt to bring the matter to a satisfactory close for everyone involved.International debt collection agents do have the right to instigate legal proceedings, no matter which country the person has moved too. It is also worth bearing in mind that some country's view debt in a much more negative light than the UK. This means the consequences could be much harsher than if the debtor had stayed in the UK and made a repayment plan.

United Kingdom - Excite Network Copyright ©1995 - 2021