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Language barrier and time difference are usually the key reasons for enterprises to abort the recovery of small size overseas debt. iQor RMS' statistics, over 30 years commercial collection data base, show that the recovery rate of small size debts could be 30% higher than that of the large amount accounts. Here are two typical cases oftenly seen from non-English speaking countries.
A French buyer (debtor) ordered goods valued EUR 20,000 and paid deposit. Client delivered the goods, but the buyer did not settle the balance after receiving the goods. Instead, using different excuses to postpone the promised payment date and this has repetitively lasted for 9 months. Client tried calling buyer, but the person picked up the phone speaks French and hung up when asked to transfer the call. Buyer avoided all emails and text messages so client was unable to discuss the outstanding with anyone. Helplessly client was about to write off the outstanding until one day someone referred iQor RMS to them.
iQor RMS and our local partner in France managed to reach the person-in-charge within a week, who started to discuss the outstanding and payment arrangement immediately. Debtor had no other excuses but settled the balance in full within 6 weeks from case assignment.
The Spanish debtor set up a company in Hong Kong, owed client around HKD 100,000 service fee, and then left Hong Kong and returned to Spain. Since the debtor only left a HK phone number and e-mail address, client could not reach debtor for more than 6 months. Client then approached iQor RMS to seek for professional assistance. Using the information provided by client, iQor RMS and its local network in Spain conducted in-depth skip tracing and finally able to locate the debtor’s whereabouts in Spain. When we approached the debtor, he acknowledged the overdue amount and settled the outstanding in full within two weeks.
Clients often put their resources on collecting the large overdue accounts and tend to write off the small debts due to resources constraints. They always overlook that the recovery of the large amount accounts depends heavily on debtor’s financial position, whereas recovery of the small amount accounts could make an immediate improvement on their cash flow. The key to increase recovery rate is act fast and seek professional/local help, especially when your resources is limited and the economic outlook is gloomy.
Many debtors thought once they go back to their own country, creditors have no means to reach them. iQor RMS is one of the worldwide collection leading company with collection network of 190 countries. Our global offices together with the collection partners have comprehensive local databases to skip trace and locate debtors, using assertive tone, professional negotiation skills to bargain for a favorable payment plan. With iQor RMS, the recovery of small debts is at your finger tip!
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