As with all International debt recovery efforts, collecting debt from the U.S. can be tricky for companies outside of its sovereign borders. The Stevens-Lloyd Group provides top-flight international debt recovery to manufacturers and service providers in Mexico who are owed money from companies located in the United States.
International Debt Recovery can be one of the most complicated actions your business will ever engage in as transnational debt collection efforts require knowledge of the many different financial regulations and acts of the many different nations your business may operate in.
Just a few of the obstacles business run into when Collecting Debt from the U.S. include:
• Understanding the laws and regulations of the many different countries.
• Finding Legal Counsel within the jurisdiction of your debtor.
• Consolidating your collection efforts across multiple countries, time zones, and currencies.
• The language barrier: Communicating/negotiating with the debtor in their native language
For this reason, it is always best to contact a commercial collection agency that has experience in international debt recovery. The Stevens-Lloyd Group, experts in worldwide debt recovery, works with a top-notch database of representatives and debt collection attorneys who are familiar with debt recovery practices in the U.S.
• Communication: The Stevens-Lloyd Group communicates and negotiates with your debtor in the United States in their native language.
• Cost Effectiveness: Working with our firm and expert debt recovery attorneys can reduce time-consuming costs business often run into when handling it internally.
• Legal: The Stevens-Lloyd Group, an international debt recovery firm, is familiar with and are able to operate within the governing laws applicable in the United States.
• Risk Reduction: We are experienced and highly qualified in transnational collection efforts allowing us to recover your debt faster while at the same time reducing your risk of unsuccessful debt collection.
• Reputation: We act on your behalf focusing not only on the debt recovery but on preserving your reputation and brand.
Hiring The Stevens-Lloyd group, who specializes in international debt recovery, definitely has its benefits. You can focus your energies on your business instead of spending valuable time and resources on collecting delinquent accounts. Using The Stevens-Lloyd Group for your International debt recovery needs and collecting debt form the U.S. is a smart choice that will bring higher recovery rates than most international businesses are accustomed to.
Why are we different from other collection agencies:
The Stevens-Lloyd Group has been in the business of commercial debt recovery business for over 33 years. We have learned that the chief mission of a collection company is to provide top quality, ethical and effective debt recovery combined with top-flight customer service.
The proud team at The Stevens-Lloyd Group consists not only of experienced business professionals who are the best in the collections industry but experts in credit management consultation. Our services range from preventative advice and credit management to voluntary debt recovery and full litigation if necessary. The goal of The Stevens-Lloyd Group is to provide its clients with the excellent service they deserve for their business.
Tips and recommendations when doing business to avoid collection or to have the proper documentation to collect in case of payment failure:
Quick turnover of delinquent accounts is essential to you as a business owner. When working with a commercial collections agency, viewing your collection professional as a member of your “debt collection team” will prove to be an integral part in accomplishing this goal.
As anyone who has participated in any kind of team-related efforts can attest, working together is essential to your success. By providing your collection professional with a well-documented collections file, you will help them avoid any time-consuming efforts that are associated with gathering the information they need for collections purposes. Many of the necessary documents your collection professional will need have most likely already been collected by you and are already in your client’s files.
Having previously placed a file for collections, you no doubt have most, if not all of the necessary documents available to you. These documents will ‘arm” your collection professional giving them the necessary ammunition to communicate and demand the outstanding debts and receivables from your debtor. Such information would include name, phone number, address, legal identity, etc. Sharing this information with your collection professional helps breed the spirit of teamwork between you.
Proper documentation given to your collections professional at the beginning of your working relationship will allow the collection professional to handle the claim on your behalf, as well as aid in the expediting of the collection process, and provide you with solid legal footing in the process.
Your collection professional knows that good documentation is essential in your efforts and working in tandem with them by providing them with this information at the beginning can very well speed up the debt collection process.
The following is a checklist of documents that will assist your collection professional:
• Credit application (or equivalent). This is often the most crucial document as it usually contains:
- Debtor’s full name
- Debtor’s physical address
- Debtor’s legal identity (i.e., corporation, partnership, or sole proprietor.).
- Nature of debtor’s business
- Trade references
- Social Security Number (SSN) or Employer Identification Number (EIN)
Note: Always obtain a Social Security Number of an individual who is personally obligated for your debt.
• Promissory Note. Though not usually part of the typical goods transaction, having one on hand to be filled out by the debtor is a good practice to engage in when your forbearance of the collection process and a payment plan is requested by the debtor.
• Name, Physical Address, and Phone Numbers of any cosigners, guarantors, or companies and/or persons liable.
• Principal and Interest after credits Statements
• Documentation, handwritten or electronic, of any and all contacts and collection efforts made.
• Any Contracts
• Purchase Orders
• Delivery Receipts
• Copies of Non-sufficient Funds (NSF) Checks, notices regarding NSFs required by State Statutes, Or Notices under the Fair Debt Collections Practices Act
• Payment Arrangement Confirmations
• Security Documents, Agreements, and Legal Notices
• Credit Reports, Annual Reports, and/or Financial Statements.
• Photocopies of debtor’s checks (cleared)
Note: You should make it a practice to occasionally make a copy of any checks paid on accounts, especially new accounts.
• Notices of Bankruptcy, including Bankruptcy of any guarantors or other companies or persons liable for the debt.
Not every document listed above is essential to assist your collection professional in the debt collection process. However, using the above list of documents as a guide in developing your customer files, will assist you should the debt collection process ever become a reality and make you a clutch player for your debt collection team.
If you are a business owner or service provider in Mexico collecting debt from the U.S., having a reputable collection agency on your side that specializes in International Debt Recovery can help. Turning accounts over to an agency for collection may seem like signaling defeat or throwing in the towel to some collectors. Rather than take the defeatist attitude of “I can’t collect this on my own,” take the attitude that collection is a team effort with you and your outside agency working together.
We invite you to give The Stevens-Lloyd Group, Inc. a try…
Place an account with us right now and see what we can do for you!
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Once it’s sent, you’ll be on the road to discovering The Stevens-Lloyd Group, Inc. difference!