WHAT IS INTERNATIONAL DEBT COLLECTION?
HOW DO YOU OPERATE?
IN WHICH COUNTRIES DO YOU PROVIDE YOUR SERVICE?
HOW DO WE START USING YOUR SERVICE?
WHAT IS YOUR SUCCESS RATE?
HOW DO WE PAY FOR YOUR SERVICE?
WHAT IS NO CURE NO PAY?
WHAT DO YOU NEED TO START A COLLECTION CASE?
HOW CAN WE CHECK PROGRESS ON A CASE?
Frequently asked questions
What is international debt collection?
Organizations engaged in international business activities regularly experience clients not timely paying their outstandings. When they start looking for assistance they are often confronted with several hindrances. High advance fees, cumbersome administrative requirements, and lengthy legal procedures without any guarantees render it not cost-effective to leave it up to law firm. Especially if the outstanding amounts are not too high, amicable debt collection can turn out to be an attractive alternative. The methods used by companies offering international debt collection vary to a large extent. Find out how we have designated our collections service below, or drop us an email (info[at]modern-debt.com)
How do you operate?
We have built a collection procedure consisting of several different steps. Wth every step comes a dunning letter which we issue in the language of the debtor (we currently offer 26 languages). These letters are sent out by email, fax, and in specific cases by postal service too. During the entire process we make several attempts to reach out to the debtor by phone.
In which countries do you provide your service?
Practically we can offer our service in any country.
How do we start using your service? What are your options?
Depending on the requirements of your organization, we offer several different options to start working with us.
What is your success rate?
The average success rate is every year around 40%. 2/5 invoices assigned to us we successfully collect.
How do we pay for your service?
Every end of the month you receive an invoice from us stating the total commission due.
What is no cure no pay?
No-cure-no-pay simply entails that you only pay us when we successfully collect your invoices. No payment is required for any further services.
What are the requirements to start a collection case?
How can we check progress on a case?
All our clients receive access to our case management system. You can track all developments on a case to case basis. Within the system all communications with a hotel is logged and you can for example view copies (pdf) of all letters which have been issued. Also, any payments received are entered in the system and you will receive automated notifications upon payment.
What happens if a debtor does not pay at the end of a collections procedure?
Once our collections procedure ends and a debtor has not responded or started repaying the debt, we will list the debtor on our international delinquent list. This list can be consulted by our clients for credit and risk purposes. The detterence for the hotels is big and not rarely results in last minute payments.
Do you also provide legal services?
In particular case, and upon our clients' special request we can arrange for legal procedures. We are developing this service across several countries and will soon update our clients on further options.
Are there any limits to the volume of cases of the outstanding amounts you can collect?
No, there is no limit to the maximum amount of cases we accept each month. We have different packages though which we allow for a fixed or unlimited number of cases and invoice amounts. Automatically, our premium packages have no limit to the monthtly volume and/or outstanding balances you wish to collect. For more information check our pricing and plans HERE
How do we know your services and actions are legitimate and your clients indeed assigned you to collect on their behalf.
For every case our clients send us, they send us an official assignment. In order to verify our official involvement you can either contact us so we will send you proof, or you can ask for confirmation directly from our clients. If you are unsure whom to request this information from you can always ask us for further contact details.
How does specialized debt collection for the hospitality sector look like?
Since we have been established we have collected outstanding debts from over 225.000 hotels all around the world. We maintain a large database with the contact details of those persons responsible for payment in the finance- and account payable departments.