Debt Collection FAQ
Our FAQs aim to help you find out the information you need about our debt collection services. Whether you'd like a greater understanding of our debt collection charges or you want to know more about how our international debt collection accounts are handled, our debt collection FAQs can help.
If your particular question isn't covered by our FAQs, you'll be able to send an enquiry to Euler Hermes Collections UK by completing a short form.
Glossary
If you would like to look up key phrases or find out some more information about a collections jargon phrase, please refer to our glossary.
What does Euler Hermes Collections offer?
A full UK and International overdue account collection service. We also offer a UK and International Tracing service to locate 'gone away' debtors or customers and a Terms & Conditions Review service. Euler Hermes UK Plc offers a full domestic and export credit insurance service.
What information do you need to collect a debt?
We must have full name and address, telephone and fax numbers, amount outstanding and dates of invoices. We would also like to have copies of any relevant letters, invoices/statements, notes of conversations and any other information relating to the history of the debt.
What do you do to collect an account?
A combination of letters, faxes and telephone calls. There is no fixed procedure as each debt is different, however, more emphasis is normally placed on telephone collection as this proves more effective.
How long does it take to collect an account?
It can be from as little as 24 hours, although the majority are collected, passed for legal action or closed within six weeks.
What is your collect performance?
A difficult question to answer as it all depends on the quality of the debt received. As a general rule it can be said that the older a debt becomes, the harder it is for us to collect the outstanding amount. Old debtors often have disappeared, or do not remember the circumstances of the debt.
The highest collection rate is achieved on young and current outstanding amounts, and we do achieve a great deal of collections without having to go down the legal route.
What will legal action cost for non-UK debts?
As each country has it own legal system it is difficult to say. However we will always provide you with an estimate of costs before proceeding.
Which accounts are not accepted for collection?
The following accounts will not be accepted by Euler Hermes Collection:
- Any accounts where legal action has already taken place
- Debts over two years old
- Any accounts that have gone into liquidation/receivership
- From any countries at war
- If there are some currency restrictions
- From individuals
How much do you charge for collection?
Our fees are dependent upon the age, size and location of debt placed and are available on request.
Euler Hermes Group
