Industry: Banking

Location:Kuwait, United Arab Emirates

Results: Evasive debtor settles in full on large-balance bank loan.

Background:

A UK expatriate working in Kuwait took out a loan with a bank on the condition of his continued employment. A few months later, he lost his job and moved out of country without paying the balance, rendering the amount immediately due in full, according to the signed contract.

The Challenge:

The client had difficulty contacting the debtor as the contact information was outdated. Before resorting to legal action, the bank assigned the account to Cedar Financial for skip tracing and collection attempts.

How Cedar Financial Solved the Problem:

After two months of diligent skip tracing efforts, our skilled in-house investigators successfully located the debtor working in the United Arab Emirates, enabling our international debt collection team to establish contact.

The debtor was very reluctant to pay the balance, resisting our amicable negotiation attempts and delaying promised payments.

He initially claimed we were scammers, so we quickly and calmly provided documentation and a contact at the bank to verify our legitimate business relationship and authority to collect on the claim.

Our team continued to exert gentle pressure on the account despite continued resistance, pushing for a good-faith down payment for monthly installments and giving him reasonable options to pay down his balance in the amicable stage.

After much back and forth and persistent efforts from our team to get him to address the issue, he finally decided to borrow the funds to settle the account in one lump sum and put the matter behind him.

The Takeaway:

While international claims can be particularly difficult to pursue – especially if the debtor doesn’t want to be found – our team doesn’t give up.

Cedar Financial pursues every avenue available to locate your missing debtor. Once found, our skilled collectors keep constant contact with your debtor to ensure timely response and follow-through with any promised payments.

With an expert international skip tracing team and an arsenal of 150+ vetted international debt collection offices trained in top negotiation and dispute resolution techniques, Cedar cuts through the noise to secure faster payment for your claims.