Debt Collection South Korea

A Trusted Recovery Solution in South Korea

Collecting a debt in South Korea can seem impossible. Language and cultural barriers, foreign laws and customs, and sheer distance all impose serious challenges.

Debt recovery is simpler when you use a collection agency fluent in the laws and customs of the country where the debtor resides. Cedar Financial offers on-the-ground representatives in South Korea who understand the debt collection practices that work to support full recovery of your funds.

Since 1991, Cedar Financial has served as a trustworthy, nationally licensed debt collection agency, helping businesses collect unpaid accounts internationally. With knowledge of collecting debts in a wide range of different industries, our experienced team collects your debts quickly and effectively so you can receive the payments you're owed.

With offices in over 150 countries, including South Korea, working with Cedar Financial provides you access to a global network of nationally licensed debt collectors. Our in-depth understanding of local laws, customs and cultures guarantees the best possible debt mediation results.

Comprehensive, People-First Help

At Cedar Financial, we put people first, doing everything we can to get your money back while still preserving a good relationship with your customer. Our strategic public relations efforts are fair, nut firm-ensuring your reputation is our top priority!

We combine a people-oriented approach with the latest tech-driven solutions to drive results and provide better contact management. This comprehensive method gets the results you need while preserving customer relationships.

In addition, our network of debt collectors, attorneys, suppliers and vendors are cherished relationships that allows us to get the job done. We value each of these relationships, no matter how small or large.

Contact us today and learn what we can do for your business.

Frequently asked questions for South Korea

We are a well-respected LAW FIRM in Seoul, comprised of proven respected attorneys and professionals, and part of a prestigious group of international debt recovery professionals. We understand how to deal with the debt and the debtor from the local perspective.

Through Cedar Financial we will take the claims under a contingency basis. If we are not successful in recovery, we do not get paid.

There is no minimum. We accept any number of cases providing there is sufficient supporting documents and relevant information.

We manage and handle all kind of debt; Commercial (Corporations) debts as well as Consumer (Individuals) debts.

Normally one to three months to resolve a matter amicably and without legal process, but depending on other factors such as the debtor's character or stubbornness reaction, it could take longer.

Most claims if followed properly are resolved amicably with the following process

  • Corporation background Check and a site visit to identify the debtor's information.
  • Phone-calls/Mapping/ Enquiry to local office verifying debtor's location.
  • Legal demand letter by lawyer to enquire the acknowledgement of the debt, requesting two weeks for a written reply - with debtor's response whether or not he admits the debt owing.
  • For unresponsive and non-disputed claim, a follow-up demand notice is made.
  • In the event the claim is disputed, a proposed meeting either at our offices or a debtor's location
  • Arbitration & Negotiation follow-thru with all parties
  • Successful negotiation - A payment or settlement in full is finalized. Otherwise an agreeable repayment Plan / Obtain signed promissory note for the Partial Repayment Plan. We manage the debtor's repayment plan
  • Unsuccessful negotiation - For non-disputed Claim, a review for Legal Payment Order (extra-judicial Court Injunction). In the event of an Unresolved Disputed Claim, a review for Legal Action (Lawsuit)

Generally, 5 years for consumer debt; 3 years for commercial debt.

Yes, we require the following information to proceed with our work:

  • Proof of debt such as SOA (Statement of Account), Invoice, Contract
  • Email correspondence
  • Any disputes
  • Primary contact information to trace the debtor; Address, phone, mobile, web site, Business Card, Passport copy

Yes. We recommend, however, to first conduct an asset investigation to conclude viability of a lawsuit.

For amicable and quick resolution of your claim fees should not be added. If your claim is litigated, additional fees such as collection costs, attorney fees and interest may be demanded but not guaranteed to be awarded by the courts.