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How to Instruct Us
We simply require the following details:
Full name & address of the debtor
All available contact details of the debtor i.e. contact name(s) / Tel / Mobile / Email(s)
Amount owed (Invoice(s) or Statement will help)
Or ask us to call you – just leave us your details:
South Korea Debt Collection – No Win No Fee
Creditreform operates a global specialist International debt collections service. We have local offices and fully approved expert international debt collection agency partners in every country worldwide. All our International debt collection agency partners and offices operate on a No Win No Fee basis charging an agreed commission against monies recovered only. All our international offices and partners initiate the collection processes by sending the debtors a debt collection letter to introduce their involvement.
Main reasons why a local country debt recovery agency is so important rather than trying to recover from a debt collection agency UK are as follows:
The local International Debt collection Partners know:
The local cultures
The best methods of initiating debt recovery letters and processes
Are in the same time zones
Herewith details of our debt collection service South Korea:
Location of debt recovery office in South Korea?
Number of debt collection staff?
About 400. Each staff member is allocated a client and all their debt collection letters are personalised in order to effect the best response result s from debtors.
How long have you been operating a debt recovery service in South Korea?
We have been operating an Asia debt collection service on a no win no fee basis in South Korea since 1995. South Korea is included on our debt collection agency list.
What type of debt collection services do you provide? Do you do commercial debt recovery (B2B) and consumer debt recovery (B2C)?
We handle both Business to Business debt recovery cases and Business to Consumer debt collections cases. There is different content for business to business debt collection letter templates and business to consumer debt collection letters templates.
Statue of Limitation in South Korea?
4-5 years in South Korea usually.
South Korea civil litigation statute of limitations is a law that time limits a plaintiff’s right to bring a claim against a defendant. The statute of limitations in South Korea is 3-5 years. However, if an action has been taken within this time then the statute of limitations time will be extended to account for this. Once the specified time period elapses then no action can be taken through the legal processes unless the plaintiff is able to prove exceptional circumstances. Other Statute of Limitations include:
South Korea Open Account Years – 3 years
South Korea Promissory Notes – 5 years
South Korea Written Contracts – 5 years
South Korea Oral Agreements – 3 years
How EU (European Union) laws effect debt collection in South Korea?
Not effect on South Korea.
South Korea signed a free trade agreement (FTA) with the European Union (EU) in 2010 and this has been enforced since 2015. South Korea is also part of a unique Free Trade Agreement between South Korea and the European Union (FTA EU-MX) which is a trade agreement between the European Union and South Korea. Korea is the EU's ninth largest export market for goods, and the EU is Korea's third largest export destination.
How many companies registries in South Korea for businesses (i.e. UK has just 1 central registry)?
There is 1 company registry in South Korea which is called Start-Biz Online located at:
Ministry of SMEs and Startups 189, Cheongsa-ro, Seo-gu, Daejeon Metropolitan City (920 Dunsan-dong) 1357 without area code
Startup Promotion Agency 3F, 5F, Capital Tower, 797 Hanbat-daero, Seo-gu, Daejeon, Republic of Korea (931 Dunsan-dong) 1577-5475
We have access to South Korea Company Registry searches to find out who further background information on all South Korea companies.
Average length of time to collect a debt?
The average time taken to recover a South Korea B2B debt collection case varies from case to case but typically up to 12 months.
Can late payment fees / interest to be added to claims?
Unfortunately late payment interest is not enforceable for South Korea debt collection cases.
Details on legal service / process in South Korea?
In the case of overseas bonds, foreign creditors give up most of them due to high legal costs.
South Korea Business Credit Reports
Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. We provide freshly investigated South Korea Credit Reports which can be done prior to trading to make sure the company you will be dealing with can meet the commitment or once the debt becomes overdue to ensure the debtor can meet the amount owed.
Creditreform’s debt collection company service also uses expert local South Korea tracing agent services to locate any absconded debtor. This debtor tracing service is provided on a No Find No Fee basis only charging for a successful trace.
Specialist Debt Recovery Experts
There are many unique requirements to recovering international debts in all countries including Korea debt collection services which differ from the UK and therefore it is very important that cases are handled directly by our expert international debt collection agencies and not from the Debt collectors UK. This method of international debt collection sets Creditreform aside from the competition who in many cases try and recover debts from a UK debt collector only. Using the local offices and partners enables us to achieve a far greater success rate and our No Win No Fee service together with competitive commission rates against monies recovered only ensures you get the best service.
South Korea Debt Collection Partners in the following South Korean Cities
What is the legal system in South Korea?
The South Korea legal system is based on the German civil law system. Also largely influenced by Japanese civil law which itself modelled after the German one. Korean Civil Code was introduced 1958 and fully enacted by 1960..
What is the name of the Government Gazette in South Korea?
The Gazette in South Korea is called the Daehanmingug Gwanbo (대한민국 관보) - Republic of Korea Official Gazette.
Which countries border South Korea?
Who are the main trading partners for South Korea?
What is the Supreme Court in South Korea?
The Supreme Courts for South Korea are:
The Constitutional Court of Korea (헌법재판소;) which was established in 1988 and is located in Jongno, Seoul.
The Supreme Court of Korea (대법원) which was established in 1948 and is located in Seocho, Seoul.
South Korea Debt Collection Agency FAQs
1. How does a Debt collection agency in South Korea recover overdue debts?
The debt collection process is initiated by an introductory letter to your debtor stating the amount owed to you and informing them of our involvement. Letters are then followed up with emails and telephone calls. From our experience the most effective part of this process will be the outsourcing to a third party debt collection agency in South Korea as the debtor now has to resolve the debt and can no longer hide or provide lame excuses.
2. How long does the debt recovery agency in South Korea take to process a case?
The debt collection case will be processed immediately up receipt and a letter sent normally by email and post. You will receive an automated confirmation by return.
3. What is the success rate for debt collection agencies in South Korea?
The success rate of the debt recovery case depends on a number of factors including the solvency of the debtor and whether the case has a legitimate dispute. Our aim is to recover every debt that is recoverable.
4. Does the debt recovery agency in South Korea operate a No Win No Fee debt collection?
We take on all debt collection cases on No Win No Fee basis only charging the agreed commission against monies recovered.
5. Why use a local debt recovery agency in South Korea?
The reasons for using a local South Korea debt collection agency than processing from a different country is the debt collector in South Korea speaks the local language, knows the local laws and operates in the same time zones.
6. Are there any debts too old or too small for South Korea debt collection?
We will assess all debt cases, irrelevant of age and size and then advise the best processes to recover these through the South Korea debt collector.
7. How do I instruct the debt collectors in South Korea?
Instructing the debt collectors South Korea is a simple process. You just email details of the debt, debtor and amount to be recovered and the case can be initiated.
8. What evidence do I need to provide when instructing the South Korea debt collector?
When instructing the debt collector in South Korea just provide copies of invoices/statements, debtor contact details and any relevant information you may have to assist with the recovery process.
9. Who does the debtor pay?
In general the debt collector in South Korea will request payments to be sent directly to the client but if not possible for any reasons will take payment directly. If payment is taken then cleared funds will be processed and sent to client straight away.
10. Can I instruct multiple cases?
You can send unlimited debt case instructions. Our systems will automate volume cases to meet your requirements.
11. Can you trace debtors in South Korea?
Through our network of skip tracing agents we have an extremely high success rate of locating your absconded debtor.
12. How long does the debt collection process take?
On average the debt collections process takes 90 days to resolve an amicable debt recovery case. There are a number of factors that can delay this process but we will keep you informed every step of the way.
13. What are my options if debt collection in South Korea is not successful?
If the debt recovery service is not successful we will advise you of your options including legal actions. Please note no legal actions or other processes will be taken without prior instruction from you.