Debt Collection in South Korea
Do you need professional expertise in business debt collection in South Korea?
Oddcoll helps you recover unpaid invoices from your South Korean debtors both promptly and seamlessly. Navigating international clients who neglect their financial commitments can be exasperating. Traditional methods and assertive strategies might not always yield results. However, with a quick initiation on our platform, you’ll be paired with a local South Korean debt collection expert who operates directly in your debtor’s vicinity. Experience an efficient, swift, and results-driven debt collection in South Korea.
How do I embark on debt collection in South Korea?
Simply upload the outstanding South Korean invoice to our platform. The process of establishing your inaugural case and account is streamlined to take minimal time. Once the unpaid invoice is present on our platform, the dedicated debt recovery process targeting your South Korean debtor begins. Rely on our specialist, well-versed in the intricacies of South Korean debt recovery laws and business etiquette. By engaging your debtor in their native tongue, the likelihood of a favorable outcome increases.
Our debt collection partner in South Korea
Introduce your company in a few sentences.
We are a Korean law firm located in Seoul, South Korea. We provide foreign clients with both pre-litigation and litigation services on cross-border disputes. We can also provide filing credit to the court in bankruptcy/rehabilitation cases when the debtor is under court proceedings. We collaborate with several foreign partners and clients in debt recovery.
What are you proud of regarding your company?
We provide one-stop services for cross-border debt recovery. We conduct an in-depth review of each file and offer optimized services on a case-by-case basis. If pre-litigation collection is not successful, litigation can be considered. As a law firm, we can also provide court services.
What challenges do you face regarding debt collection in South Korea?
The number of contact attempts is limited to 1–2 per day, including unanswered calls and messages. Some debtors file for bankruptcy or rehabilitation; then debt collection is prohibited and creditors must file claims to the court. For smaller cases, some debtors simply ignore everything because they assume the creditor won’t file a lawsuit due to cost.
Describe the debt collection process (out of court). What do you do to get a debtor to pay?
Pre-legal collection starts with a lawyer’s demand letter, followed by calls and messages requesting payment. If the debtor has financial problems, repayment plans can be negotiated and monitored. If the debtor disputes the claim, both sides are involved to reach a possible settlement.
How does legal action work in South Korea? Can costs be added to the debtor?
Before taking legal action, we check: (i) statute of limitations, (ii) whether a Korean court has jurisdiction. When court action is available, fees are discussed and a POA is issued. Court fees can be added to the judgment. Lawyer fees can also be reimbursed up to statutory limits.
What is the cost of utilizing Oddcoll´s debt collection services in South Korea?
Our commission is success-based: 19.5% of recovered amounts. If we don’t recover anything, you pay nothing.
We offer a 30-day free trial with unlimited case uploads.
(see pricing)
What debt collection measures will you take to recover the debt in South Korea?
- Credit assessments
- Direct communications
- Amplifying pressure on the debtor
- Strategic negotiations
- On-site visits
- Leveraging legal avenues and filings
- Initiation of insolvency protocols
- Enforcement of claims
How is my customer relationship affected?
There is no negative effect. All actions follow legal and professional South Korean practices to maintain client relationships.
How does the debt collection process work once I have started my case?
Upload the unpaid invoice.
Our team initiates the collection process.
You can track updates on the platform.
Recovered funds are transferred to your account.
What are the chances of success?
Historically, we’ve achieved about an 80% success rate.
Factors include debtor solvency, clarity of terms, and how long the invoice has been overdue.
How long does the process take?
It varies per case. Some are resolved quickly, others require more time.
Our success-based fee ensures we work efficiently.
What documentation do you need?
Required: the unpaid invoice.
Optional but helpful: contract, proof of delivery, correspondence, and debtor contact details.
What legal action can be taken?
If amicable recovery fails, Oddcoll can initiate legal processes for uncontested and contested claims, enforcement, and insolvency actions.
Do you accept all types of claims?
No. We specialize in B2B international debt collection.
Benefits of Using Oddcoll for Debt Collection in South Korea
We understand South Korean legal and business practices, and our 24/7 platform keeps you updated at all times.
What if I have multiple unpaid claims?
You can upload cases individually, batch-upload via Excel, or integrate via API.
Do you provide services in other countries?
Yes. We operate globally with local debt collection experts in many countries.
international debt collection