Debt Collection


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Anywhere in Korea

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1. What We Do for the Debt Collection

  - Investigating legality of the claim and finding the most efficient and fastest ways to recover the debt.

  - Investigating the debtor's contact details including whether the company is duly in existence, if not, whether shareholders or officials of the company are liable for the debt.

  - Drafting and sending claim letters to urge the debtor to pay off (Normally Korean companies' take the lawyers' claim letters for serious and response very quickly).

  - Making phone calls to call up a debt until we have the final answer from the debtor whether or not he or she is voluntarily to pay off.

  - Negotiating the amount of the payment if necessary.

  - Drafting and concluding a settlement agreement with the debtor.

  2. Expected Responses from Debtors

  - First, the debtor says that he/she doesn't have money, so do whatsoever because he has nothing to lose. In most of this kind of reactions, what the debtor says is true. Accordingly we recommend our clients to drop the case.

  - Second, he does not have money but he will pay back as soon as possible or in installment under the payment plan.

  - Third, the debtor denies his liability for the debt.In the third case, there is no other option but to commence a litigation. In this case we charge a lump sum down payment deducting USD 500 below in consideration of the claim amount and the level of difficulty of the case with the incentive 15-20% of the money that the court orders the debtor to pay.


  3. How Much We Charge for the Debt Collection

  - Non-refundable down payment before commencing the debt collection: USD 500 

  - Incentive: 17-25% of the collected money depending on the amount of the debt(The bigger the lower)


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