Navigating Debt Collection: South Korea Success Stories

Debt collection is always a daunting task, especially when dealing with debtors in a foreign country. Luckily, you’ve discovered Expert Planet, where a vast network of international collection professionals stands ready to assist you. With our experts by your side, your chances of success are greatly enhanced. Explore real cases below, showcasing how our experts have helped users successfully retrieve their payments in South Korea.

Jinho Hong
Top Debt Collection Expert in South Korea

MEA Law Firm aims to assist businesses and individuals worldwide with the recovery of all types of debts and outstanding obligations throughout South Korea by specialized lawyers in South Korea. We strive to provide an amicable debt collection solution first and to proceed with litigation services for debt recovery afterward if needed.

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Debt Amount: 37,000 USD
Age: 3 years

The creditor company exported petroleum resin to a South Korean company. Due to the hot weather, the goods agglomerated during transportation, but it did not affect the quality and use. However, the buyer refused to pay for this reason. The original order amount was 72,230.40 US dollars, and after continuous communication, the two parties made an agreement to reduce the amount payable to 37,000 US dollars, however, the debtor still defaulted on payment.

In the following three years, to get the payment back, the creditor tried to negotiate with the debtor through emails and phone calls, met the debtor at an exhibition in China and even flew to Korea to visit the debtor in person. However, every time the debtor agreed to pay but never fulfilled their promise.

The creditor couldn’t believe the debtor’s words any longer, and they decided to seek help from Expert Planet in May 2021 and signed an online contract with Jinho Hong. After one month of collection, the creditor was considering starting a legal collection. Jinho told him that his team was making consistent efforts to push the debtor to pay, and the debtor was trying to pay back by borrowing money from others, and there would probably be some results by the end of July. Jinho and his team tried their best to help the creditor get their money before legal action since it is more efficient and cost-effective.

Finally, the debtor made the payment to Jinho’s account on August 17th, 2022, and the creditor received their money on August 31st. Jinho’s correct judgments based on the actual situations, and effective collection strategy during the process played a decisive role in the successful collection.