The answer is yes but it will depend on the amount of debt you have. A lot of countries have agreements with each other to make it possible for debt to be recovered
A bad debt is a debt which cannot be recovered from the debtor, either because he does not have the money to pay it or because he cannot be found and/or forced to pay.
There are sites online that advertise their debt collection business. Some of these Debt Collectors are UK Debt Collection, Debt Recovery UK, Debt Collect and Debt Recovery Plus.
When bad debt amount is recovered then it can be removed from accounts receivable as receivables.
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In short YES, I am a debt lawyer here in the UK and it will be possible to prove you owe the debt and it can be sold on to a UK debt collection agency.
Yes. The national debt line is for the UK only.
before you do the double entry for the bad debts recovered, you have to reinstate the debt by making the following entries:- Dr. debtors account Cr. bad debts recovered account after this, you will have to do the double entry for this:- Dr.cash or bank Cr. debtors account that's all u have to do!!
UK Debt Management Office was created in 1998.
Recovered Bad DebtsWhen any bad debt is recovered, twojournal entriesare passed. The first one reverses the write-off entry and the second one is a routine journal entry to record collection. Thus:Accounts Receivable70Allowance for Doubtful Debts70Cash70Accounts Receivable70
NONE. Not one country in the world has ever paid back the USA for war debt or any other type of debt. NOT ONE.
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UK Debt Consolidation Services is one of the many companies in the UK which specializes in debt consolidations. They will help people consolidate their loans, often with a lower monthly payment.