Booming economies like India and Russia may offer great opportunities for UK firms, but they can also cause costly headaches for companies chasing down their money if customers don't pay up. According to global credit insurer Atradius, recovering a debt through the courts in Russia takes on average 330 days, almost a third longer than in most Western countries. In India, however, the legal process is four times as long, taking on average a staggering 1,420 days to recover a debt - almost four years.

A new series of Atradius' popular and indispensable country guides reveals the problems unwary firms could face when trying to get paid in the emerging economies of India and Russia, as well as the fast-growing export markets of Indonesia, South Africa and Turkey.

It also offers advice on ways to help exporters protect themselves and recoup losses.

Simon Groves, Atradius' Brand Manager for UK and Ireland warns: 'Because demand in these new powerhouse economies is soaring, it is very tempting for UK firms to trade with foreign customers without the checks and precautions they would normally have whilst doing business at home.

But emerging markets are volatile, so there is a strong possibility that payment could be slow or not forthcoming at all.

'If a debt goes bad, British firms will be forced to chase their money in a market where the business culture is unfamiliar, laws are different or unreformed, and the legal system is slow, inefficient, and in some cases actively finds in favour of the customer rather than the foreign supplier'.

Atradius' country guides highlight the precautions UK exporters should take when trading with foreign markets, such as carrying out credit checks, agreeing secured methods of payment and insuring against bad debt.

It also summarises key payment issues in each country and the problems faced when recovering a bad debt.

Groves continues: 'If you are trying to recover your money in India or Russia, or in fact any overseas market, it is important to have experts in the country that understand the payment culture and know how to work the legal system to help you get paid'.

For example:.

India.

Credit checks are vital in India, as company accounts often do not give an accurate picture of the buyer's financial health.

If the customer is on the 'Sick Companies List' they will enjoy greater protection from legal action under the Indian government's bankruptcy laws.

Payment is often slow, with a 15 day delay on 30 day terms being regarded as the 'norm'.