Unfortunately, bad debts or debtors are becoming commonplace in the world we live in today. Levels are on the rise to unprecedented numbers for both lenders and businesses alike and it’s becoming increasingly difficult to manage these effectively. Small debts, were not welcomed may not be as drastic or detrimental to the day-to-day running of the business but those larger debts soon mount up and become a business menace. If the right processes are used, then a business can move forward and recover the debts even if this takes a little time and effort. Not all debtors are evading payment, some have extenuating circumstances or are unaware of payment options available to them.
Here is a couple of scenarios and the methods generally used to trace and locate:
Debtors move without providing a forwarding address
This is the number one problem faced by lenders and it can be tricky and near on impossible to track the address for a couple of months. The debtor starts in new premises and lists this as the new address on various forms. Eventually, these become apparent in directories on or offline.
The lender debtor process
In general, the lender will phone the debtor on all the numbers they hold for the debtor. This will take place at regular intervals throughout the course of a working day in the hope that the debtor will not miss the calls. In the event of no answer on the calls then a letter is sent as a follow-up with details on how and by what date the debt must be settled. If this, then fails then legal action is served.
Trace reporting solutions for private and business clients
Offering a range of trace solutions for private and business operations. Utilising access to professional tracing products and systems to provide a bespoke report to meet the need of any client. A single reference point to help aid informed decisions and support you and or your business effectively.
Private Investigators are available to serve the documents and trace the debtor, not to collect the debt, as we are not licensed to do this.
For more information or to arrange an informal meeting contact Paul Moores and the private investigation team on 0800 014 6113