How Debtor Tracing Will Help You Recover a Debt
The Increase in Bad Debt
As the country faces a post-COVID recession, bad debts are growing in number, with more people failing to pay their debts in full, opting to avoid them because they can no longer afford them. If you have been working with your debtors to agree to payment plans or offer payment holidays, then it can feel very disappointing when they suddenly stop paying and become uncontactable.
Sadly, many lenders end up going into liquidation when they don’t proactively find the people that owe them money. Rather than letting the worst happen to your business, why not use a debtor tracing service instead to find your debtors and get them to pay?
Struggling with unpaid debts? Start recovering what's owed to you today.
Understanding Who a Debtor Is
Debtors come in many shapes and sizes! People who owe you money, tenants that have failed to pay rent, clients with defaulted hire purchase contracts, customers who have failed to pay loans and more are all classed as debtors. In addition, you may need to locate someone in order to serve them with a legal notice.
Ultimately, when someone is withholding monies that are owed to you, then you have a legal right to pursue them in order to get your money returned. Using DebtTrace™ means that you can achieve better outcomes and save yourself hours of frustrating and expensive tracking.
Why Tracing Debtors On Your Own is So Difficult
In reality, finding the address of a debtor on your own can be a very difficult process because many records and search tools are restricted in order to preserve privacy. Plus, with so many people choosing to keep their social media private or in a different name, the likelihood of being able to get the results you need is very small.
If you want to try to find a debtor before you spend money on a tracing service, then the following steps will help:
1. Send a recorded delivery item to the address you have for the debtor to see if it is accepted and signed for. Ideally, you should make sure that it is unbranded so that it not refused because they see your company logo.
2. Call the debtor at different times of the day to see if you can make contact. It is wise to use a range of different numbers in case they are deliberately avoiding your calls.
3. If your debtor is a business, then contact them via as many email addresses as possible in case the person you were dealing with has left. Plus, adding read receipts will help you to prove that the communication has been received.
4. Again, if your debtor is a business, then you can check out their credit report with Companies House and see any updates about the business that may help you.
When you choose to try these hints before accessing a debt tracing service, it is vital that you work within the Data Protection Act 1998. This means you cannot give out any details about your debtor or their debt with you – all you can do is try to verify their contact details so that you can prove they have received your communications. Failing to adhere to Data Protection rules will mean that you are then liable for recourse, so it may be worth letting DebtTrace™ work their magic from the outset. Plus, doing this will save you time that could be spent on other aspects of your business!
Unfortunately, many businesses spend too long and too much on chasing debt with the wrong information, so your client may never have even received your demands for payment. Without debt tracing support, your efforts may be pointless and will cost you far more than you should be paying without achieving quality results.
Why Choosing a Debt Tracing Service Makes Sense
If you are at a loss of how to proceed, then using a debt tracing service may produce the results you need! Here at DebtTrace™, we provide a range of debtor tracing services so that you get the information you need with ease. Our debtor tracing services can include the following:
This service locates addressed through using credit agency data and research data so that you can enjoy finding verified addresses to help locate the people or businesses that owe you money. At only £19.99, this service is a great starting point that complies with all data protection requirements and delivers the information you need.
If you want a more comprehensive service, then our Advance Debtor Search is a great choice. Starting at £55, we will look for homeownership details, CCJ information, insolvency information and both landline and mobile telephone numbers, in addition to finding a verified address.
The great thing about our service is that it comes with a guarantee that if we cannot find the person or business you are trying to locate within seven days, we will refund your fees with no quibbles!
Why You Need to Consider the Legal Implications of Chasing Debtors
In this day and age, it is not enough to find someone who owes you money and demand that they pay it back. Instead, you will need to give notice of enforcement action and to do that, you will need to know their official business or domestic address. Failure to find this information could result in problems when you then take action through the legal system as your client may claim they never received any documentation.
It is also vital that any information you do find is sourced through the appropriate channels and complies with data protection. Failure to trace information and store information using the proper legal guidelines will also result in any legal processes being cancelled, meaning that you need to follow all proper legal frameworks from the start in order to recover the money that you are owed.
How We Access the Debtor Information You Need
You may be sceptical about using a debt tracing service if your efforts have not been successful. However, our service is backed by experienced people and specialist software that will help provide you with the results you need so that you can collect on monies owed.
We use Data Protection compliant sources to perform our searches along with the UK Gov Insolvency Register, Companies House records, the UK Land Registry, Credit Reference Agencies and even Birth, Marriage and Death records for England and Wales (1984 onwards).
Being able to trace people using these records often results in success so that you can then follow up on payments owed in the most successful and organised way. We take pride in offering a legal and ethical search service that focuses on getting quality information in an agreed timescale so that you can access the money that is owed to you.
How Debtor Tracing Will Help You Recover Debt
It is clear to see that there are many different laws, rules and regulations that need to be carefully followed when you are trying to find contact details for your debtors. Using a debt tracing service will allow you to get the information you need with the least amount of hassle. Plus, a debt tracing agency like DebtTrace™ will know the laws surrounding data protection and will work within these remits to get you the information that you need so it can be used when you issue proceedings against a debtor.
Debtor tracing is the vital first step that you need to take in the recovery process. It is proven that engaging with a specialist debtor tracing service will not just help you to find where your debtors are but that you will be more successful in recovering the money owed to you. At DebtTrace™, we take your needs seriously so that you can enjoy a higher rate of success from the outset.
You may find this article useful Why it’s important to understand the financial background of a debtor.
Why You Need DebtTrace™
If you have tried to find your debtors without success, then DebtTrace™ is ready to help. We have a team of experienced Debtor Tracers who have over 20 years of industry experience and who are meticulous in their searches so that you can get the results you need.
We have a tracing agents success rate of over 98% when it comes to locating debtors addresses, and we will work hard to help you achieve the outcomes you have been striving for. Check out our website today to choose the service you need. With DebtTrace™, you can be certain that you will get the information you need when searching for debtors!
For more advice and information on tracing debtors.
Struggling with unpaid debts? Start recovering what's owed to you today.
Resources
Get a debtors financial information
Debtor tracing a complete guide