Recovering overdue accounts can be frustrating and a drain on resources for organisations. Many customers simply need a reminder to settle invoices whilst others may need a little coaxing to make full payment.
What can make this more time consuming is when customers have moved on, leaving no forwarding address and unsettled invoices.
On average, 11% of the UK population will relocate annually – that’s almost 3,000,000 households; many of whom fail to inform creditors and other service providers of their move, leaving behind outstanding debts. Prompt tracing is key in re-establishing contact; however, this can only be achieved if the right tracing tools and expertise are employed.
This is where the process of debtor tracing comes in. Debtor tracing is the process of identifying and locating an individual who has stopped paying and/or absconded. This could be a previous tenant who has left without paying overdue rent, a debt that is owed or an outstanding loan where payments have stopped.
Enlisting the help of a professional tracing agent can greatly increase the likelihood of successfully locating an individual and receiving payment.
There are many benefits to using a debtor tracing service to recover your money. Here are some of the key advantages:
- Save time and resources: Trying to locate a debtor on your own can be a time-consuming and frustrating process. Debtor tracing services have the expertise, resources, and tools to locate debtors quickly and efficiently, saving you time and resources.
- Increase the chances of recovery: Once the debtor has been located, you can take the necessary steps to recover your money. Debtor tracing services can also provide additional information about the debtor, such as their financial situation and assets, which can help you determine the best course of action.
- Protect your reputation: Chasing down debtors can be a difficult and delicate process, especially if you are dealing with a business partner or friend. Using a debtor tracing service can help you maintain a professional relationship and avoid damaging your reputation.
- Legal compliance: Debtor tracing services must comply with strict rules and privacy regulations. This can give you peace of mind that your debt recovery process is legal and ethical.
At dataTrace UK, we boast over 30 years’ of experience, supported by latest technology to trace debtors, wherever they are in the world. Our services are cost effective, successful, and discreet, and bespoke to meet our clients' needs.
For more information on how we may be able to help you, please contact us today.
