There can be many reasons why debtors choose to relocate, and it can be frustrating to deal with those who disappear without leaving a forwarding address.
However, finding them may not be as difficult as it seems as there are steps that can be taken to locate them after they’ve moved. In the UK, it’s common for people to move frequently, and some debtors intentionally conceal their whereabouts to avoid repaying debts.
Debt is an unfortunate reality for many in the UK, and it can follow individuals even when they move. When debtors relocate, they create obstacles for creditors trying to recover the money owed. Moving house is often used as a tactic to escape payments, resulting in added costs and delays for creditors.
According to the Money Advice Service, over 8.3 million people in the UK are considered over-indebted, meaning they are behind on payments or struggling to meet their financial commitments.
How you can track a debtor
The challenge of locating debtors is not new, and the UK’s financial services sector has introduced several methods to assist creditors in this process. Creditors often turn to tracing agents or debt collection agencies to help find missing debtors. Here are some effective strategies for locating a debtor:
- Reach out to friends, family, or the debtor’s employer: They might know the debtor’s new location.
- Leverage social media: Debtors may unknowingly share their whereabouts online.
- Obtain a credit report: Tracing agencies can provide updated reports that include a debtor’s current address.
- Hire a private investigator: Investigators can help verify the debtor’s latest address and contact details.
- Use tracing agencies for address searches: These agencies specialise in locating individuals and can often provide up-to-date contact information.
- Check the Electoral Roll: If the debtor is registered to vote, you may be able to obtain their current address.
- Access the Land Registry: This can provide information on the debtor’s property ownership and location.
Why debtors evade creditors
Debtors often avoid business and individuals they owe money to due to fear; debt is stressful and overwhelming, and many fear the consequences of non-payment. Concerns about legal action, asset repossession, or damaging their credit score can drive debtors to cut off contact or move to avoid being tracked.
In some cases, debtors simply lack a clear understanding of their financial obligations, making it easier for them to ignore the problem. Debt can be complicated, and they may not fully grasp the terms of their contract or the repercussions of non-payment.
Additionally, some debtors believe they can evade their debt obligations altogether. They assume they won’t be found or hope the debt will disappear if left unpaid long enough. This mindset is not only unethical but also damaging to their credit score and financial future.
Debtors may relocate for various reasons, but by understanding their motivations, creditors can develop more effective strategies for debt recovery. A proactive approach to debt collection can help debtors manage their obligations while minimising the impact of non-payment on their financial standing.
At dataTrace uk, we know that prompt tracing is key in re-establishing contact and understand this can only be achieved if the right tracing tools and expertise are employed. We appreciate that finding debtors is not easy, and often enlisting the expertise of a professional tracing agency is the only way forward. Our fully automated, rapid, reliant, and compliant tracing services are a fast and cost-effective way to reconnect you with lost customers. Why not get in touch to find out which of our services could assist you.
