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, often leaving behind outstanding debts.
In fact, millions of pounds worth of debt is written off each year due to debtors moving home or premises without leaving contact details, causing them to become ‘untraceable’. 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. There are many benefits to using a debtor tracing service to recover your money. Here are some of the main advantages:
1. Increased chances of debt recovery: professional debt tracing services have access to a wide range of databases and resources that can help in locating debtors who have disappeared or are difficult to trace. This increases the chances of recovering the debt.
2. Saves time and effort: Debt tracing can be a time-consuming and tedious process. By using a professional debt tracing service, businesses can save time and effort that can be used in other areas of their operations.
3. Protects the reputation of the business: Debt collection can be a sensitive issue, and businesses need to be careful not to damage their reputation in the process. By using a professional debt tracing service, businesses can ensure that they comply with all relevant laws and regulations and minimize the risk of negative publicity.
4. Cost-effective: professional debt tracing services can be a cost-effective way of recovering debts. Compared to the cost of hiring an in-house team or outsourcing to a debt collection agency, debt tracing services can be a more affordable option.
5. Access to expert advice: Experienced professionals who can provide expert advice on debt recovery is particularly useful for businesses that are new to debt collection or have limited experience in this area.
6. Reduces stress: Debt collection can be a stressful experience, particularly for small businesses or individuals. By using a professional debt tracing service, businesses can reduce the stress associated with debt collection and focus on running their operations.
Costs to use debtor tracing agencies can vary across the UK with different services for tracing a debtor’s current address. Some trace agencies can charge up to £500 per search and some will charge even if they do not locate an address for the debtor which is known as a negative trace fee. That’s not how dataTrace UK works.
We offer cost effective tracing options, delivered on a no confirmation, no fee basis, so if we do not locate a current debtor, you won’t pay us. Most of our services are completed and located within 30 days, but we also offer a fast-track turnaround options. Our most regularly used service taken by enforcement companies and DCA’s is our electronic trace which is extremely low cost and provides results within 3 days.
Tracing is an essential tool for creditors seeking to recover outstanding debts. With our expertise and resources, we can locate debtors who have become uncontactable and then recover the amount you are owed. We offer a nationwide service that is successful and discreet, tailoring services to meet the clients' needs, with no compromise on data and information security.
So, if you need help with debtor tracing or debt recovery, contact the team at dataTrace uk.
