Bad debts are becoming increasingly common nowadays. There are an unprecedented number of bad debtors and every lender and business has to tackle these individuals effectively. While one or two bad debtors owing you a small amount of money may not make much of a difference, the situation is radically altered when these individuals owe you large sums of money or there are a lot of them. In order to stay afloat, it is essential to recover these bad debts. These are an unnecessary loss which can easily be tackled if the right methods are used.
Find The New Address Of The Debtor
Often, debtors or customers move without giving you a forwarding address. This is by far the most common problem faced by lenders. The main issue here is that it is virtually impossible to find the new address of the debtor when this happens for a few months. This is because once the individual starts living in a house, he or she tends to list his or her new address on various forms. Eventually, these show up in some directory, online or offline, somewhere. This tends to take a little time but it is a sure thing.
Take Legal Action
Normally in the case of a debtor jumping his debt, a lender typically calls up the debtor on all the numbers he or she has on file for the debtor. Usually these calls are frequent and spaced across a day. This ensures that the debtor doesn’t miss the call. If no answer is received, the general tendency is to send a letter detailing how and by when the debt must be returned. It also explains the consequences the debtor will be subject to if this is not done. Finally, if all else fails, legal action is taken.
Why Choose Us
At Private Investigators UK, we have been performing extensive trace debt investigations for the past twenty five years. This has helped us develop a unique insight into the psyche of the debtor. We understand that not all debtors are trying to jump their debt – some are genuinely unable to pay due to extenuating circumstances. We can check the payment history of the debtor to determine his or her paying habits. Further, we can ensure that the debtor is not simply unaware of the terms of payment. This, too, does happen.