How can tracing agents help me track down debtors?
Tracing agents
Every year businesses, landlords and councils write off millions of pounds of debt. This can occur when debtors do not have the assets to cover what they owe, or sometimes it happens when the debtor absconds. It’s in these cases that tracing agents can help.
Legal implications of tracing debtors
The reality of debtor tracing is a little more complex than simply finding the person who owes money. You must know their official residential or business address to give notice of enforcement action – otherwise they could disrupt the process by claiming it was never received. This is important for actions such as CRAR and High Court Enforcement.
The legality of accessing and storing personal information must also be considered. This includes all relevant data protection laws that apply to your client and your business.
How debtor tracing works
If you do go ahead, the first step is checking publicly available information. Individual addresses, for example, are often found on the electoral register, while company directors, registered addresses and insolvency information can be found via GOV.UK.
However, good debt tracing agencies go much further. At Dukes, for example, our Trace And Collect service is powered by Gone Always, which is the most sophisticated tracing software on the market. It searches numerous databases to match your debtor’s details to addresses, phone numbers and emails.
In difficult cases, you need to dig even deeper. That’s why our process also identifies associated persons like family members or co-habitants. We can access detailed financial information to profile your debtor’s ability to pay and find out where they are living. This ensures we make the right collection decisions to recoup funds quickly, efficiently and ethically.
How to access debtor tracing services
Certificated Enforcement Agents usually offer tracing as a stand-alone service. A good tracing agent will provide all of the information you need to find an absconded debtor. A great one will offer financial information and information on associated persons too.
However, if you’re concerned your debtor is deliberately avoiding paying, it may be better value to engage an Enforcement Agent to recoup the funds. At Dukes, tracing is provided as standard when we’re selected as your enforcement partner and, in many cases, the debtor will be required to cover the cost of enforcement.
Contact us today for more information about our debtor tracing service.
