What happens next if you’re unable to trace your debtor?
Gathering accurate information is an essential element of effective debt recovery. However one of the key complications that can occur in the recovery process is creditors no longer being able to trace their debtors due to holding outdated information on file. Here at Alex M Adamson LLP we offer a range of investigative services to ensure our clients can explore a debtor’s circumstances in order to collate accurate and up to date debtor details to shape their debt recovery process.
Alistair Turnbull, our Investigations Department Manager, discusses how beneficial these services can be in debt recovery cases, “Investigations and trace services are key to any recovery of debt as the more information you hold, the easier it is to make a calculated judgement on the best possible method of recovery or next step in the recovery process. Our services are particularly effective where clients feel they have come to the end of the road attempting to locate evasive or absconded debtors as there may be further options that have not yet been explored. We can offer expert advice on the numerous services we offer and tailor a service to the individual needs of the client. We are compliant with the data protection act at all times and can breathe new life in to cases that seem irrecoverable.”
Our Investigations team have a number of both office based and site visit options at clients’ disposal to correct any inaccurate debtor information, including:
- Residential Trace
The residential trace service can be utilised in cases that involve absconded debtors. The service aims to provide a new address for a debtor in order for the client to re-establish contact with the individual to reach a settlement. We have an extensive range of internal and external databases which are used in residential trace cases to ensure all options are investigated.
- Employment Trace
Establishing where a debtor is currently employed offers clients an understanding of a debtor’s current financial status as well as providing them with an additional form of contact. The resulting information gathered from an employment trace not only gives creditors another option when contacting the individual but also gives the client another debt recovery route at their disposal in the form of an Earnings Arrestment.
- Bankruptcy Check
Our investigations team can research the debt history of a creditor by searching public registers to confirm if the individual has previously been made insolvent, this provides a better understanding of the debtor’s ability/willingness to pay and can be useful background information.
- Social Media Report
The rise of social media sees the increase of public information available online about individuals. By searching a range of social media platforms a report can establish a debtor’s current lifestyle situation which can give a true reflection of a debtor’s ability to pay.
- Door Visits/Occupancy Report
Our Door Visit service can be used to build a deeper understanding of a debtor’s circumstances whilst falling in line with any jurisdictional constraints. Our team can visit premises throughout Scotland to confirm a debtor’s residence at the property in question. If contact with the debtor is made we will aim to discuss their circumstances and personally deliver any documents we have been instructed to deposit if occupancy is verified.
If no one is available at the property in question our team can discreetly make local enquiries in order to provide a report which details the following information when available – home ownership status; current occupiers; vehicle information; HPI check; property valuation; property conditions; employment status or whether a debtor is no longer at the address at all.
- Pre-sue Status Report
This report option combines the door visit service outlined above alongside an office based title search on a debtor’s property. A title search can confirm property ownership, which dependant on the outcome can provide the creditor with the option to register a Notice of Potential Liability (NOPL) or Inhibition depending on the court decision granted against the individual.
Each of these services can be tailored to suit client needs and budget to ensure the outcome is in line with client goals.
Comments from our clients include:
“The online service is easy to use and a good way to keep up to date with any progress on our clients.”
“It’s a great benefit that it is on a no trace, no fee basis.”
“Calls and emails are always replied to promptly and in a professional manner.”