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The importance of knowing your debtors

A general discussion looking at the importance of gathering information at the outset of the collection process, in order to maximise short term recoveries.

The importance of knowing your debtors
13 March 2014

Locating run away debtors can, on the face of it, seem an impossible task. The ability to find someone seems even harder when previous correspondence has been returned advising an individual is no longer residing at the only address that you have.

However, there is hope and this blog looks at the steps that you should consider, along with the added benefits that this can provide.

As a matter of course, all debtors should be traced; in our opinion, we consider this so important that we do it as a matter of routine and indeed we bear the cost of the service as it is so important.

It seems to us there is little point in simply writing to somebody and waiting for a letter to be returned before going back to a client and requesting authority and payment to trace. It is a waste of everybody's time and patience.

Other than a fresh address, are there any other benefits to a trace and profile? The answer to this is a resounding yes. Using the correct procedure it is possible to obtain fresh telephone numbers and emails. However, more importantly it provides invaluable information for the collection process. This information includes, but is not limited to, the following -

- Do they own their own property?

- Are they bankrupt?

- Are they a company director?

- Do they own shares?

Even these few small examples show the type of picture you can build up on a person right at the start of a collection procedure.

Similarly, we also believe there is little point in simply issuing court proceedings from the outset. Not only is there an outlay of funds on court fees, there is also the fact that you cannot guarantee a recovery after they have been issued thus in effect throwing away valuable funds.

Knowing your debtor is the key: spending the time gathering all the information possible will reap dividends when moving forward.

With access to the latest proven trace providers, collections have risen and ceased the drain on unnecessary legal costs to the communities; with free profiling being offered to every community on each debtor, our success clearly shows that "knowing your debtor” is imperative.

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