Why are more and more businesses looking at tracing and investigation services to help deal with their debtors?
Sadly, the level of debt owed is rising and it is having a corrosive effect on some businesses.
One recent survey by the finance company Liberis showed that small businesses in the UK are chasing more than £14 billion in late payments. Little wonder that many are turning to tracing and investigation services to find absconded debtors.
The debt trend is upwards, too. The late payments figure was £1 billion higher than in the previous six months.
The survey also showed that 58% of SMEs were owed up to £10,000 and 27% were owed up to £20,000, while 25% of respondents were chasing aged debts of more than £20,000.
Retailers were the worst affected with 21% having aged debt.
Half of those surveyed said the debt had prevented them from investing in their businesses, hiring new staff, or expanding.
Many businesses are now putting processes in place to deal with the issue and protect their future.
One of them is to outsource the problem and use our investigative skills to ensure all debtors are traced and dealt with.
Why does your business need tracing and investigation services?
- To track down your business debtors – Your business could be under immense pressure if a debtor absconds without paying.
- To serve court documents – Getting a judgement in County Court or taking a High Court action may prove impossible if you cannot serve the respondent with the correct paperwork.
- To trace former tenants – If they owe you money but move on without a forwarding address, our services can help you.
- To protect your brand – Someone else may be using it illegally and making money from it.
How do the services work?
We use comprehensive electronic databases to search for your debtors. Even if you think they have vanished into thin air, it’s difficult for people not to leave some sort of electronic footprint on one of those databases.
It can take a few months for that to start happening when people re-register on the electoral roll, for example.
That information gives us the starting place from which to investigate where the debtor is and how they can be contacted.
We’re then able to pass on information to our process servers who can serve court documents or legal papers on the debtor.
Often, when the debtors realise they can’t easily outrun their debts, they pay or enter into an agreement with their creditors.
If not, we’re able to help our clients enforce judgements or transfer County Court cases to the High Court.
Why use a professional service like Inter Alia?
Our experienced staff are expert in using electronic databases and know how to stay on the right side of the law while pursuing your debt.
Your debtor understands that they cannot appeal to our emotions, as they might with you. Hiring a professional also shows them how seriously you’re taking the matter.
That’s why our outcomes are excellent and we have many satisfied customers.
Do you have a debtor you need to trace? Call our friendly, expert team on 01495 781218 or arrange a call back here.