We are often asked how money can be recovered if the debtor is nowhere to be found, and that is where tracing a debt comes in. Using a variety of sources, we work tirelessly to trace the money that is rightfully yours. After all, you shouldn’t go without simply because a debtor doesn’t want to pay.
What is Debt Tracing?
Debt tracing is the process of locating someone that owes you money. If someone owes you money – perhaps you have a client that hasn’t paid or a debtor who has broken a payment arrangement, or maybe you’re a contractor who hasn’t been paid for your services – you can use debt tracing to locate them.
This can be done by reviewing public records, using search engines and even looking at the electoral roll. Once we have traced a debt, we can start work on recovering the money that you are rightfully owed.
Why Do You Need to Trace Debts?
There are a number of reasons as to why you might need to chase a debt. For example, a debtor may have failed to make payments and you are unable to locate them. They may have provided an incorrect address, not updated you of a house move or simply gone into hiding. In these situations, tracing a debt is key to ensuring that you receive the money you are owed. If you don’t trace the debt, recovering the money becomes a lot more complex and unlikely.
What Information Do You Need to Trace a Debt?
Many people make the mistake of assuming that a lot of information is needed to trace a debt, but that isn’t always the case. At Cobra Financial, we can track down debtors with very little information to go on. Of course, the more information we have, the easier it is to trace a debt. The key pieces of information to have are their name, last known address and telephone number. Anything else is a helpful bonus that will aid our debt recovery efforts.
How Does Debt Tracing Work?
There are a few different aspects of debt tracing, and we use a range of these to locate your debtors. The electoral roll, credit references and land registry can all be used to find out the whereabouts of those who owe you money. We can even use search engines and social media, both of which can give an indication as to where a debtor is.
Should I Use a Professional Debt Tracing Agency?
There are a number of benefits that come with using a professional debt tracing agency. For example, you can relax knowing that an experienced team of experts are working to locate and recover your debt. Plus, as recovering debts can be time consuming, handing it over to an agency gives you the time to focus on other aspects of life. To find out more about professional debt tracing, get in touch with the Cobra Financial team.