When you are owed a substantial sum of money, you will want to recover the debt as soon as possible. This can be difficult if you are faced with a debtor who is unable to pay. It’s important to know whether your debtor is simply refusing to pay – perhaps they feel as though they shouldn’t have to repay the money, or maybe they are hoping to cheat the system and avoid paying completely – or whether they don’t actually have the money to give.
At Cobra Financial, we only take on debt recovery cases where we believe that the debtor has the means to pay. A lot of people will say that they don’t have the money to pay, even though they absolutely do. This is why we put a lot of time and energy into finding out if the debtor has your money. Once we have confirmed they do, our debt collecting efforts can begin.
Surveillance Services
You might find that a debtor says they are unable to repay what they owe because they don’t have the money; perhaps they claim to be on a low income or they tell you their finances don’t stretch far enough to accommodate debt repayments. This might be the case for some people, but it’s often a way for debtors to avoid repaying their debts. To see if your debtor has the means to pay, we put our surveillance services into action. Our surveillance services can find out where your debtor goes and if their lifestyle seems to exceed their means
Company Reports
Before lending anyone money, it’s a good idea to find out if they can pay you back. Otherwise, there’s a high chance that you could be left chasing payments. At Cobra Financial, our discreet team will uncover whether or not your potential prospect can afford to pay you back by carrying out company reports. If they can pay you back, we take a look at what rate.
Partial Payments
It’s quite common for debtors to not have the full amount that they owe, especially if it’s a large sum of money, but many do have something they can pay towards the debt. When this happens, it’s usually a good idea to accept partial payments. After all, it’s better to receive something than nothing at all, and this ensures that you recover some of the money owed.
At Cobra Financial, we only accept partial payments from debtors on agreement with you. You might choose to accept a lower repayment amount and write off the debt, or you might request a number of regular payments until the total debt is paid off. This is something that can be determined on an individual basis, depending on debtors finances.
Once you have determined that a debtor has the ability to pay – whether that be the full amount in one go or broken down into partial payments – further steps can be taken to ensure that you receive the money that you are owed. To find out more about how Cobra Financial can help you to recover a debt, get in touch with our talented team or give us a call on 0151 526 4222.
