Since 2007, we have seen a sharp increase in the number of clients asking us to pursue debtors. The collapse of a business has a knock-on effect on other businesses: unable to pay their debts, some abscond, leaving their creditors unsure about the future of their own company.
Until 1869, debtors could receive a custodial sentence. The infamous debtors prisons, as dramatized in Charles Dickens' Little Dorrit (1855-1857) are long behind us. Today, a debtor cannot be given a custodial sentence unless they have habitually defaulted on payments set by a judge or magistrate.
So how do businesses navigate the laws about finding debtors and recouping money owed?
It can be a minefield, but we can help you through it....
To begin with, we will dispel any misconceptions you may have about debt tracing and recouping. Rest assured that when you hire us, you also get the benefit of our expertise.
- All of our agents operate in accordance with guidelines specified by UK law and the Office of Fair Trading (OFT). This is paramount to our investigations, and should be at the forefront of your appeal to recoup money your debtors owe to you. Ignorance of the law is not an excuse: failure to comply with guidelines could mean your business is stripped of its status and good reputation at the very least , so ignore them at your peril!
- We use tracing methods and databases that are safely within the perimeter of UK guidelines, to ensure you complete immunity and a greater chance of success in recovering the debt
- We do not employ aggressive, unethical or underhand methods of tracing or detection: the OFT forbids unlawful and unethical methods of debt recovery. Creditors are not permitted, for example, to send payment demands to everyone with a particular name or date of birth in the hope that they will by a process of elimination make contact with the actual debtor. To use these methods would threaten the reputation and viability of your business and could get you into serious trouble. Wouldn't it be better to leave it to the experts and get the right person, first time round?
- 'Too many people who are owed money go in gung-ho and find they burn their bridges when it comes to recovering a debt,' one of our experienced agents advises. 'Our approach is measured and in accordance with UK guidelines. The law is actually there to protect the debtor, not the creditor, so it requires a clean record from start to finish to actually get your money back.'
- Still unsure about how to go about tracing those who owe you, or your business, a considerable amount of money? Get in touch with us now for an informal chat and a quote
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