Property and Asset tracing – latest successful case

We recently located a debtor for a major High Street Bank, who were the second mortgagees and were facing a debt of £300,000.

The first mortgagees had taken possession of the Debtors main residence and are attempting to sell the property but will still be facing a shortfall in the region of £1,000.000.

Neither Bank knew of a Spanish property until we located the debtors Villa in Spain. The Villa is currently owned outright by the Debtor (no outstanding mortgage) and the property is currently valued at €1.5m.

As the first mortgagees are not aware of the Spanish Villa it has now allowed our client (the second mortgagee) to commence proceedings to secure their debt of £300,000, safe with the knowledge that the first mortgagees are completely unaware of the Spanish Asset.

We supplied the Land Title from the Spanish Land Registry “Registradores de Espana” to verify the ownership.

Debtor gone missing – How to avoid losing a debtor!

How to avoid tracing missing debtors.

When running a business it is very important that you obtain as much information as possible about your customers. This includes ensuring you obtain the following:

  • Completion of an account opening form
  • Full address and telephone number of a pivate individual – verifying these against reliable documentation
  • In the case of a limited company, request the full limited company name and registration number; and for a proprietorship/partnership, ensure that you take private address details and telephone numbers.

People Finding ServicesIt is also advisable to use a credit reference agency to confirm the financial stability of new and existing clients.

Ongoing debtor monitoring

It is important that you keep constant contact with your existing customers, especially if they have outstanding debts. Keeping regular contact will make you aware if a debtor relocates much quicker. If payment is not received on time then ring and check that invoices have arrived and that contact details are still the same.

It is important that all parts of your business feedback if a change of address appears to have occured whether it be the distribution division, sales division or accounts department.

It is important to remember that if you leave a debt outstanding without chasing it, the more difficult it becomes to recover, and the more likely you are to find yourself in a situation where the debtor is not contactable.

Of course some debtors do go missing deliberately in an effort to avoid payment. When this happens and all attempts have failed – then is the time to give People Finder Direct a call.

Tracing agent featured in leading Wales magazine

Discover Cardiff Issue 5 - 8Tracing agent provides case studies to leading Welsh magazine.

Discover Cardiff magazine has featured leading UK tracing agent – People Finder Direct – in the latest edition of the Welsh magazine.

The article provides an insight into the variety of work undertaken by the missing people tracing agency and also features revealing true life case studies of the assignments they are requested to undertake on behalf of UK and international clients.

To read the editorial feature click on the image