If you are an organisation or company that is dealing with the problem of debtors, you will know that it can be a time-consuming problem. But there are solutions, and one of them is to hire a private investigations team. In this blog, we look at how a private investigator can help you to recover your debts and get your finances in order.

Finding the information that counts

The best private investigators will use a variety of public and private information to help them achieve their aims. Basing their activities on this information, they then set about working with speed and efficiency to trace the location of the individual or organisation who owes you money.

Finding a location is such an important factor in debtor tracing, private investigators will use all legitimate means open to them to find a residential address or business site anywhere in the world. Their ability to use a range of contacts overseas is vital to finding the whereabouts of these locations, especially as debtors who wish to remain inconspicuous can take the option of leaving the UK. It is thought that 11% of the UK population relocate every year, making it clear just how critical determining a location can be when it comes to debtor tracing.

Tracing assets is another method of finding a person or company, and skilled private investigators are able to facilitate asset tracing techniques which can help put the pieces of the jigsaw together. Often these checks are able to be made on a ‘no location, no fee’ basis; so if your first debtor tracing problem is finding a certain individual or company, it can make sense to take advantage of this kind of offering before investing a huge amount in a private investigator.

The next step, if it is needed, is often the employment of undercover surveillance, which can help build up a body of evidence against debtors who have cut off communications in relation to their debt.

A welcome solution

It is worth considering that most people who hire a private investigator do so when they have exhausted all other means to recover a debt. If a debt is large enough, the investment in a private investigator can be worth it in order to recover some or all of the funds. Hiding outside somebody’s house in dark clothing during the dead of night could wind you up in trouble - so don’t be ashamed of calling in professional help when you need to!

Take advantage of an expert consultancy

Just as the opportunity of a ‘no trace, no fee’ arrangement leaves you with nothing to lose, and the same goes for calling up your private investigator for an expert consultancy on what needs to be done. In many cases private investigators would not charge a fee for an initial chat, so that is your chance to get their specialist take on the situation and give yourself an idea of what needs to be done.

Putting the power in your hands

Flexible private investigators will allow you to call a halt to the enquiry at any stage if you feel that the progress made in the debtor tracing is not enough for your liking. You can make a judgement based on the case reports which you are provided with by the private investigator. You should always be aware of the financial benefits which are associated with tracing the debtor successfully and the costs which are incurred by the private investigation. You can even agree a ‘cut off point’ with the private investigator to ensure the investigation does not stray from your budget.

Do your research

Many private investigators may claim to be leaders in their field, but how much can they really achieve? You should endeavour to ask for examples of their past projects and achievements, and if possible, find out their success rate. The private investigator you choose should also be able to demonstrate their commitment to acting in accordance with relevant data protection acts and treating your enquiry in strict confidence.

The bottom line

The hiring of a private investigator for debt tracing should be looked at like any other investment. If the debt or debts represent a large enough fee, it can make a lot of sense to enable their repayment through the use of a professional private investigation team. If you have a debt list which is spiralling out of control, it can really pay dividends to have a private investigation team on your side. They might be able to provide you with favourable rates in return for a large project or a series of enquiries which you commission them to undertake.

So if you are facing the problem of debts which seem unrecoverable, don’t discount the potential of hiring a private investigator to claim back what you are owed.