If you're managing a business, one thing that can hold you back non-payers. Debt recovery can be a long and slow business with unpaid invoices, creating a diversion from other more important tasks. There'll always be the reliable client/customer who settles their invoice on time each month, however, there's always the one or two, who evade you, constantly making excuses and then disappearing from view, leaving you with an unpaid debt.
What Can You Do?
Unpaid debts can have a really detrimental impact on your business, if your invoice aren't paid you're going to experience a shortfall in funds, leaving bills unpaid and your own invoices delayed. Rather than put yourself through this there are ways you can trace business debtors and shorten the trail of debt collection.
Collect All the Right Information From the Start
At the outset when you're about to start working with a client, make sure you collect enough relevant information such as phone number, contact name and their full address. Then try a credit check on the company, do they pay their bills on time and do they have a good relationship with their suppliers and their own clients? If you keep in contact with the clients you'll have a fair idea when something doesn't feel right, if they've disappeared, or if they're suddenly not taking your calls.
Credit, Checks, Companies House and Websites
What happens if the debtor disappears completely and you don't know where they've gone? You can run another credit check which may give you another address where you can contact them. You can also use Companies House, you can run a search online to see if they're still active. Contact their former clients, suppliers, customers, check out their website or marketing materials such as leaflets, or handouts. They may contain testimonials from former clients, and by contacting them, you may be able to find out what's happened and where they are now.
When You've Tried Everything What Do You Try Next?
What can you do if you try all of these things, but nothing works? If after all your painstaking work you still can't trace your client then perhaps the final stop is to the door of some professional debt collectors.
Debt collectors will also try tracking and tracing former companies and private individuals who haven't settled bills, they do this every day, and they make a living out of it. They can use a variety of different reliable methods that may not be open to you. They can perhaps help you to get back in contact with them, or collect the money they owe you on your behalf.
Currie & Co – Debt Recovery Lawyers
If you find you're in this position then get in touch with us here at Currie & Co, where our team of legal experts will be more than happy to give advice, or take on your non-paying clients and help get your invoices settled.