Introduction
In this article, we will explore why debtors decide to relocate and outline the steps to take when they relocate. Dealing with debtors who move without a forwarding address can be challenging, but it’s not as hard as you would think to find them. In the UK it is common for people to change addresses frequently with some debtors intentionally hiding their whereabouts to avoid debt.
For many people in the UK, debt is an unfortunate reality and it can follow you even after moving house. Debtors who move can make it difficult for creditors to collect the money owed. Moving house is a common way for debtors to try and avoid making payments and can be costly and time-consuming for creditors.
Money Advice Service estimates that over 8.3 million people in the UK are over-indebted, meaning they have fallen behind on payments or are struggling to keep up with financial contributions.
How to find a debtor
The issue of creditors trying to locate debtors is not a new one and the UK Financial Services Sector has implemented measures to help creditors find debtors, like using a Tracing Agents or debt collection agency to help you locate your subject. There are many effective ways to try and locate a debtor:
- Try contacting the debtors friends and family or employer, they may be able to assist you.
- Social Media is a useful tool, they may have posted something with their location.
- Credit reports can be used to find the subject’s current whereabouts; this can be provided by a Tracing agency.
- Private investigators can conduct searches to confirm a debtor’s current address and contact details.
- Tracing Agency’s offer Address Traces that can locate debtors current whereabouts and contact details
- Electoral Roll can provide you with the current address, if they are registered to vote.
- Land Registry can provide you with the whereabouts of the subject.
Why debtors evade creditors
One of the most common reasons debtors evade creditors is fear, debt is stressful and can be overwhelming with debtors being concerned about the consequences of not paying their debts. Fear of legal action, repossession of assets or damaging their credit score can lead to them avoiding contact with their creditors and moving house to avoid being found. A lack of understanding of their financial situation is another reason why they are evading the debt. Debt is complex and the debtor may not understand the terms of the contract or the consequences of not paying the debt.
Sometimes the debtors evade paying because they believe they can get away with it. They believe that they cannot be found or that the debt will just go away if ignored for long enough. This behaviour is unethical and can have serious consequences for the debtors credit score and financial future.
Whatever the reason for debtors evading the debt, it is important for the creditor to take a proactive approach to debt collection.
Conclusion
In conclusion, debtors avoid debt for a variety of reasons, and understanding the reason can help creditors develop more effective strategies for debt collection. By being proactive towards debt collection, creditors can help debtors manage their debt and avoid the impact of non-payment.
