If your business tries to provide its customers with high-quality services and products, you deserve to enjoy all the profit you make. This means that you should collect from all your debtors. This may be difficult if you can no longer contact them.
Often when your company starts to implement its debt collection strategy, debtors may change their contact information to avoid paying. Their phones may be disconnected and it may be impossible to deliver mail to them. The following steps may help you.
Give them Some Time
Decide on the right time to take action against a debtor that has changed their contact information. Some of them may not be trying to avoid payment. You don’t want to take action against a good customer just because they changed their address a few weeks ago. Wait and see if they will reach out. Take time to decide the amount of time that you are willing to wait before taking action.
Work with a Debt Collection Agency
One of the best ways to collect your debt is to seek the help of a debt collection agency. Explain to them that you have lost contact with your debtor and they may help you. Even if the last known address of your debtor is now vacant, the agency may still be able to help you. Most collection agencies have skip tracing services. This is one of the best options because it gives you the chance to focus on your business.
Work with a Private Investigator
Working with a private investigator may help you find the new location of your debtor and get your debt back. Most private investigators will only charge a small fee. They are worth the cost as they will help you get your debt paid.
Contact their Employer
If you have the contact information of your debtor’s employer, you may contact them. Note that there are limits to what you can discuss with them. There is also a limit to the number of times you can contact them. Be polite and ask the employer to help you contact them.
Contact them at Work
If you know where the debtor works and that their employer does not restrict them from accepting calls, you may try to contact them at work. Do not contact them at work if they let you now that they can’t take personal calls.
Even though it may be difficult to contact a debtor when they change their contact information, it is not impossible.