Welcome to our January newsletter. We hope you all had a good break. This month we are really pleased to tell you about a new service available to you – our Mini and Full Asset Trace Reports. These new in-depth reports can provide valuable information on your consumer, sole trader or limited company debtors, read on below for the full details.
We warmly welcome any new clients on board and hope that you find our newsletter of interest. We always welcome feedback, so do feel free to get in touch with us.
New! Mini and Full Asset Trace reports
We are now pleased to offer new in-depth trace and asset reports. These reports are particularly helpful on the high debt value cases, and also ones where establishing a sole trader’s whereabouts has been proving difficult. The idea is to use these reports at either the pre legal stage to hopefully save you possible court costs if there is no point in proceeding with litigation or at the post judgment stage to see if enforcement is going to be worthwhile.
The new reports are undertaken for us by a company called “Engage Services” who are part of the Marston Group of Companies. Engage carry out over 40,000 field visits per month servicing the varied needs of a wide and diverse client base. Engage Investigative Services provides litigation support in the form of Tracing (individuals, companies and assets), Pre-Litigation Reporting (financial analysis of individuals/companies and their ability to satisfy their indebtedness) and Process Serving (delivery of legal process).
• The reports can be used for all types of debtors including consumers, sole traders and limited companies*
• The reports are bespoke and manually assessed and processed pulling data from a variety of sources depending upon the circumstances of the case.
• The reports also research “off target”, which means not just against the subject name but variants/aliases/address etc.
• The biggest benefit is the ‘boots on the ground’ service, which you don’t get with a desktop only report.
• Another benefit is the level of detail provided, whether the outcome is positive or negative, the details will provide more than sufficient justification for progressing a case to the next level or not.
Quote from LRC’s Operations Director – Rachel Rowbotham
“Having trialled this service for one particular client for its SME debtors the results have been found to be outstanding in terms of the level of information and detail we have been supplied with. This service is particularly recommended at the pre-legal stage on higher debt values and should be given real consideration particularly when deciding on the viability of pursuing litigation. Litigation is a fantastic tool in recovery of debts but works best when prior information is held about a debtor – unless you are pursuing a debtor via litigation as a point of principal then it would be my recommendation to consider obtaining asset and identity information before issuing a Claim Form.”
The reports include the following:
Mini Asset Trace Report
Identity Research, Trace Research, Insolvency Details, Target Company/Business Research, Property Visit, Property Report, Condition, Valuation etc. including photographs and Visible Asset Profile
Timescale:14-21 days approx.
Full Asset Trace Report
Scope of Work, Executive Summary, Identity Research, Trace Research, Family Connections, Known Associates, Associated Addresses, Insolvency Details, Legal Proceedings, Target Company/Business Research, Active Directorships, Dissolved Directorships, Overseas Directorships, Non-Limited Company Research, Shareholdings, Land Registry Searches, Hidden Asset Research, Property Visits , Property Reports, Condition, Valuation etc. including photographs, Asset Register, Condition, Valuation etc. including photographs , Credit Referencing, Press, Media, Internet and Social Media Research, Conclusion and Recommendations
Timescale: 21-28 days approx.
How to instruct us
These reports have now been added to Debt Manager, so you can select them on the drop down box at “Instruct LRC”
*Insight for consumers
We still offer the Insight and Insight plus service for consumers, this is a more cost effective search, and the difference between these reports is that the information provided by Insight is overview information that has been provided by the debtor to other creditors which is not substantiated. The mini and full asset trace reports are manual reports undertaken by an external company who do in depth substantiated investigations.
*Detailed Credit Report for Limited Companies (Credit safe)
We also still offer the credit safe report for limited companies. Again, this is a desktop report outlining a limited company’s financial situation, it does not involve the manual intervention and investigation that the asset and trace reports have.
A recap of a few recent reminders
Instructing LRC on Debt Manager
When you instruct us on Debt Manager, please select the correct instruction from the drop down list. The reason for this is the file will then be directed to the right person at this end to deal with the instruction and it speeds matters up. If it is a non-standard instruction, or you need help or advice, you can select the ‘non-standard instruction’ button and free type your question in the box. If you would like any assistance or training on Debt Manager, please do let us know and we can organise this.
Debt Manager – Case Summary button
Don’t forget, if you want a breakdown of the figures of a specific case, you can run the case summary button in the case history. This is found on the left hand side of the screen just under Court details.
Provide supporting documents for overseas customers
If your overseas case needs to be referred to our external agents after our collections period, the agent will always need supporting documents at the point of referral.
Inform us if you have a staff change over using Debt Manager
For security reasons, please remember to tell us if you have a member of staff that leaves your organisation, (if they used Debt Manager) so that we can change the password for you.
Please provide us with your instructions in a timely manner, delays in providing them can cause detriment to our collections rate for you. It’s especially important when there has been a payment offer. Why not consider giving us automated authority to accept payment arrangements (as long as they are fair and reasonable based on the debtors circumstances) and other standard procedures, please ask the client service team for some personal recommendations for your business.
If you or your team need any help or training with using debt manager or understanding the debt recovery process further, please get in contact with the client services team.
We hope you find this newsletter informative and useful. As always, contact us if you need to know more!
If you require any further information, please do not hesitate to contact our Client Services Team:
Tel: 0844 858 8919
Andrea Nicholls (Client Services Manager) – firstname.lastname@example.org
Rachel Rowbotham (Director) – email@example.com
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