Asset Checking

(also known as pre-sue report)

It is important to know who you are about to lend money to or offer credit. Similarly, if you are about to issue court proceedings against a person or a company, it could be a futile waste of your time, health, and money if your debtor has nothing.

There are several things you can do yourself, rather than pay an asset checking company £200-£750 for information that you can obtain cheaply yourself.

 

Rachel Reeves Looks Solemn

********************Use the same on as the Trace page – but it needs a little padding, as does the trace page

Individuals

There is a small cost for some of this data, but it could save you a fortune.

1. Land Registry

Perhaps your debtor has a mortgage. Even if you doubt that they have, you can often be surprised.

Visit the Government’s Land Registry site, (you may have to sign up), and simply enter the address.

Unless the price has gone up, it usually costs £3.00.

2. Director list

Perhaps your debtor is a director of a limited company. Again, you’d be surprised! Then check their accounts and see if the company is worth anything.

This is another government website, run through Companies House, but this one is free.

3. Can you think of anything else?

Businesses

1. Creditsafe

Creditsafe is one of the easiest to use, and you can often get a free report here, (although you’ll have to join if you often need to use it).

It will you tell you if the company has money in the bank, and/or county court judgments. It also provides a score out of a 100. If you get a score of around 50, it usually means that the company hasn’t filed accounts yet.

2. Land Registry

This is a bit of a longshot because many businesses lease out their premises. But the way I see it is that it I worth a £3 punt.

3. Can you think of anything else.

‘Professional’, Asset Checking Companies

I have seen them all, from £100 – to £1,000. I have never been impressed with any really, and the information is not much more than what I have mentioned above.

Some do provide a little more information that you can get for yourself but treat it with a little caution.

I have a list of a few companies that I trust to a degree, by all means get in touch with me and I will try and point you in the right direction.