The process of claiming monies owed after being a gaurantor.

[perryboy23]

Hello,

I was a guarantor for a work colleague and yes he did a runner!

I am well aware that being the guarantor makes me liable for the rest of the debt. My main concern is getting my money back. I just do not know where to start. Obviously i need to go through the small claims court but to do this i need his address so that the court can send him correspondance. Can anyone help? i really am desperate.

thank you.

[Meldrew2]

You need to trace your work colleague - try Yellow Pages under "Private Detectives"

 

Don't panic - they have ways of tracing people without spending weeks driving around in clapped-out american cars, smoking cigars, sucking lollipops or wearing macs!

 

They are the masters of finding people via computer records.

 

Of course, if your work colleague has not got the money to pay - as seems likely - then you can have as much Court correspondence sent as you want, you won't get a penny.

 

A case of "Can't pay - Won't pay" and it could be an expensive lesson to learn.

 

A quick google of "trace debtor" shows agencies that specialise in this service - one says "no trace, no fee" and charges £75 for a successful trace.

[buzby]

Are you aware of this person having any realisable assets? There is little point in spending money pursuing him on a matter of principle if, at the end of the day, he has no money to pay you. Investigators are not cheap, and I'd be looking at recovering £5,000 or more before emplying one. A good way to start is finding a firm that can chase debts, they can look at his credit file and use the data there to assit in finding him, as this would be a cheaper option.