Updated: Apr 10
With rapidly changing technology, regulations, and demographics, debt collection in Senegal faces numerous challenges. Debtors are more difficult to find in today's mobile society than ever before. Although there is a wealth of information available on individual debtors, it can be difficult to sort through it all, here are some main problems that the lawyers in Senegal face during debt collection.
Inadequate contact information for debtors
There is rarely a shortage of information available about an individual in the digital age, but finding the most up-to-date, accurate contact information for a debtor can often be difficult. After all, successful recoveries are contingent on being able to contact the debtor. Without current contact information for the debtor, it is nearly impossible to contact him or her - and thus debt collection in Senegal becomes a very complicated process for the experts.
An organisation may lack current contact information on a debtor for a variety of reasons, including the debtor's frequent relocation; the contact information used for the original credit being out of date; the debtor living with a third party who is the primary owner or tenant of the property, or the debtor simply has an incorrect entry in one or more of the available databases.
Instead, a lack of information verification is at the heart of the problem for challenges in debt collection in Senegal, and the solution is to employ one or more processes of information verification, such as securing real-time data updates and transparency in information sources.
Difficulty locating and contacting debtors
It should be obvious why a lack of information is a problem in identifying and contacting debtors. This issue, once again, creates a significant barrier to contacting debtors, which in turn prevents debt collection in Senegal. However, this challenge may feel especially frustrating because a lack of information is more than just a waste of time and resources; it frequently prevents any action on an account from being taken at all.
In some cases, an organisation may lack sufficient information to successfully identify and contact a debtor because there is insufficient information on the individual in public records. However, given the volume of data captured and stored in public records, this is almost certainly rare.
Instead, most of the time, the facts about a debtor are available, but organisations struggle with identification and communication because the information isn't where it should be. This can happen for a variety of reasons, and resolving the issue frequently necessitates a broader, more comprehensive examination of public records, such as scrutinising a debtor's third-party connections.
Not able to access the most important information
For some debtors, the most likely information to lead to a successful recovery isn't something as simple as a phone number or address. It could be information about their workplace or known associates.
Unfortunately, this information isn't as easily accessible as the simpler records. As a result, more time may be wasted trying to locate and access this data or attempting a less effective debt collection in Senegal without it.
The raw difficulty of public record files and the ability to access the information is the root of the problem. Any public record may be inaccessible from any platform or for any reason. The solution is for your organisation to either become well-versed in accessing these databases - which may take significant time as well as some associated monetary costs - or to pay someone else who already has the infrastructure in place to get the information that you require quickly and easily.
Locating debtors while sorting all data becomes a lengthy process
Too much information is another situation that causes problems in debt collection. This issue extends beyond determining whether contact information is current to include the extra time spent determining which information is best for reaching the target.
Since the adage "time is money" certainly applies in collections situations, organisations should avoid devoting too much time to a single account. However, it is also critical to ensure that the information you have gathered is of the type that will lead to recovery. This is especially true for accounts that have an abundance of data.
In short, this is the result of having too much information without enough organisation. To ensure the most effective recovery effort possible, all information about a specific debtor should be evaluated. On the other hand, there is so much data available on individuals today that manually combing through every record is frequently impractical.
The Bottom Line
These are some challenges that are mainly noticed in the network of lawyers in Senegal during the process of debt collection in Senegal. But whatever the problem may be our experts at Kafui & Partners make sure to come through the challenges in a minimum time period so that the debt collection process can be done easily for our clients.