With the news this week that debt collectors from Arvato Financial Solutions had been found force fitting prepayment energy meters in the homes of vulnerable people, we believe it’s more important than ever for companies to look at responsible solutions to debt collection.
As increasing numbers of customers are struggling to pay their bills due to the rising cost of living, more and more businesses and families are being plunged into debt. If this trend continues as forecast, the strategies required to recover rising levels of debt must be altered.
With more people than ever in debt, and in today’s customer centric world, we know there is a better alternative to traditional debt collection. Typically, as we have seen this week, collectors focus on the numbers, not the lives of the people behind them.
At ResQ, we have worked with our clients to support lower income and vulnerable customers, putting in place specialist teams who approach each case with empathy and understanding to work with them on manageable repayment plans. Our clients have found that this customer centric, supportive approach has yielded much higher rates of collection than traditional ‘red letter’ methods.
We strongly believe that finding a debt management partner who can ensure brand and cultural alignment, whilst offering high-level expertise and a consultative approach to provide optimum recovery rates, all whilst protecting the vulnerable, is paramount to success.