Customers in Debt Management Plans
Customers who can’t afford to keep up with repayments on their loans or pay their bills are encouraged to seek financial advice for their debt problems. This normally results in them entering a Debt Management Plan managed by Debt Management Agencies or Charities.
The problem for you
These accounts are resource hungry for a Creditor. Backlogs of post with individual offers, balance request and cheques need sorting and applying on to your system. Inbound telephone calls from Debt Management Agencies are also 43% longer than ‘normal’ collections calls. Accounts can often get ‘lost’ in the system when, for example, pauses for ‘breathing space’ are applied.
This is where CRS Compass comes in
Through our relationships, associations and partnerships with the largest UK Debt Management Agencies and Charities we are able to take control of this costly and time consuming process for you.
Our carefully designed process has touch points throughout to ensure that accounts are handled appropriately and with the desired amount of care.
Save Time and Money
Perhaps most importantly, you save on business costs (more than £100 per account based on our current experience) and time to allow you to focus on your core business activities.
We take full control of all accounts that fall in to the inability to pay category – no matter where they are in the life-cycle.
From breathing space through to repayment offers and collections of failed arrangements our sophisticated systems ensure that none of your accounts will end up in ‘black-holes’.