Vulnerable Customers

Vulnerability can affect consumers across all financial products and services. This could be due to a number of things. A few common examples are:

Ill Health:

By 2020 half of the UK population can expect to be diagnosed with cancer at some point in their lives (Macmillan 2014).

Old Age:

Over 1.4 million people in the UK are aged 85 or over. The number of people aged over 85 in the UK is predicted to double in the next 20 years and nearly treble in the next 30 years (Age UK 2013).

Disability:

16% of working age adults have a disability (Family Resources Survey 2012).

Savings:

Almost half of adults do not have enough savings to cover an unexpected bill of £300 (Money Advice Service).

Our highly trained agents are able to determine a vulnerable customer from the first point of contact; whether that is over the phone, by email or webchat. From here we are able to give the consumer breathing space to allow them time to sort out their finances. We will then contact them on their preferred method for an update; depending on their circumstances we

CRS have tailored a service that allows us to successfully manage accounts that are under debt management plans; making the process simpler for everyone involved. This is where CRS Compass comes in…

As a debt collection agency we come across a number of people who are unable to make the repayments on their debts. These customers are then encouraged to seek financial advice which normally results in them entering into a debt management plan.

CRS Compass was specifically designed for dealing with customers who are in financial difficulty under a Debt Management Plan.  We administer the plans from start to finish. Hidden costs such as processing post, calls and cheques from Debt Management Agencies offering and paying £1 a month eat up valuable resources that cost on average £152 per account.

Our carefully designed process has several touch points throughout to ensure that accounts are handled appropriately and effectively with no black holes meaning no accounts are sitting dormant.

Key Benefits of Compass:

  • Time Saving
  • Cost Saving
  • Auditable Process
  •  Hassle Free
  • Auto Referral to Collections if it breaks

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Registered office: 3rd Floor West, Bowling Mill, Dean Clough, HX3 5AX, Registered Number: 04690879, Registered in England and Wales

Authorised and regulated by the Financial Conduct Authority, FCA License Number: 626796
We adhere to complaints in line with the processes outlined by the Financial Ombudsman Service. Further details can be found on their website www.financial-ombudsman.org.uk

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