Our late stage collection service at post-default, pre-termination stage helps to improve cure-rates in later stage arrears cases.
This approach works to reduce terminations and avoid repossession where customer/client parameters allow. This may also be the case where a customer may be unable to maintain the agreement. Our experience in debt collection facilitates a speedier solution for lenders to asset recovery and therefore a reduction in asset sale and financial exposure.
Trusted by lenders to bring the best customer outcomes
We understand that the best outcome for lenders is aligned to the best outcome for their customers. This is what drives them to succeed.
Agreements that end by default or early termination do not achieve the most financially desirable outcome for lenders. In many cases, this is also true for their customers. Defaulted accounts, will also normally result in short, medium and longer-term adverse financial consequences for customers, especially if they do not show as cured on a customer's credit file.
Key aims and objectives of our late stage debt collection service
- Significantly improve customer engagement
- Enrich data ensuring capture of updated details, employment and affordability
- Improve cure rates and rehabilitation rates
- Fewer terminated agreements
- Reduce impairment and improve profit aligned with good outcomes
Later Stage Collections
Our solutions assist lenders in maintaining customer engagement during the later stages of arrears experiences.
Pro-active customer engagement
A common challenge when assisting customers in financial difficulty is in achieving pro-active engagement.
Using our wealth of experience in debt collection, our focus allows lenders to assist those customers through short-medium term challenges. With best possible outcomes in mind at all times, we seek to resolve instances of late stage debt without unnecessarily defaulting or terminating agreements. If customer engagement is not forthcoming, our reconnection service allows lenders to use our nationwide field services to engage with customers and attempt to rehabilitate defaulted accounts.
Multi-channel customer contact
Our solutions assist lenders in maintaining customer engagement during the later stages of arrears experiences, including;
- White labelled or disclosed multi-channel contact centre expertise can either compliment, champion-challenge existing processes, or provide a complete outsourced solution
- Utilising dialler, two-way-SMS, email, mail, customer portal and web-chat channels
- API integration between our own state-of-the-art internal systems or working directly from a lender's own cloud-hosted platform
- Blended resourcing solutions enabling flexibility of seats to deal with peaks and troughs in account activity throughout monthly, seasonal or yearly peaks, or dedicated ring-fenced resources adapted to an individual lender's requirements.
Identifying changing circumstances
Although our primary aim in customer reconnection cases is to cure or rehabilitate accounts to agreement terms, we recognise that this will not always be possible. Often due to a change of circumstances, there will be instances where customers no longer have the ability to maintain the financial obligations of the agreement, and where the best mutual outcome is for an asset to be recovered. We work collaboratively with lenders and their customers to facilitate the best outcomes.
Your main contact:
Andy is Managing Director of Equivo’s Collections & Field Division has responsibility for operations and service delivery for collections activity across the business. Andy always challenges standard industry practice while keeping fully abreast of regulatory requirements, beliefs that are core to Equivo's operation.
