The Covid-19 pandemic has had a dramatic impact on the financial wellbeing of many consumers and businesses. The increased financial pressure and hardship some customers faced and may still be facing increase the risk of debt accumulation and missed payments, leading to increased volumes for collections teams.
Furthermore, as payment holidays and various Government support programs ended, businesses need to understand:
- Who can afford to start paying their credit agreement again?
- Who could afford to pay some of their credit agreement back?
- Who requires an extension to their payment holiday?
- Who is already close to delinquency and needs help?
Understanding the size of the problem and having the right tools and processes in place helps protect customers and businesses.
In this paper we explore the strategies needed to prepare for, and mitigate, the impact of rising arrears on collections processes. We’ll navigate the causes of change, the challenges these are presenting and the benefits which could be recognised from implementing certain strategies.
To learn more, download our ‘People-led debt collections’ whitepaper by completing the form below.