Treating customers fairly in collections
Financial challenges are increasing for many people. Creditors need to offer their customers more support and ensure they are treated fairly.
This paper explores the thoughts of those who are struggling to pay their debts through financial hardship. We reveal how they feel about contacting creditors and their experience of how they felt they had been treated by these organisations.
It examines how businesses are supporting customers with their debt issues throughout this difficult time and the solutions some have introduced to reduce pressure on those struggling to pay their bills.
It would seem that many organisations are still not doing enough for those who are in financial difficulty. Feelings of fear and embarrassment are prevalent amongst the respondents, with some admitting that they have had no contact from their creditors despite having unmanageable debt.
Most importantly, we identify that improvements are still needed within the collections process in many organisations today that will make customers feel like they are being treated fairly.
There is no ‘one size’ fits all solution to addressing people’s debts. Repayment plans should be tailored to each individuals’ unique requirements.
Evidence shows that businesses who treat vulnerable customers fairly, could benefit from increased loyalty, which in turn will help protect their revenue in the future. Ultimately creating better outcomes for both customers and businesses.
Capita has commissioned Savanta, an independent market research company, to look at ‘Fairness in Collections’ to better understand the issues facing those who currently have or expect to have unmanageable debt. Register to download our latest report.