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ARREARS MANAGEMENT
After the initial credit decision for a loan or lease application, the management of customer accounts' arrears is the single most important driver of a finance company's success. Maintaining a low level of arrears is essential if a finance company is to prosper.
Managing arrears is not easy. Arrears staff must deal with potentially difficult customers in a professional manner that enforces the finance company's rights whilst preserving the finance company's good image in the marketplace as a good, responsible lender. This is an extremely difficult balancing act. It requires staff with very strong customer-handling skills and good, practical experience of debt collection. Staff must be well-versed in the law and how it can be applied appropriately to encourage customers to meet their obligations without compromising the legal position and good name of the finance company. It requires IT systems that allow arrears staff to maximise their contact time with arrears customers whilst minimising any unproductive administrative overhead.
WHY FASNEXUS?
With our many years of experience of arrears management, we can advise and guide our clients on the best way to handle customers in arrears. We know what works and what doesn't. We can even help write a finance company's operating policies and procedures in this area (and many others). In practice, our experienced staff will quickly pick up any company-specific processes and combine them with their own knowledge and customer-handling skills to deliver outstanding results.
In addition to our people and their experience, we integrate many aspects of a client's processes into our software to improve the management of your arrears. For example:
- Staff are automatically alerted if a payment has been missed
- For reporting purposes, accounts in arrears can be banded as required and the arrears bands worked as regularly as desired, with accompanying results statistics
- 'Promise-to-pay' functionality (with alerting) can be used to offer one-off or a series of catch-up payments for arrears customers. The system can immediately alert our staff after a customer's promised but missed payment
- Notes of all customer contact can be captured on the system against the customer so that general enquiry staff (in our call centre, for example) can see the up-to-the-minute status of all of the customer's accounts as required
- A wide variety of tailorable letters and correspondence can be automatically produced and sent. e.g. reminder letters or repossession notices.
Much more system functionality is available, all aimed at ensuring arrears management staff remain focused on talking to customers and not on unproductive paperwork
SUMMARY
- Using our professional staff, IT system and years of experience, we can ensure that your arrears portfolio is worked and managed efficiently, reducing your outstanding debt and the uncertainty in your business
- We can even advise you on the effectiveness of your proposed arrears management processes before you apply them!
- Contact us for more information.
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