A New Survey Highlights The Need For Better Debt Collection Practices

two stacks with seven pound coins in each, randomly piled on top of twenty pound bank note.

The survey by Echo Managed Services asked 1500 householders to share their debt collection experiences with everyday service providers and the results were published in a report,‘Counting the Cost of Debt Recovery’ earlier this month.  

 

The survey revealed that 63% of respondents had been subject to debt recovery practices at some stage in their lives.  A sizeable 41% gave their reason for late payment as ‘they simply forgot to pay’ whilst 28% of respondents said their monthly income was less than their monthly outgoings.  Consumers said energy companies, local authorities and credit card companies use aggressive tactics and leave them feeling embarrassed about their debt.  Retailers and banks fared much better in the survey as they tend to offer easy payment options to help their customers clear their debts.

Chasing customers for debts can be a tricky business. There is a fine line between customer care and effective debt collection.  A report in the Guardian predicted recently that the average UK household will be in debt by £10,000 by the end of 2016 so getting the balance right is a must for consumer businesses. That’s why many choose to outsource their debt collection to law firms or other professional debt handling agencies.  


As personal debt in Britain continues to grow the need for good debt collection service providers increases, as does the need for quality debt collection software.


Select Legal Systems Limited provides debt collection software for law firms .  It is a proven software module that guides users through the debt collection process and offers firms the flexibility to promote best practice across their teams and reflect their own client care standards.

If you would like to know more about how the LAWFUSION debt collection software module can help you make your debt collection business more efficient and profitable please call 01482 567601.  Alternatively our online form is here if you want to make an enquiry outside of normal office hours.