Debt Collectors

A study by British industry groups and academics recently set out best practices for debt collectors dealing with so-call vulnerable consumers. InsideARM, a US debt collectors’ trade publication has taken interest and encourages senior management to read it. Among the studies’ key findings were:

1. 1 in 4 frontline debt collectors spoke to at least one consumer they “seriously believed” might commit suicide.
2. Debt collectors need training concerning addiction and terminal illness – areas they (understandably) find difficult to discuss with consumers.
3. Debt collecting businesses need to provide their staff with more support in identifying vulnerable consumers
4. Ad hoc approaches to vulnerable consumers – such as temporarily ceasing collection to give the customer “breathing space” are not enough.