A recent report has highlighted that some of the technology used in the
trace and collections process is just not up to the job long-term with regards
to meeting needs. There is no consensus on how to improve collection rates,
however, it is agreed that payment terms are going to be stretched over an ever
growing time period, as the UK consumer continues to struggle with debt issues.
Heightened pressures on collections have led to immense challenges
notably as the collections process is absorbing ever more resources. The process
of collections has become slower and resource intensive with volumes of debts
in collections books growing, as the number of ‘can’t pays’ grows and out paces
those who ‘won’t pay’. This has had implication on the systems used to manage
the collections process, with some systems just not being able to manage the
volume of cases.
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