A recent report has highlighted that some of the technology
used in collections is just not up to the job. 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 greater period as the UK consumer continues to struggle
with debt issues.
The process of collections has become slower and more
resource intensive, with volumes of debts in collection books growing, as the
number of ‘can’t pays’ begins to outpace those who just ‘won’t pay’.
“It’s a grim outlook for the debt collection
industry unless some radical process overhaul and technology spend is set in
motion. Otherwise, business debt will become unmanageable.” (Credit Today,
2012)
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