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Comment by: Andrew Fairburn, Business Consultant, Target Group
A 'one size fits all' approach to arrears management is no longer relevant in the current market. In this brave new world of lending, managing arrears has to be more intuitive. A highly customised one to one approach is the only way to deliver results for your business.
When it comes to a more tailored arrears management process for loan and mortgage providers, the term 'social conscience' often gets banded about. Lenders use it to describe the need to reduce the impact of the recession for customers and do everything possible to help keep them in their homes. At Target, we have defined social conscience as having an appropriate attitude of sensitivity and responsibility towards the customer. This is a definition that lenders and servicing companies should choose to adopt as an ethos for best practice.
We apply this principal through the following four areas:
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