Lenders are facing a tsunami of challenges off the back of the Covid-19 pandemic. The impact on consumer debt in the UK is huge and long-lasting. As we head towards the end of the furlough scheme, and with payment holidays finishing soon, lenders will need to be prepared for what comes next.
As the below infographic highlights, consumer debt in the UK was already significant, and growing. But 2020 will likely see the collections and arrears demands on lenders reach record levels.
Our 8 page white paper ‘3 ways lenders can prepare for a spike in collections and arrears’ explains:
- The impact that debt is having on consumers
- The latest challenges facing lenders
- The 4 customer types we expect to see after financial support measures end
- How to facilitate good customer outcomes
- The 3 key ways lenders can ready themselves for an increase in arrears management
3 ways lenders can prepare for a spike in collections and arrears