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Should You Collect Debt During COVID-19?

An exploration into whether businesses should halt or pause collection activities during the worldwide pandemic.

Coronavirus has impacted the way in which the world is currently doing business and the way in which consumers are interacting with businesses. In the UK a number of companies have made redundancies or placed staff on furlough, actions that could leave a high proportion of consumers in financial difficulty if their incomes no longer match their outgoings.

 

 

The prediction is that the current economic situation due to COVID-19 will drive higher volumes of consumers into financial difficulty who will seek debt advice. This will likely result in a greater volume of debt solutions such as debt management plans or insolvencies being taken out.

 

How can companies proactively assist consumers?

 

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Sources:
* https://www.cifas.org.uk/insight/fraud-risk-focus-blog/synectic-solutions-vulnerability