|
News Index
Next
Previous
With the recent news that personal bankruptcies have risen 81% year on year in
Quarter 1 2006 and consumer debt is at the £1.1 trillion mark, the risks of
consumer gone-aways have increased significantly, presenting a major challenge
for the consumer credit industry.
Responding to this challenge is UK Locate, which has been established to provide
a range of Trace and Collect services.
These combine proven consumer tracing expertise, with a unique approach to the
structure and delivery of the services, tailor-made to an individual company’s
requirements.
Ron Higgins, Director & Founder, UK Locate Limited, commented: “I believe one of
the biggest challenges for the consumer credit industry is the growth in
absconded debtors, communication is key.
“A recent MORI survey estimated that 8% of the adult population is in financial
difficulty, representing over 3.5m consumers. Combined with the record levels of
opt out on the Electoral Register, this puts increasing pressure on the consumer
credit industry to find and recover outstanding debts.
"UK Locate has, therefore, been established to offer a unique and compliant
alternative to existing trace and collection services, by providing a highly
professional and ethical service, on a 'no trace – no fee' or 'no collect – no
fee' basis.”
A wealth of consumer credit industry experience is behind the UK Locate service
which has been established by Ron Higgins, who is also Chairman of leading debt
acquisition and collections company, Merit Finance Limited.
Gerry Mansfield, Head of Sales brings over 25 years credit industry experience.
Paul Farrimand, Head of Investigative Services, has extensive experience in both
secondary and investigative trace work across a number of industry sectors,
including utilities and mortgage shortfall debt.
The business set-up has been supported by Kevin Still, Senior Vice President of
Credit Professionals Limited (CPL).
Kevin has provided extensive support in the establishment of the tracing and
collections operations and the on-going integration of a range of
state-of-the-art data cleansing, enhancement and tracing tools. CPL has been
retained to assist with on-going recruitment needs and to provide further
strategic support.
Reflecting the fact that all consumer lenders and debt purchasers want the best
possible, but most profitable recovery rates, UK Locate places emphasis on the
speed of verified tracing at the outset with the early detection of difficult
accounts in order to identify the appropriate long-term repayment options.
UK Locate also recognises that, for debt purchasers, the cost of tracing debtors
may not have been fully factored into the working capital requirements early in
the recovery cycle. In response to this, UK Locate has adopted a partnership
approach with volume providers of forward flow prime and secondary trace work.
UK Locate utilises sophisticated matching algorithms to undertake automated
search routines, as well as conduct detailed credit application research to
confirm the length of residency and trace absconded debtors.
This is combined with a highly experienced internal team who carry out telephone
follow-up on the more difficult cases. This combination of expertise and
technology means UK Locate can handle very large volumes of accounts.
Operating out of three service centres, in Peterborough, Manchester and
Farnborough, UK Locate offers Prime Tracing, Trace & Collect, Secondary Tracing,
Investigative Reporting, and Prime, Second & Tertiary debt placements.
Source:
Getting Paid
|
