A Building Society was allocating £200,000 per day for bad debt provision.
Objective:
- To turn the situation around by 180 degrees or face ‘extreme measures’
The programme:
- Initial ‘proof of concept’ pilot for implementing a proactive telephone team
- Training modules for staff and managers in communication skills, team building, scripting and new practices
- Debt book segmentation to test rates and trends
- Mentoring of managers and supervisors on site to bed in the new skills
Results achieved:
- Average daily rate of 21 agreements for each collections agent (6 month post-training period)
- Average of 75% agreements kept ratio
- Within three years repossessions fell by 19%
- Company went from being 30% worse than the top ten to 10% better.
