A Guide to Optimising Collection & Recovery Returns
It is estimated that 86% of South Africans took loans in 2014, according to a World Bank survey, making South Africa the "world's biggest borrowers". A South African debt management firm has determined that consumers in the country owe up to 75% of their monthly salaries to creditors and those struggling to meet monthly re-payments are estimated to be as high as 60% of the credit-active population. With the average South African in R70 000 debt, it is no wonder that more than 11 million of creditactive consumers are "over-indebted", with only 48.2% current with payments.
With this much pressure on consumers, credit collectors are faced with the difficult task of collecting monthly payments, and as the statistics stand, it is highly likely that a consumer will be defaulting on at least one account. The key is to ensure your payments are prioritised over other collectors. However, that is what everyone is chasing.
So how do you improve collection yields? In this guide, we will give you tips and insights we have learned over the years of working in Collections & Recoveries. Implementing these tactics will see you collecting on payments first, consistently.
Fill in the adjacent form to download the Guide to learn more about optimising collection yields in your business.