Here at Ethicall we pride ourselves on coming up with imaginative solutions. Recently a well known sub-prime motor lender approached us – they’d had enough of the “money or metal” approach, where they were repossessing non-paying customers cars, selling them at auction for a loss, and then facing the thankless task of chasing disgruntled debtors for the shortfall! They wanted to examine a better option – and we suggested that our highly qualified field force could provide it. They began instructing us to interview the debtors, explain the complicated hire purchase agreement to them and the consequences of non-payment, and make long term arrangements designed to keep the car with the customer – and retain the customer’s goodwill!It’s been a roaring success – many of the cases they’ve sent were more than 90 days in arrears, and we’ve achieved an 89% contact rate, and less than 5% of cases have moved on to repossession!
That’s the power of innovative thinking!