Advantis are proud to announce that they are working with TDX Group to deliver their newly launched V+ solution which assists organisations with both identifying and managing potentially vulnerable customers.
The V+ service makes use of the TDX Group data specialism to use a range of data sources including their purpose-built vulnerability score in order to identify customers at risk of financial vulnerability.
The unique V+ solution will focus on individual customer circumstances, with bespoke communications and contact methods tailored to customer needs and where necessary, customers can be guaranteed access to a specific agent managing their case. Placement periods for V+ accounts will be also be longer to allow for appropriate timescales to put in place the sustainable resolutions for customers. In addition, specialist case handlers will receive extensive training on practical and soft skills to help customers to resolve complex personal debt.
Customer vulnerability continues to be a key focus area for regulators and firms alike. Published figures from UK money advice charity StepChange showed that in 2019, 44% of the customers who contacted them were in a vulnerable situation in addition to their financial difficulty. This included physical health conditions, mental health conditions, learning disabilities, sight or hearing difficulties and other situations which made dealing with problem debt particularly difficult. Vulnerable customers were also more likely to have fallen behind on at least one household bill, with three in five (60%) having at least one form of arrears.
Mark Webb, Chief Executive Officer of Advantis said
“The V+ service and approach will help organisations to effectively provide specialised support in order to manage and resolve problem debt for these customers.
The current pandemic situation and its far-reaching financial consequences for individuals serve as an important reminder that vulnerability is something that has the potential to affect each of us. We are looking forward to working with TDX on this new solution that will enable us to further help and support our customers and clients”.
Advantis are a leading Debt Collection Agency based in Stoke-on-Trent. Specialising in Debt Collection and Credit Management, they provide solutions for every part of the credit management value chain. For more information about Advantis, visit their website
For further information about V+ please visit the TDX website