Abstract
Introduction
The current economic downturn is forcing many banks to rethink their debt
management and collections strategies as more individuals become unemployed
and unable to repay their loans.
Scope of this research
- Analyzes the current personal loan market performance and provides forward
looking estimates for the non-standard population up to 2013.
- Assesses the process of debt management and recovery and provides analysis
on how it can be enhanced throughout the current climate.
Research and analysis highlights
Generally, financial institutions do not invest in debt collection activity
until there is an economic downturn. Devoting resources towards improving debt
recovery generates an income stream that would otherwise be lost.
The single biggest obstacle for any bank offering a personal loan is assessing
the likelihood of a potential default. To help eliminate this problem there
needs to be a more rigorous lending criteria and a greater degree of customer
data sharing.
Banks are offering advice on budgeting and financial maintenance to help
reduce the threat of delinquency, especially for individuals in difficult
situations.
Key reasons to purchase this research
- Sizes and forecasts the non-standard population as well as providing
historical data for the personal lending market in the UK.
- Describes in detail the process of debt recovery for borrowers who have
fallen into repayment difficulties.
- Offers insight and recommendations for enhancing debt management and
recovery strategies.
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