Thanks for joining us at
Debt Management, Connected: Time for real collaboration
There’s never been a more important time to help people build financial resilience.
Thank you for your contributions and ideas for addressing the key barriers we see to resolving problem debt in our society. We're working on how we can use these in initiatives moving forwards, if you have any specific ideas please do get in touch with the team.
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Barrier 1: Lack of capacity for increasing demand for debt advice
Technology
- Introducing a self-referral system or platform
- Repository of useful leads and contacts to enable individuals direct access to advice
- A similar platform like Babylon for Debt Advice
Education
- National model of integrated training
- Awareness building for advisors to prevent crisis stage
- Encourage education touch points ahead of individual crisis via Foodbanks, Housing Associations, Local Authorities, Credit Unions and Doctors Surgeries
- The title ‘Debt Advice’ should stop and it should be known as ‘Money Advice’ to prevent crisis stages as people may come forward quicker
- Volunteers working with the community and a possible partnership opportunity with Redsands Ventures
- To make the Debt Career Path more attractive, including more competitive salaries
- Direct signposting with clearer pathways
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Barrier 2: Cultural change requires compliance with Consumer Duty
Business structure
- Internal collaboration on external customers
- Change needs to be lead by senior leadership
- Changing language around how we measure success
- Everybody should have ownership within the organisation
Education
- Educating creditors on debt advice sector - trust the process
- Understanding social justice
People
- Enforcement regulators listening to the customer concerns
- Customer service recognising the different customer needs
- WADA - Interaction from the debt advice community
Barrier 3: Lack of Collaboration
- Develop a sense of truly shared responsibility and focus by aligning internal/external focus, listening to customers and stakeholders
Technology
- Greater use of 'opt-in' technology (eg Open Banking) to capture information and AI to suggest solutions
- Make integration of new tech easier and more 'light touch' to reduce friction
Data management
- Clear, easy-to-approve data privacy policy
- Use of the 'Care Act' to increase access to shared data
- National industry accepted standardisation of debt data information and impact measurement
- Use case studies of collaborative working to prove its value/business case - creating a 'win-win' for all parties.
- Highlight what happens collaborative processes e.g. trauma of having to repeat the explanation of difficult circumstances
Barrier 4: Serving the New Demographic of People in Debt
- Using omnichannel technology for ‘break the ice’ engagement
- Early intervention (eg income maximisation, financial education and access to affordable credit)
- Draw on those with 'lived experience'
- Integration of specialist services eg Shelter, Mind, Samaritans, Turn2Us
- 'Live chat' via Zoom and training on self-help tools