Are you late with loan repayments? Expect a text

Collections managers at banks, telcos and utilities are concerned about high levels of consumer debt and expect more borrowers to fall behind with repayments in 2015.

Eighty per cent of debt collectors who responded to a survey by FICO said they expected late payment collections cases to increase by as much as 20 per cent in the year ahead.

Because of this expected extra workload, collections managers are improving communications with customers.

Customers prefer to receive a voice message or SMS when are were being chased for overdue payments.

Source: Banking Day