LegIT Debt Management

Right across industries, debt management and collections teams are bracing themselves for an incredibly challenging period. Industry research shows that debt collections will be a priority for lenders as the Government’s financial support packages across US and Europe come to an end, alongside industry forbearance measures including payment holidays on mortgages, personal loans and credit cards; debt collections teams are preparing themselves for a surge in cases.

Research by UK charity StepChange reveals pandemic-related borrowing and arrears has surged by two-thirds (66%) since May last year and now tops £10.3bn. The number of customers deemed toa be in ‘severe debt’ also jumped to 1.2 million – doubling since March 2020. Added to that are a further 3 million at-risk customers teetering on the brink of falling into arrears after taking on extra short-term loans

Using automated processes wherever appropriate and possible will ease pressure on overstretched collections teams, while automating manual case handling and customer communications will help you capture details and identify vulnerability more quickly. Our Debt management solution improves productivity with its automatic and dynamic document generation, bulk upload of the debtors ensuring no manual intervention and seamless orchestration of the interdependent process making it an ecosystem, improving the recovery rates.

The key features and functionality of the solution are:

  • Automated workflow - Debt Management’s workflow is a solution which caters for small and large debt recoveries using its powerful and intuitive screens designed to navigate the legal teams of any industry to perform search and lite KYC, capturing debtor details, settlements and performing litigation if necessary. Automated SLA’s and milestone driven application ensuring the teams adhere to the compliance.
  • Debtor and Claimant Identification - Identifying and confirming the clients is as easy as a click with the integration to the leading identifying tools like LEM Verify and Experian credit check and performing conflict checks
  • Automated and dynamic document generation - The solution enables you to produce documents with minimal effort and also includes Laserforms, file notes. ‘Letters before Action’ can be issued automatically and, from here, the case can be automatically taken through requesting and receiving judgement.
  • Bulk feed/upload - Claimant provided Debtor details are uploaded into the application which triggers the debt lifecycle for each of the uploaded debtors.
  • CCBC integration - Mock integration to CCBC which will allow the small debt recoveries to be quickly resolved using the County court issue, serve and judgment process.
  • Automated email reminders and escalations - Application sends automated emails and chase notifications to clients, debtors and fee earners/collectors if they are missing any deadlines or milestones