Closing the Loop: Building strong creditor-adviser communications
Closing the Loop: Building strong creditor-adviser communications
People who face mounting arrears rely on professional debt advice for support. To help resolve debt problems, advisers must work closely with creditors. Efficient communication between the two is therefore critical. But, too often, this communication goes wrong or faces unnecessary barriers.
Advisers encounter slow response times, limited access to key channels such as email, and difficulty demonstrating authority to act. These barriers increase administrative burden and divert advisers’ time away from supporting clients.
For people in debt, poor communication delays resolution and worsens an already-stressful situation. And for creditors these barriers slow the settlement of debts and risk leaving vulnerable customers without the support they need.
Good communication between advice providers and creditors “closes the loop”. It helps information and decisions to flow smoothly, supporting a quick resolution.
To overcome communication barriers and improve outcomes for creditors, advice providers and people in debt, this report recommends three key solutions:
Standard checks: Simple, secure and consistent processes for advisers to show creditors they have permission to act on a client’s behalf.
Specialist support: Wherever possible, dedicated contact routes for advisers to reach the right creditor teams to resolve client issues.
Secure digital channels: Email or equivalent auditable channels for ongoing communication and supply of documentary evidence.