About us
The problem
Having an existing debtors book it was apparent that the traditional means of contact with a customer proved and still proves to be very difficult.
Traditional methods of contact such as Telephone calls, emails, letters and texts usually fall upon death ears, the only recourse of action for a company pursuing monies is to follow a cycle of doing the same thing over and over again, expecting different results, this as Einstein said is a ‘sign of madness’.
Beyond this most Companies do not have the resources to follow up on visiting customers at their home address.
Once these companies have exhausted their options of chasing customers then they have a few choices, pass over to a debt collection company who will still employ the same practices such as, calling and other correspondence or taking the customer to court without knowing if the customer would have the means to repay, so they could be paying more money for no return.
RECONN-ECT also offer other services for location of assets, many finance companies wish to ‘get sight’ of the assets they finance if they feel they are ‘at risk’, the issue they have is that It’s a substantial cost to send a person out to physically locate the asset as they can be all over the country. The problem that RECONN-ECT addresses within the UK is to help Companies reconnect with customers that still have an outstanding balance with them, also to help companies locate assets that they feel are at risk.
Market
As of August 2020, UK consumers had £206.7 billion of outstanding consumer credit lending. Total Credit Card debt at the same time was £61.4 billion and it is estimated that each household has £2,204 of credit card debt alone. With this amount of debt within the UK it stands to reason that the marketplace for RECONN-ECT within the UK is huge.
Combined with this over 40% of adults in the UK also admit to missing debt repayments, during the Pandemic people have also struggled to maintain debt repayments.
This has only but increased the potential need for RECONNECT’s services some 63% of UK adults having personal debt the market size.
The solution
RECONN-ECT offer a Nationwide ‘Reconnection agent Service’ to Companies that have failed to overcome the problems of ‘NO CONTACT’ and as a result ‘NO PAYMENT’. Companies can instruct RECONN-ECT via the RaaS platform to call upon their customers to reconnect and come to a resolution for repayment be it in one amount or on a repayment plan as well as utilising our asset location service.