Arrears management

With consumer debt trending upwards, organisations often find themselves tasked with finding solutions to recover more revenue. Our arrears management tools can help you to boost revenue collections and reduce the number of customers struggling with persistent debt.

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Arrears management tools

Recurring payments

Our recurring payments service helps your customers to never miss a payment and fall into arrears. After taking a payment, you can add a prompt for your customers to set up a recurring payment on their account. The customer simply saves their card details and their minimum payment will be taken on the date it is due every month. A few days before the payment is due to be taken, the customer will receive a text message reminder so they can make sure the funds are available. They will also receive a confirmation message when the payment is processed.

Persistent debt

To add to our recurring payments tool, our persistent debt service can help you to communicate with your customers who may be falling into a cycle of persistent debt. This is a tool for customers who are consistently paying their minimum balance each month. To reduce their debt faster, you can include prompts for them to pay more towards their balance, reducing their debt and boosting your collections process.

  • 3M

    UK customers are currently struggling with debt

  • 2M

    credit cardholders have persistent high levels of debt

  • 2M

    cardholders are in arrears or defaulted

  • Source: FCA, Early arrears management in unsecured lending

Benefits

Reduce arrears

Stop your customers from falling into a costly arrears process.

Boost your collections process

Take more payments by automating the process.

Increase customer satisfaction

Reduce the pressure on your customers to remember when their payments are due by taking them automatically, and give them options to reduce their debt faster.

Reduce the load on your contact centre

Give your contact centre more time to deal with other important matters by encouraging customers to self-serve.

Proactive contact

Engage with your customers who may be struggling with persistent debt or financial distress.

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Yakara has helped us to improve our arrears management and boost customer service across multiple retail brands. Our call centre advisors can now easily introduce callers to self-service options, whilst we have seen a 40% improvement in our automated collections cycle.

Contact Us

t: +44(0)131 510 0030
e: info@yakara.com

Yakara Ltd, 47 Timber Bush
Leith, Edinburgh, EH6 6QH, UK