Page 10 - NEXUM Information Pack

"We selected NEXUM to help us optimise our global revenue
operation. Why NEXUM? their experience, forward thinking 'can do'
attitude, as well as knowhow and understanding added enormous
value to the project. It is rare in today's market to feel as confident
when partnering in finding solutions. NEXUM have set a very high
bench mark indeed"
The process of collecting pre-legal debts c an be split into three main categories:-
1. Awareness
Being aware of changes in information is crucially important and very difficult to manage. A debtor refuses to pay the debt claiming they have no means available. The collector is made aware that the debtor owns the property and is also in full time employment. Once the debtor is made aware that failure to pay could result in a charge being placed on the home or payments could be deducted from his salary at source, the response changes and an instalment plan is discussed. The debtor claims that he can only pay a small amount per month, after calculation it looks like the debt will take seven years to clear – the maximum period laid down by the client is ten months. An agreement is reached and the payment plan put into action. In order to reduce the risk of non-payment a direct debit scheme is used.
NEXUM benefit
The presentation of information to the collector is key; highlighting key pieces of data and guiding the collector towards a response is important. NEXUM governs the users responses through the use of parameters, these are definable as part of the system set-up.
2. Action
The example above required the following actions from the collector:
Contact the debtor
Based in the call assess the information available and check for either employment or property details
Negotiate and calculate an instalment plan.
Diary the instalment for payment due date review
Send a copy of the instalment plan to the debtor and place a copy on file
Place the account on hold
Total actions required by you at this stage = 7
Total time taken to action this one account at this stage = 20 minutes Total cost for the actions as above = £20
NEXUM benefit cost & time reduction of 86%
The action above entails much manual activity, NEXUM enables you to automate most of the
administration, leaving the ‘user’ to focus on the call/ discussion with the debtor.
Total time taken to action this one account at this stage = 3 minutes, Total cost for the actions as above = £2.50
Much of the savings within this process come later. For instalment plans the cases need to be reviewed and monitored for any arrears, then action needs to be taken. NEXUM automates this monitoring process and schedules actions to take in the event of a payment plan not being adhered to.
www.nexumsoftware.com Tel: +44 (0) 845 226 8184 Email: info@nexumsoftware.com