Protect and survive

Read this if your business is under significant pressure.

HMRC and utilities firms have told their panels to stop collecting. The FCA has told banks and lenders to freeze repayments and fees. Collection firms have been forced to lay off staff. Genuine and, unfortunately, fraudulent claims of financial vulnerability are increasing.

This challenging situation is exacerbated by the operational impacts of physical distancing and staff self-isolating at home

Meanwhile the Government needs private businesses to pay their taxes so that they can ensure that key front-line services, such as the NHS and Army, get the resources they need to make a meaningful difference.

Through the considered application of financial vulnerability scores firms will be able to protect customers that are genuinely financially vulnerable and ensure their business survives.

A possible application of financial vulnerability scores would be to:

• Protect those customers scored as financially vulnerable, offering them a moratorium as soon as they contact you.  Focus your resources on the other customers for whom you are likely to have more suitable options for.

• Survive by reducing the burden on your operation and continue to provide great customer service.

It is clear that in these unprecedented times we need to support each other. We must meet this challenge together, keeping the wheels of our industry and the economy turning.

John Willoughby, Director, elanev