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The Coronavirus lockdown is severely impacting the financials of many consumers and small businesses. Some of these consequences might be temporary, such as reduced working hours and pay, as well as reduced revenue for business owners. Others might be affected by unemployment or insolvency.
Collection organizations will soon face a substantial inflow of customers affected by financial hardship. It is in their best interest of both lenders and customers, that appropriate forbearance tools such as temporary payment holidays or instalment reductions are being made available. Regulation is currently being implemented that makes the offer of such solutions compulsory for lenders.
When the dust settles and compulsory relief programs expire, many economies will face a substantial economic downturn, and collection departments will likely face much higher volumes across the collection lifecycle.
In this webinar seasoned experts will discuss: