[INSIGHTS]: Mixed messages – Why creditor communications to people in financial difficulty need to offer a clearer, better route to help

External Links:
https://www.stepchange.org/Portals/0/assets/pdf/2022/policy/mixed-messages-summary-report-2022.pdf
Summary
This report discussed creditor communications and financial difficulties. It highlights the importance of clear and effective communication for people struggling with debt. The report includes findings from a survey of StepChange clients and three focus groups, as well as insights on the impact of legislation and regulations on creditor communications.

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Key Points

Successful engagement with consumers in financial difficulties requires dialogue and pro-active contact by creditors.
Communications should focus on helping people resolve their situation, rather than on helping the firm resolve its default rate.
Communications that recognize the emotional impact of problem debt on individuals and are sympathetic to their situation are more effective.
Organizations should c...