Are Consumer Lenders Prepared for the Debt Tsunami?
A TSUNAMI OF DEBT IS ON THE HORIZON. IF HISTORY IS ABOUT TO REPEAT ITSELF - HOW CAN CONSUMER LENDERS PREPARE FOR THE INCREASE IN DEFAULTS?
Posts about:
Recovery
Tips for Compliantly Buying Debt
This article was published in Cornerstone's newsletter on April 19.
Table of Contents
5 TIPS FOR MITIGATING RISK WHEN BUYING DEBT
1. Strategy
2. Segment
3. Security
4. Due Diligence
5. Post-Sale
5 OBSTACLES THAT PREVENT CREDITORS FROM SELLING DEBT
1. Perception of Risk:
2. Lack of Resources:
3. Lack of Due Diligence:
4. Lack of Transparency:
5. Lack of Benchmarking Data:
5 REASONS WHY CREDITORS SHOULD SELL DEBT: THE PROS
1. Why Sell Debt?
2. Why Use a Broker?
3. Why Oversight and Compliance?
4. Why Technology?
5. Why Now?
Debt Sales as a Recovery Option for Creditors
If you are like most consumer lenders, you know a portion of your loan portfolio will default. As a creditor, there are three things you can do when a customer fails to pay their debt:
1. Collect: Attempt to collect internally or Assign to a law firm or third-party collection agency
2. Sell: Sell the defaulted account and add revenue to your financial bottom-line
3. Nothing: Consider it a cost of doing business and write off the loss.
Receivables Roundtable EverChain: Puppies & Philanthropy
Take a break with Brooke! You’ll hear about everything from puppies to court litigation in this episode as Receivables Roundtable Founder, Adam Parks talks with Brooke Teal, Vice President of Business Development at EverChain, about how her creditors rights background as an attorney led to her current role. Hear about how she and the team give back to their communities and improve the debt cycle for consumers through increased compliance and account tracking.
You can view a recording of the episode and get all the details from Matthew and Daniel.
Receivables Roundtable EverChain: Rebranding
Curious to learn more about EverChain, why they rebranded, and what’s ahead? Watch Receivables Roundtable Founder, Adam Parks’ engaging chat with Matthew Wratten, CEO and ★ Daniel Green ★, Chief Revenue Officer at EverChain. You’ll hear interesting nuggets for issuers, debt buyers, and collectors alike in this episode. Learn more in this episode of Receivables Roundtable!
Subscribe to Receivables Info, follow #ReceivablesRoundtable, and don’t miss an episode as they sit down with accounts receivable industry notables to discuss topics, trends, and emerging issues that are important today.
View the episode here:
EverChain's Thought Leaders Speak at RMAI
EverChain is excited to announce that two of our thought leaders are participating in session presentations at the 2022 RMAi Annual Conference. Session descriptions are listed below for our presenters. We hope that you will stop by our Booth #219 to meet the EverChain team, and attend the speaking sessions that Brooke Teal and Jenn Wilson are participating in.
The 3 Pillars of Charged-Off Debt Management
Join ACA and EverChain for a power-packed webinar where you will learn how innovative new technology is helping creditors maximize compliance and enhance the consumer experience during the entire recovery process. We will explore how advances in technology have impacted the three pillars of charged-off debt management including Debt Sales, Vendor Placements, and Attorney Litigation. You will gain key insights on mitigating risk and maximizing return from industry experts including EverChain, whose DebtTrader platform was the first fintech marketplace for selling non-performing consumer receivables, Actuate Law, and Kino Financial. This unique group of women in consumer finance will discuss the top ways to monetize uncollected assets and give expert insights into what you need to know to be compliant and reduce risk to your bottom line and your brand when engaging in recovery.
View the 3 Pillars of Charged Off Debt Management Recording using the link below:
