The Swift Group are a non-forming loan company, providing short term support for people struggling to pay bills by offering credit to people that high street banks and major lenders might otherwise turn down. The loans that Swift offer are tailored to the current market of short term, high interest ‘payday loans’ that are helpful to people that have poor credit. In order to finance these loans, Swift are backed by the Alchemy private equity group in addition to a number of large banks and each loan is regulated by the Financial Conduct Authority. Swift, therefore are able to assist people with credit quickly, and by adhering to the law.
Recently, however, the Swift Group had to call upon the services of a debt recovery agency, Wescot, one of the UK’s largest debt management companies. This was because they were required by the FCA to perform a remediation operation that involved repaying approximately 2000 customers all of whom had overpaid. Because of the circumstances of customers of the Swift Group, they made it their mission to repay them as fast as possible and they deemed it necessary to bring in outside help. Wescot have a similar customer focused attitude when they conduct business and they were chosen to help the Swift Group track down the former customers they owed money to. In addition to debt recovery, Wescot also offer a locate service to businesses whereby they can rapidly find debtors or in this case, customers who were owed money.
Suffice to say, the remediation operation was a success, Swift were able to cooperate effectively with the debt recovery company, utilising their locate service to track down 80% of the customers they owed money to. A spokesman of Swift commented that the process was ‘extremely effective’, and the speed at which the customers received their money exceeded the loan company’s expectations.
The credit management company were able to track down so many of the customers simply by using the initial contact information that they gave to Swift when they first took out a loan. The debt recovery team is that efficient that they are able to trace people even if they have moved addresses, or disappeared from the contact directory. With an efficient team leading the remediation exercise, it is small wonder that Swift were impressed with the results.