Echo’s new consumer research report looks into the current picture of debt recovery processes in the UK and the impact they have on customers, both good and bad. We’ve examined the behaviours, attitudes and experiences of 1,500 UK households to paint a true picture of debt recovery and who’s getting it right and wrong.
The research reveals that:
- 63% of UK adults have experienced debt collection procedures at some point
- Forgetting to pay is the top reason why consumers get into arrears
- Energy companies and local authorities are the most likely to use worst practice debt collection processes
- Retailers and banks are the most likely to deploy best practice debt collection processes
- Over 50% of people would switch to another provider if they experienced bad debt collection practices
- 1 in 3 people would pay more promptly if they experienced good debt collection practices