What does V+ mean for Vulnerable Consumers?

Whilst every FCA regulated creditor and debt collection agency is more than capable of identifying and handling different types of vulnerability on a customer call, we felt that something more was needed for those customers who even before we speak to them, we already know, or have good evidence to suspect, may be vulnerable. Treating customers fairly starts before you speak to the customer.

Our vision for the V+ service was to combine our data know-how with the skills and expertise of specialist providers who would make it their business to treat known vulnerable customers differently. This needed to be different to mainstream debt recovery.

Together with our three partners - see who here - we have signed a public charter to share with pride our V+ commitments:

  1. We will use every means possible to proactively identify potentially vulnerable consumers;

    It is our commitment to access available data to help identify potential vulnerable consumers so that their journey can start in the right way, communications can be tailored and trained specialist agents made available to support their complex needs. 

  2. We will apply differentiated and empathetic treatment to encourage engagement with identified consumers;

    It is our commitment that every interaction with the consumer will be supportive and safe - from the tone of voice of communication suites being used, the rapport and empathy expressed by the agents and the range of forbearance tools available.

  3. We will utilise dedicated agents with specialist training, tools and access to wellbeing support;

    It is our commitment that agents will possess natural rapport and empathy to drive greater engagement with consumers; we will use agents with greater life experience, or backgrounds in care, counselling and wellbeing; furthemore knowing that a tough job it will be for these agents, we commit to looking after and support these agents so they can look after these consumers. 
  4. We will certify to BS 18477:2010, apply the highest vulnerability standards and maintain a tailored assurance framework;

    It is our commitment to adhere to BS 18477-2010 for inclusive service provision for vulnerable customers, a formal certification held by only a handful of organisations in the UK. Furthermore we will set the highest operational standards for ourselves along with enhanced assurance models to continuously assess and improve the quality of our interactions with consumers. 

  5. We will operate using commercials based on fair outcomes, not % collections;

    It is our commitment that the V+ commercial models will incentivise the right behaviours and fair outcomes.

That’s it - that’s our public commitment. Please do talk to us if you would like to know more about how your organisation and your vulnerable customers could benefit from our V+ service.

Now, perhaps more than ever before, vulnerable customers deserve the very best treatment to achieve outcomes that are fair for all.