A WHOLE NEW WORLD
HELPING CUSTOMERS WHO AREN’T USED TO NEEDING HELP

Lantern

We have all talked a lot about the imminent rise in utility bills and the cost-of-living crisis that is happening all around us. We have referred to how we are helping existing customers in arrears, those who have sought advice from debt management companies or who are being managed by specialists like Lantern or Sonex to help identify their vulnerabilities and set them on their way out of problem debt.

But what about those customers who have never experienced debt, who still believe it is a bad thing and something which should not be talked about? These are the new types of customers we are likely to see in this whole new world we are about to enter.

As humans, we tend to live to our means; secure a promotion at work? Get a better car. Got a new job that pays more? Move to a bigger house. It is commonplace, it is how the world goes round. But now with all the price hikes coming from several directions it is likely that consumers who were once able to live comfortably, and within their means, are now facing financial problems. It may well be that the first changes affect the more ‘luxury items’, meals out, treat trips away, but it is very likely to start impacting the necessities quite quickly, and soon we could be seeing a new type of customer in collections.

To support this as an industry we need to be visible. We should all talk about debt to our families, our friends, to the taxi driver bringing us home, in fact anyone who will listen. It is more important than ever that we put a stop to the stigma of debt, to help people feel comfortable seeking support when they find themselves in debt for the first time.

Here are some of the things we have done at Lantern to become more visible should we start to see this new kind of customer enter financial difficulties:

• Active use of TrustPilot
It is a go-to for most of us and, with our score of 4.3 (Excellent), should someone look up debt collection they will see we are a company who they can approach safely and do not need to avoid.

• Continued development of our portal and online capability
Whilst some people will never want to talk about debt, we can enable them to acknowledge and deal with it by having a slick digital offering.

• Make it easy
Our Single Customer View ensures customers only have to tell us things once, we then know their circumstances. Whilst it seems like common sense, it’s surprisingly uncommon.

So, ask yourself; are you doing everything you can to ensure that when we start to see these new types of customer, they will be encouraged to engage, to deal with their new found situation, enabling them to get our help faster? We all need to adapt to these changes and quickly.