In Focus Consumer Credit
The elegant enforcer
Media sources, such as Forbes, The Times, The Guardian, and the Financial Times have described Jamie Waller, chairman of Just, as a man who is cleaning up enforcement, last month, CCR asked the questions to find out why
CCR: You make the industry sound like it was terrible when you started. Was it really that bad? JW: Yes. It got better with the hard work of a few key people in the industry, mainly me, and the new CEO of Marston that had arrived from KPMG. Youth was on our side and also ambition. We were fiercely competitive during my time at JBW and I had a lot of respect for what he achieved. Having a good competitor made us work hard and ultimately the entire industry ben- efited from what we both achieved
CCR: So, is there a new competitor that you look up to now? JW: To be honest we do not have one. Now, that feels good to say that as being in a business without a competitor feels really good. Honestly, we don’t, as an enforcement
market integrator it is our job to create a space between the traditional enforcement supply chain and the creditor. It has been done very successfully in the debt recovery sector by TDX Group, now there is a company I respect. They are not a competitor, but they are a like for like business just occupying a slightly different space.
CCR: So talk to us about Just and what an enforcement market integrator does? JW: Just sits between the people that are owed money, the creditor, and the suppliers that collect the money, the enforcement
sector. We do all the intelligent bits like data analytics, behavioural science trails and digital communication as well as all of the non-physical enforcement activity. If a debtor fails to engage and requires a
physical visit, then we place the case with one of the traditional suppliers for them to perform that part of the task.
creditors as we are totally focused on making it a safe and accessible means of getting payment.
The changes we are driving will cause some short-term pain for the traditional suppliers, but in time the market will be used by so many more creditors as we are totally focused on making it a safe and accessible means of getting payment
CCR: How do the traditional enforcement companies feel about Just. Are they receptive to you coming back and almost becoming their client and managing them? JW: It is tough, as, for us to be successful, we need to force some of the traditional suppliers to change. The changes we are driving will cause some short-term pain for the traditional suppliers, but in time the market will be used by so many more
CCR: What are some of the changes Just is making? JW:Many. VAT is probably the biggest change as it impacts so many. For six years now, VAT has been collected ‘in many cases’ from the wrong person. VAT should be charged to the creditor and that creditor can claim it back from HMRC, making the cost to debtor 20% less, making the debt amount more manageable, and, ultimately, doing what legislation allows you to do.
CCR: So, why is Just challenging this issue of VAT and not the traditional enforcement suppliers? JW: They have tried in all fairness to them. They say they raised the issue six years ago with the MoJ and have not heard anything since. I have also seen written advice that both trade associations took many years ago, so they were without doubt aware of the situation. Sometimes the incentive is not there to
resolve an issue and that is probably the case with this. The industry at the moment get thousands
of cases from non-VAT registered creditors that would probably not use them is they had to pick up the cost of VAT. They might use the county court bailiff instead. That is a problem for the traditional guys and one I am sure they wanted to avoid.
CCR: So, when will the VAT matter be resolved, if at all? JW: It will be resolved, and I think it will be resolved within weeks, not months or years. The reality is, it is already resolved. HMRC has said the creditor should pay, the MoJ said that where the creditor is VAT registered, they should pay, and we say the creditor should pay. The only people saying anything different are the traditional enforcement agencies
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www.CCRMagazine.com June 2019
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