CCR2 Risk, Data, and Fraud Prevention
Doing recoveries the Wright way
Wrights Recoveries is aiming to bring the dynamism and productivity of fintech to the world of recoveries
Nick Horton Client services director, Wrights Recoveries nick.horton @
wrightsrecoveries.co.uk
The industry often talks about putting innovation at its very heart, but at Wrights Recoveries we truly believe that we have achieved this, with the personal, technology, and track record of proven success to lead the way. Over the past 15 years, Wrights Recoveries
has returned more than 60,000 assets to our clients and has carved out a niche in the recoveries sector by offering completely bespoke solutions to each and every one of our customers – from big-name banks to smaller lenders.
Not off-the-shelf We treat all our clients in exactly the same way. We do not just offer an off-the-shelf product. We engage with our clients, find out what they want, and then we build a bespoke package around what they need. We are not only a car repossession firm, we
also cover numerous commercial contracts which see usrecovering HGVs, PCVs and high-value plant machinery. Being a national company, we can offer
our clients a greater opportunity to recover their assets regardless of post code or location.
We succeed by having all of our agents
employed solely by us, as our research has found that when you hire somebody as self- employed, there is a chance that you will not have control over their work. They could represent numerous clients
and customers which could in turn create a conflict.
Training programme Our agents undergo a comprehensive training package to ensure that they are fully qualified as not only do they represent Wrights, but just as importantly, they represent our clients. We realise the importance of regulatory
technology within the financial services and motor-finance sector, focusing our efforts on technology that provides an all-in-one solution for the financial market. This provides a unique and innovative
‘cradle to grave’ solution for the asset-finance sector using technological advancements to proactively manage client assets, spreading risk and mitigating end-of-cycle losses. The RADR Asset Management platform is what underpins this market-leading success.
Over the past 15 years, Wrights Recoveries has returned more than 60,000 assets to our clients and has carved out a niche in the recoveries sector by offering completely bespoke solutions
November 2019
Fintech solutions We provide bespoke fintech solutions not currently available anywhere else in the industry, and in recent years we have created an innovative technology solution to improve our service offering even further. The web-based platform VT Validate
successfully simplifies and speeds up the voluntary termination (VT) process in the car-financing sector. Our research suggests that VT ranges from £2,500 to £4,500 in losses to lenders.
www.CCRMagazine.com
So we designed a product that would help mitigate these losses, while being fair to the customer and compliant with the Financial Conduct Authority. VT Validate puts the ownership of the
VT process on the customer. This means that before the customer surrenders their car, we can tell them exactly how much they are going to owe, what their liability is, and what arrears they owe. Our results indicate that the overall
process usually takes in excess of 35 days, whereas VT Validate delivers over 75% of VTs that are completed within seven days. It has on-boarded six mainstream lenders to date and serviced more than 1,000 VT applications since launch. The groundbreaking technology has been
recognised for its originality and innovation, being shortlisted for the 2019 Credit & Collections Technology Awards for Customer Engagement. By continuing to hone our offering and
respond to customer feedback, we are set to bring fintech-level innovation to the UK recoveries sector. CCR2
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