The consumer credit industry has boomed in the UK and now stands at over £1.6 trillion, albeit that growth has reduced sharply since mid 2007.
Banks have historically been the largest providers of consumer credit but are far from the only suppliers. Gas, electric and water utilities, telecom providers, high street retailers, mail order companies, mortgage lenders, insurance companies, auto lenders and leasing companies all offer credit as a natural way to retain customer loyalty and generate additional revenue.
Greater demand for and supply of consumer credit has inevitably led to significant increases in the levels of both performing as well as sub-performing (defaulted) loans on the books of credit providers. CapQuest estimates that UK credit institutions wrote-off approximately £12 billion of debt in 2007.
Credit providers have the opportunity to sell their debt or outsource its collection and recovery to specialist firms such as CapQuest Debt Recovery and CapQuest Mortgage Servicing. This outsourcing or sale of debt serves a vital function as it allows them to focus attention on their core competencies while continuing to generate returns from distressed loans and mortgages.
CapQuest focuses on helping our clients unlock value from their non-performing assets. Our debt purchase and contingency collection activities will accelerate the recovery potential of loans regardless of their age, type or sector.
CapQuest’s compliance and debt recovery reporting capabilities meet or exceed the highest standards in the industry. Our rigorous compliance standards set CapQuest apart from its debt recovery competitors and allow us to safeguard the reputation of every client.