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Irwin Mitchell launches new debt collection agency

National law firm Irwin Mitchell LLP has launched Ascent Collections Ltd, a full service debt collection agency (DCA).

Ascent works in two service areas: Ascent Collections - customer collections, and debt purchasing; and Ascent Contact - debt counselling and claims support services.

 

Mark Higgins, chief executive officer at Ascent, said: “In the current economic climate and with regulation of the financial services industry on the increase, creditors are finding it increasingly difficult to collect debt.

 

“At Ascent, we have a wealth of experience of dealing with all aspects of debt collection, and we believe that banks, insurers and other financial institutions will benefit from our approach.”

 

Based in Sheffield, the services on offer include standard contingency collection, debt purchasing, access to litigation (through Ascent’s group partner, Irwin Mitchell) and debt counselling. In addition, Ascent offers a range of tailored products customised to fit the customers’ financial demands, time constraints and lending products. These include:

  • Maximise Home Owner – to optimise case return on balances where your customers are likely to be home owners
  • Maximise Employee – to get regular cash incomes from accounts where your customers are in employment
  • Maximise Post Charging Order – to start or improve cash collection from resting accounts where a charging order has been obtained recently or in the past
  • Maximise Hire Purchase – to increase cash collection and asset recovery from hire purchase and conditional sales customers

 

At the core of the Ascent services a mix of data and information technology, which enables the firm to develop scoring techniques that predict the probability of an account being paid.

 

“Our case management system, IM-pact, enables us to provide the client with a clear and accurate picture of our performance, including client specific scorecards that analyse performance based on debt characteristics at book on, different segmentation policies and collection strategies,” said Higgins.

 

Through Ascent Contact the firm also offers a new approach to external debt counselling services which delivers service and cost benefits. The approach includes segmenting accounts in order to produce customised reports that are sensitive to the customer's individual circumstances.

 

“Using these reports we then recommend the best course of action which can include external debt counsellor visits as well as telephone-based counselling services to improve rehabilitation services and save time and money,” said Higgins.

 

Ascent forms an independent part of Irwin Mitchell LLP, a top 20 UK law firm, with offices in seven UK cities and a client base that includes virtually all major UK financial institutions.

 

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Date: 5th, May, 2009

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