At the top of the infographic it reads UK consumer attitudes towards debt. With a line underneath saying to get a true understanding of what consumers want from creditors, we conducted a survey of 1,020 representative UK citizens in June 2022. The results were intriguing, indicating a gap between customer expectation and reality.
Section 1- vulnerable situations. 48% of respondents had experienced at least one vulnerable situation in the last 12 months. This includes redundancy, reduction in working hours, furlough, bereavement, long term illness or injury, mental health illness, divorce or end of a long term relationship.
Section 2- repayment frequency. Question asking how regularly would you prefer to make debt repayments? 69% say monthly, 4% say weekly, 4% say flexibly and 22% said not applicable.
Section 3- missed payments. Question asking would you welcome the chance to spread payments over several weeks or months, rather than needing to pay in one go? 79% of respondents welcome the ability to spread the cost of any missed payments. Of that figure 42% said yes absolutely and 37% said yes, probably, but I'd want to know more.
Section 4- personalised service. Question asking does your main bank or building society provide a personalised service? 4% said always, 48% said never and 58% said sometimes.
Section 5- communications preferences. Question asking how would you prefer to be asking for the repayment to be made? 30% said email, 20% said app notification, 9% said instant message, 16% said text message, 9% said phone call, 17% said by post and 1% said a visit to your door.