An inclusive revision of the private debt collection process

Abstract

Our society is built around a financial system that includes debt. It is a classic saying that anyone can end up in debt, but it is how we treat those with debt that defines their well-being. With the current financial system, we are prejudicing a part of society, making an already vulnerable group even more prone to debt.

We have designed systems which are almost impossible for these people to navigate, making vulnerable groups overrepresented in private debt. These vulnerable groups are made out of intellectually disabled, illiterates, multi-lingualists and financially stressed people. The goal of this thesis is to lift the barriers drawn up in private debt, and to introduce an inclusive approach to debt collection for collector coeo incasso.

During the analysis I will explore the private debt system as implemented by law. The debt trajectory is complex - privacy and new regulations make interventions difficult - leaving little design space.

The typical debtor and the implications of debt on human well-being are perhaps even worse. We can find vulnerable groups making up more than half of debtors.

These vulnerable groups then have to deal with the implications of debt, symptoms such as chronic stress and shame are common. This can even go as far as suicide. The effect of debt goes far beyond the wallet, it impacts every aspect of life.

When looking at the current debt trajectory ats coeo incasso we see that there is room for improvements which may drastically reduce barriers for debtors. By slightly altering the current layout of a debt trajectory we can help debtors have a more stress free debt experience.

The proposed interventions, on a service and interaction level, have to goal of lowering those barriers by making debtors feel acknowledged in their skills.

By lowering these barriers we can now expect debtors to live a more stress free life. These practices will help anyone, not only vulnerable groups. By introducing these interventions we can expect coeo to fully align with their goal of being the most empathic debt collector again.

Through these principles the debt trajectory can now be improved. New methods of communications, such as interpersonal communication, are introduced. New colalborations with municipal financial advisors are set up.

But also the existing communication is redesigned. New letters in understandable language will be sent. Digital communication now includes important accessibility principles. By implementing these kind of design choices coeo can now offer a debt trajectory with lower barriers.