Wrights Newsroom

Wrights featured in Peer2Peer Finance News

12/09/2019 | Published by Wrights Recoveries

First published in the Peer2Peer Finance News on 2nd September 2019:
http://www.p2pfinancenews.co.uk/2019/09/02/the-recovery-position/

Nick Horton, client services director, Steve Smith, operations director and Chris Jenkins, client services and technology manager, introduce Wrights Recoveries

RECOVERY FIRMS AND finance providers go hand in hand. But it isn’t easy to find a truly innovative and efficient recoveries agent – one with a long track record and driven by cutting-edge technology.

Over the past 15 years, Wrights Recoveries has returned more than 60,000 assets to its clients and it has carved out a niche in the recoveries sector by offering completely bespoke solutions to each and every one of its customers – from big-name banks to smaller lenders.

“We treat all our clients in exactly the same way,” says Nick Horton, Wrights Recoveries’ client services director. “We don’t 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.”

Wrights Recoveries is not only a car repossession firm – it also covers numerous commercial contracts which see the firm recovering HGVs, PCVs and high-value plant machinery.

“Being a national company, we can truly offer our clients a greater opportunity to recover their assets regardless of post code or location,” says Steve Smith, operations director.

“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 won’t have control over their work. They could also represent numerous clients and customers which could in turn create a conflict.

“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 also represent our clients.”

Wrights realises the importance of regulatory technology within the financial services and motor finance sector, focusing its 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 pro-actively manage client assets, spreading risk and mitigating end of cycle losses. The RADR Asset Management platform is what underpins this market-leading success.

Wrights Recoveries provides bespoke fintech solutions not currently available anywhere else in the industry, and in recent years it has created an innovative technology solution to improve its service offering even further. The web-based platform VT Validate 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,” says Chris Jenkins, Wrights’ client services and technology manager. “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.”

Wrights’ results indicate that the overall process usually takes in excess of 35 days, whereas VT Validate delivers over 75 per cent 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 its offering and respond to customer feedback, Wrights is set to bring fintech-level innovation to the UK recoveries sector.

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