A ClearDebt and Abacus employee shares her perceptions and experiences of working in the debt management industry
A temporary ClearDebt and Abacus employee, Olivia Roberts, shares her views on working in the debt management industry.
Many people presume debt management companies are a waste of time – just cowboys out to rip people off who have already been unfortunate enough to find themselves in financial difficulty.
Perceptions of the debt management industry from an outsiders point of view
Before working at ClearDebt and Abacus the only parts of this industry I had experienced were the TV adverts for credit cards offering the best APR or companies lending money until payday. I was aware of the stigma attached to ‘consolidating’ debts and I have to admit I was dubious about the intentions of debt management companies. You hear so many horror stories about Joe Bloggs, the man who began his debt management plan £10,000 in debt and 2 years on owed £50,000, but thankfully during my time here I’ve learnt that things at Abacus and ClearDebt are different…
Becoming part of the team at Abacus
It only took a matter of days before the creditor liaison team here made me feel at home. There’s Pauline, the chain tea drinker for whom no problem is too big when she has a brew in hand. Laura, ‘the oracle’ has helped me each and every day with anything I was unsure of. She is very knowledgable on the ins and out of the debt management system and I genuinely don’t know what I would have done without her. And of course a fellow staff blogger, Creditor Liaison Team Leader Chris Brown, click here to read his blog about Lloyds TSB.
What a creditor liaison officer does
As a creditor liaison officer, I was trained on how to deal with creditors over the phone, on emails and through post – something which clients would otherwise have to do themselves. The level of contact made by creditors to our clients shocked me at first, helping me realise how stressful it must be for those who are regularly hassled about payments. For most of these people their financial situations mean the repayment amounts are just not affordable.
What I’ve learned about the Debt Management Industry
In the current economic climate, it’s easy to find yourself in unmanageable debt and people should not be afraid of being judged for this. After witnessing firsthand the extent of not only people’s financial difficulty but also the lack of financial education many people have, I can honestly say the debt resolution industry has been a really enlightening sector to have worked in. I saw numerous Debt Management Plans come to a close as clients paid off their debts. There is no better feeling than knowing you have been part of the company that made that possible. I can confidently say I was certainly not working for a bunch of cowboys and I’m grateful for the opportunity I was given here.