Debt Services and Financial Data

Debt Services and Financial Data

The amount of personal debt in the UK is growing at an unprecedented rate. According to statistics from The Money Charity, people in the UK owed £1.479 trillion at the end of May 2016, with the average total debt per household up at an eye-watering £54,740. This huge level of personal debt in the UK has pushed the growth of the debt services industry over the past few years, and there are now hundreds of companies trying to win their fair share of the business.

The rise in UK debt has driven the rise in debt industry competition, but many have begun to rely on financial services data providers to deliver accurate and fully compliant leads. Firms such as Seawave Media are being specifically targeted for their experience with compliance issues as well as their ability to locate and secure fresh loan decline data and debt management data on a daily basis. For some debt services, access to this level of opt in leads can result in elevation above their rivals.

Benefiting from IVA leads

Many financial services data providers also provide debt service companies with IVA leads, which are increasingly beneficial as household debt rises. An IVA, or Individual Voluntary Arrangement, is an agreement with creditors to pay back debt in part or in full. IVAs are becoming increasingly popular as the rising number of high-debt households attempt to avoid bankruptcy, but many debt management companies are missing out on this opportunity due to a lack of accurate or successful IVA leads.

Thankfully, many financial services data providers also have networks in place to deliver opt in IVA leads that provide small debt management companies with access to large amounts of data each day. Unlike many small companies, large consumer data providers have the policies in place to meet the strict demands of ever-changing compliant laws, so companies can take advantage of a high turnover of accurate data without having to cope with the drawbacks.

Debt Data at Seawave Media

At Seawave Media we pride ourselves on delivering high quality debt management data to help debt management companies acquire new customers quickly and easily. We provide a wide range of data types, from survey data and management leads to debt consolidation loan decline leads. Our dedicated debt data experts can even support companies with telemarketing and business process outsourcing, so you can spend more time worrying about the aspects of your business that really matter.

Contact Seawave today to find out more

July 26, 2016 / Uncategorized

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Debt Services and Financial Data

In May 2018, the new GDPR regulations become enforceable for all countries operating within the European Union. The new legislation establishes stringent changes to the way companies collect and process data and even more stringent consequences for those companies that fail to make their data fully compliant. And there’s not much chance that Brexit is going to make any difference; the regulations will become firmly established into law by the time we’ve left, and show little chance of being repealed afterwards. So, if you’ve not already optimised your consumer data processing practices, it’s time to start.

Opt-in data changes under the GDPR

One of the most profound changes that the GDPR will establish is in the way that businesses collect data. Whereas before you could operate under an opt-out policy, ensuring customers had to specifically declare that they didn’t want their data processed, now the opposite is the case. An individual now must actively volunteer their data, with tick boxes being the preferred method. Here are some other details the GDPR specifies:
  • As a default, tick boxed should be un-ticked. There should be further options available that allow the user to select the type of marketing correspondence they wish to receive; email, phone or mail.
  • The data subject is permitted to opt out of data processing at any point after opting in.
  • Consenting to data collection should not be a condition of service.
  • Sending someone an email to ask them for marketing permission is not permissible.
These changes will create profound challenges for companies looking to generate leads from marketing. What’s more, there’s a maximum fine of up to 20 million Euros, or four per cent of global turnover payable for a breach of these regulations; a figure that’s easily enough to send smaller firms into administration.

How to demonstrate data compliance

If companies choose to continue processing their own data after May 2018, there are a number of policies they will have to implement in order to demonstrate their GDPR compliance: • Appoint a data protection officer if at all feasible. • Carefully record and document all data processing activities. • Implement data minimisation and ‘pseudononymisation’ guidelines that adhere to the new regulations. In short, the data protection regulations that come into force next year are a minefield. The entire document clocks up just under a hundred individual articles that need to be adhered to.

Fully compliant data experts at Seawave

The team here at Seawave Media have a professional and comprehensive knowledge of the GDPR and other data protection regulations. It’s of vital importance to us that we operate to the highest data protection standards, and provide the most optimised and highest quality data possible within these regulations. Our goal is to ensure every legal box is ticked, while still providing you with high value consumer lifestyle survey leads that deliver a great ROI.

Contact us today to find out more about how we can help optimise your lead marketing strategy, both right now and after the GDPR regulations come through in May next year.