In the Netherlands, debts and recovery of payments involve many stakeholders but don't involve a centralised communication. Therefore, consumers with problematic debts often find themselves contacting a range of creditors and collection agencies. Because they have no clear overview of their situation, debts, interest and collection fees keep accumulating. For serious cases, a professional debt counsellor is included, who then faces the same problem. As there is no centralised source of information, acquiring a complete picture and coming to a fitting and lasting solution is difficult. This situation is also problematic for creditors. They waste time and resources attempting to recover payments from a consumer who may not be in any position to repay. Ideally, they would become aware if one of their clients has built up problematic debts before authorising the sale of further goods or services. This resulted in BringWay coming to Finaps with the question: How can we make an online portal that significantly reduces escalating debts?
The BringWay platform brings together debtors, creditors and debt counsellors in a single environment and so helps to pre-emptively detect impending payment problems. In addition, it provides a way for debtors, creditors and debt-counsellors to communicate and come to an effective solution. BringWay helps to create a lasting solution for all parties involved through setting up payment plans. Because the personal information involved is highly confidential, security and compliance with privacy regulations are a key part of the solution. Since its launch, debt counsellors have been requesting debt information from the creditors working with BringWay every day. As a result, they are able to handle and reimburse considerably more debts!