Launch of digital debt collection agency InDebted in the UK

The UK launch of InDebted follows a successful period of beta operation after gaining FCA clearance in August 2021.

InDebted uses digital channels such as SMS and email to connect with consumers, providing a number of options for managing debt through a self-service portal.

InDebted also has a global support team available 24/7 to assist clients across all channels.

Unlike established players in the industry, the company rewards its customer support team based on the quality of service they provide, rather than incentivizing debt collectors based on recovered amounts.

The launch comes amid a spiraling cost of living crisis in the UK, with energy spikes and rising food prices forcing more people into debt.

Josh Foreman, CEO and Founder of InDebted, comments: “At a time when the cost of living crisis will lead to rising debt, consumers in need of help are being left behind by the failing debt collection model. . This leads to unnecessary stress and poorer results.”

A UK market study conducted on behalf of InDebted by Opinium of 2,000 consumers found that half had experienced harassment or assault due to tactics frequently used in traditional debt collection.

“Ultimately, we believe that people in debt deserve better from debt collectors, and InDebted is leading the way for change and growth within the industry. Based on our experience in countries like the ‘Australia, the US and Canada, we know the difference we can make to consumers, and we’re excited to be launching in the UK to support people’s debt-free journeys and financial well-being.

Entering the UK market reflects InDebted’s global growth ambitions, with the business increasing its workforce by 360% in 2021. This is underpinned by onboarding 93 new customers in 2021 across global markets, supporting more than one million customers, and the completion of an A$25 million Series B funding round in July 2021.