Thames Water has awarded contracts to collect outstanding household debt with a forecast annual total value of £121.5 million to five debt collection agencies.
The framework agreement for household debt collection will run for an initial duration of three years, with options to extend annually up to a maximum overall term of seven years.
The tender for debt collection services for Thames Water's household customers was divided into three lots:
Lot 1: Active Accounts, 1st placement (forecast at £52m p.a.)
Lot 2: Active Accounts, 2nd placement (£forecast at 50m p.a.)
Lot 3: Final / Closed Accounts — Trace and collect activity (forecast at £19.5m p.a.)
The debt collection agencies will be left to decide what activity is carried out for each lot, however, for lot 3, the trace activity is a pre-requisite.
While the initial scope of the future contracts will be Thames Water's household debt, it is possible that the scope will be extended in future to include non-household debt.
Holding an interim Financial Conduct Authority licence was a key requirement for participants in the tender.
Allied International Credit (UK) Ltd, Moorcroft Group Plc, 1st Locate (UK) Ltd, Akinika Debt Recovery Ltd, Advantis Credit Ltd and Arvato Financial Solutions Ltd have all been awarded a place on the framework.
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