News & Events

NORTH EAST HOME LOANS selects FINANCIER to expand microloan business

London , 30th April 2010 - North East Home Loans Ltd, the well established and innovative Hartlepool based finance company and CCTA member, has selected Welcom Software’s Financier solution to fully automate North East Home Loans’ unsecured microloan business. Financier is to be combined with a new website and brand www.pocketmoneypaydayloans.co.uk to be designed, built and delivered by Welcom Software. In addition, North East Home Loans Ltd will be using Financier and the new website to offer loans to existing customers through stores based in Hartlepool and Stockton.

"We first saw the Financier solution at the CCTA annual conference back in November 2009 and it marked a major turning point for us. Financier will provide our business with a much greater degree of control and management of our company’s business processes. It will also provide a fully scalable platform for us to expand our business and integrate stores with a new online presence" said Jamie Barnecutt, director, North East Home Loans Ltd.

The Financier solution will largely automate the customer relationship management including loan processing, financial product set-up, with automated underwriting based on agreed website rules, payments and collections management. Welcom Software has also developed a number of bespoke screens for North East Home Loans Ltd that will be accessed by store staff and provide them with the ability to manage client accounts and offer first class financial solutions meeting the precise needs of North East Home Loans’ clients.

The primary objective of the new solution is to provide North East Home Loans with an:

• Engaging website that will allow a client to easily apply for a loan and which North East Home Loan retail stores can use to input customer applications easily and efficiently in-store;

• Ability to process applications and perform duplicate and credit checks, debit card validation, and give the client a decision within a minute whilst ensuring the loan is suitable for the customers needs, particularly first time applicants;

• Automatically collection of payments on the designated pay date and any rejected payments are managed by the system and placed in arrears queues;

• Comprehensive arrears and collections functionality utilising workflows, letters, SMS and email reminders;

• ‘My Account’ section of the site and within Financier which will keep customers up to date with the status of their loans and also allow them to manage their account, make payments, view statements and their account history, and apply for new loans .

North East Home Loans will be accessing Financier using Welcom Software’s Managed Hosted Solution (Software As A Service) which includes all hardware, hosting, firewalls, data back-up, telephone support and maintenance of the software and solution eliminating the need to install, run and maintain the software on their hardware while reducing their up-front purchase costs.