What is it?
The Debt Found Tool is used to determine if the policyholder currently owes us money, or has an outstanding balance on a previous policy.
These risks are referred to as ‘SBV1’
For these risks, you must first determine if there is any debt on the policy
How do I use it?
If the policyholder does flag for a previous debt, this will be shown via the ‘Debt Found’ tool:
In this instance a debt has been found to match the policyholder:
You know this is a match to the policyholder because the ‘match type’ is Surname, DOB and Postcode (SDB).
Now you have identified a debt reference, you can click the blue notepad icon to the right of ‘debt amount’ (in cases where there is a clear debt, the debt amount will reflect the true debt value – see next point to understand why)
Now you are able to see the notes, in this case the debt has been cleared and paid. As a result, there’s nothing you’d need to do here.
If there was a debt found, that you did need to pay, a blue link will display to the left of the policy ref, allowing you to take one off payments, or begin payment plans.