Barry Mitchell of Recro Debt Management Services

We sat down with Barry Mitchell, Proprietor and Senior Consultant of Recro Debt Management Services, to find out what Recro actually stands for and what he thinks is the biggest issue in the debt industry at the moment...

1) Firstly, what exactly does Recro Debt Management Services do?

The word ‘Recro’ is Latin for ‘Re-birth’. When we get you out of debt, it will feel as if you have been re-born. We remove the stress, burden and fear of trying to live with unmanageable, unaffordable debt and empower people to live their lives. We have been told that we have enabled people to sleep better at night and several clients have commented that, as a result of our efforts on their behalf, they once again feel that they are ’in control’. We have even been told that we have improved people’s sex lives!

2) When did you set up Recro Debt Management Services?

I have been trading a little under two years.

3) What kind of debt management advice do you give?

Recro specialises in setting up informal debt management plans. We prefer to provide pre-emptive advice, helping people to avoid the need for our type of services in the first place. We offer businesses free presentations, ideally at their premises, to people being made redundant, providing tips and advice on how to avoid a bad debt situation during their period of unemployment. We also offer advice on how to accumulate cash to assist the process of negotiating settlements, to get our clients out of debt in the shortest period of time. Lastly, if we feel that our proposition is not the right solution for the specific problem, then we will point people in the right direction.

4) What do you think is the biggest issue at the moment in the debt solutions industry?

Probably, the biggest issues are around the subject of regulation, the quality of advice given and the calibre and qualifications of the individuals providing the advice. I am used to working in an environment of regulation, under the auspices of the FSA, and, whilst I recognise that regulation can go too far and be too restrictive and costly, there is no doubt that the public deserve much better service and quality of advice than they are often receiving.

5) How does the majority of your business reach you? Do you offer incentives to brokers for referrals?

The vast majority of our business is through business networking, word of mouth and the social media. I never give or accept incentives for referred business, as I feel this has the potential to undermine one's integrity. I find that working with like-minded people, where ethics and integrity are key to everything we do, brings its own rewards.

6) What kind of cases do you deal with on a regular basis?   

Recro deals with private individuals and businesses, in the management and resolution of unaffordable debt. Interestingly, approximately 50% of our business is with professional people – accountants, insurance brokers, mortgage advisers, financial advisers and solicitors. This is a reflection of the nature of this recession. These professional people not only have to contend with the burden of debt but they also have the added burden of not offending their regulatory body, as this could impact on their career. I believe it is probably my financial background and experience in working within a heavily regulated environment, that enables me to empathise with these people, to really understand their fears and worries and to speak their language.

7) What did you do before you began Recro?

I was a specialist financing strategist and mortgage adviser. I presented at seminars, educating people how to invest in property, how to strategise the funding and then arrange it.

8) What less well-known options are available to those seeking debt management that brokers may want to refer their clients to you for?

It is not so much about less well-known options; it is more about the level of attention, care and detail we provide to all our clients and for which we have a reputation. Brokers refer their clients to us because they know we protect their reputations, by doing our very best for the people they recommended. Everything we do is centred around the concept of what is best for our client. We have a fixed priced set-up fee structure. We are focused on getting our clients out of debt; whereas it often appears that many debt management businesses have a vested interest in keeping their clients in debt for the longest period of time. We work strategically with our clients, on an individual basis, helping them to accumulate cash to get them out of debt. So, it is not so much about options, more about thinking laterally and doing the best we can for our clients.

9) What do you predict happening in the future with regard to the debt management sector? 

I think that the numbers of businesses in this field will diminish. This is because there are some in it now only because they see this recession as a short-term opportunity to ‘make a killing’. Inevitably, they will be disappointed and leave. Others will leave because they are unable to adapt to a regulated regime and all that implies. Lastly, there will be natural wastage and those forced out by the OFT for non-compliance of guidelines. Hopefully, this will leave behind a nucleus of well-run professional organisations, both fee charging and free, that offer a high-quality service to a public in need. 

10) If you weren’t working at Recro what do you think you would be doing instead? 

Most of my professional life has been dedicated to improving the lives of others and to help them become the best person they were ever destined to be. I have done this by educating people on how to create their wealth and reduce their expenditure. I have done this through being heavily involved in the traditional world of martial arts. I have been a professional trainer in sales and financing. I used to be a trained psycho/hypno therapist (but I never practiced). So, if I were not working at Recro, I would most certainly be doing something that involved people and their lives.