Craig McDonnell spells out in plain terms what the Trustfolio Creditor Debt Solutions Platform means to two of our key Local Authority clients.

Local authorities need more support than ever, as they juggle the need to support their citizens with climbing costs of living, whilst ensuring a sustainable income to deliver vital services.

And some local authorities have taken control of the situation by partnering with Trustfolio and deploying its Creditor Debt Solutions Platform.

The platform uses the latest fintech or debt-tech as we like to call it, to enable secure, simple and transparent administration of debt solutions. The two councils that became early adopters of the platform now have a single view of the IVA debt of its citizens. This means data-driven decisions can be made, resulting in better outcomes for consumers in debt, and time and cost savings for the local authority.

To give an example, since they started using the platform about 10 months ago, these authorities now have visibility of just under 1000 cases and around £1.2m that is owed to them by their citizens. Around £295,000 of this debt should be recoverable, without additional effort whereas it might have previously been written off, which would provide significant and much-needed income for the councils to deliver their vital services.

Craig McDonnell, chief operating officer at Trustfolio, said:

“The Creditor Debt Solutions Platform has given our clients access to all their new IVA cases since they adopted the cloud based platform and we’ll help them get sight of historic cases too as the annual reviews of existing IVAs are captured by the platform - that will mean over a period of 12 to 24 month these two authorities will start to see their entire portfolio of debt linked to IVAs.”

“These local authorities are now submitting proof of debts and voting on cases, becoming more engaged with the IVA process whereas before they had little to no involvement. This data-driven view means they can provide better outcomes for their citizens and of course, recover important income.”

Trustfolio’s creditor services director Lee Usher added:

“We have identified that local authorities can hugely benefit from our Creditor Debt Solutions Platform, providing them with the security, efficiency and social value for responsible debt resolution without deploying additional human resource.”

“These councils have been early adopters of this debt-tech and are leading the way in providing a more transparent approach to supporting citizens who are in financial difficulty. We look forward to developing these partnerships.”