Trustfolio and Birmingham City Council shortlisted for IRRV Excellence in Innovation Debt Management Award

‘Debt-tech’ collective Trustfolio and its Creditor Debt Solutions Platform client Birmingham City Council have been jointly named as finalists in the Institute of Revenues Rating and Valuation (IRRV) Performance Awards 2022 ‘Excellence in Innovation (debt management)’ category.

The IRRV is the largest professional institution operating in the field of revenues, benefits and valuation with over 3,000 members. It’s annual Performance Awards recognise best practice in the sector.

The joint award entry details how Birmingham City Council is using Trustfolio’s innovative new Creditor Debt Solutions Platform to achieve both its social and commercial objectives. The first-of-its-kind digital tool provides creditor teams with a single view of their debt solutions portfolios, allowing them to securely automate many of the manual processes associated with the administering of debt solutions, including but not limited to Individual Voluntary Arrangements (IVAs), while improving consumer outcomes. The flexible, user-friendly debt-tech platform enables simple, efficient, and compliant management of debt solutions in-house 24/7.

Using the latest technology, it also facilitates seamless digital communication and engagement with Insolvency Practitioners (IPs) and Debt Management Companies for collaborative, data-driven decision making. Creditors gain much greater oversight and performance management information to develop their understanding of complex debt portfolios for long-term improvement that goes above and beyond regulatory responsibilities to achieve the organisation’s overall objectives around recoveries and customer treatment.

Thomas Clark, Birmingham City Council, said:

“We have been in talks with Trustfolio about how we could benefit both operationally and socially as a Local Authority from using its new Creditor Debt Solutions Platform for some time and have had the opportunity to input into its development. We believe it has the potential to transform the way we process debt solutions and are proud to be one of the first to put it into action.”

Lee Usher, Creditor Services Director, Trustfolio, added:

“When we were creating the Creditor Debt Solutions Platform, we identified Local Authorities as a key beneficiary of this type of tool. It combines efficiency and security with social value for more effective and responsible debt resolution which supports the local eco-system for the mutual benefit of all. As early adopters of the Platform, Birmingham City Council are helping to shape a more proactive and transparent approach to supporting residents in financial difficulty, and pave the way for other Councils to follow suit. We’re delighted to be shortlisted for this award and be recognised for how innovative the Platform is.”

All finalists must go through an inspection process which will be reported back to the judging panel who will select the winners for each category. The Performance Awards Gala Dinner will be held during the IRRV Annual Conference at Telford International Centre on Wednesday, 5 October 2022. Watch this space for further updates!