Trustfolio launches new feature for Debt Adviser Support Portal users to refer suitable clients to Panel of Insolvency Practitioners
06 October 2022
Trustfolio Ltd, the ‘debt-tech’ collective behind the Debt Adviser Support Portal and other digital tools for creditors and third parties designed to ‘enable better debt solutions’, has launched a new Insolvency Practitioner (IP) Panel referral feature for its debt advice users.
The new Debt Adviser Support Portal feature enables advisers to easily refer suitable clients for Individual Voluntary Arrangements (IVAs) and Trust Deeds (TDs) to a selected Panel of expert debt solutions providers. This continues the legacy created by the Debt Adviser Support Portal’s predecessor The Insolvency Panel (TIP).
Debt Adviser Support Portal users have been involved in the development of the terms & conditions which IPs must adhere to, including: the provision of bi-annual performance statistics including their last three months' average acceptance rate, percentage of approvals from the last year which have since failed, and complaints received and upheld in the last 12 months.
IPs must agree to support debt advisers who may not have much experience of advising on IVAs/TDs, through a dedicated telephone advice line during business hours and a minimum of one face-to-face or virtual training session annually. The IP will also refer the client back to the initial debt adviser for further support where an alternative debt solution is appropriate.
Trustfolio will split any funds received from referrals between donations to the sector including AdviceUK and Community Money Advice Trust Funds, Institute of Money Advisers and AdviceUK training, or advisers’ chosen causes, and re-investment into the Portal to enhance it further.
Backed by AdviceUK, the UK’s largest support network for independent advice organisations, and used by over 175 agencies and 950 individual advisers, the Portal has a track record of saving significant amounts time and money in the debt advice process. It is run and managed by a team with a background in the debt advice and wider credit sector who believe that technology should enhance rather than replace the adviser-client relationship.
Ryan Hayes, COO – Advice Sector at Trustfolio, who heads up the Debt Adviser Support Portal, says:
“This new feature can be used alongside the existing instant access to client credit report and bank statement data already available via the adviser-led, ‘online anywhere’ Debt Adviser Support Portal to enable advisers to refer a client for an IVA or TD with confidence. We wish to continue our legacy of a reciprocal relationship with the sector where we provide services at low or no cost and advisers use our debt solutions providers to help subsidise the service, whilst we also give back to the sector with donations. It’s a ‘win-win’ for all involved, including the consumer-in-debt who can expect a high standard of service from our Panel members.”
Ronan Duffy, Partner and Insolvency Practitioner at McCambridge Duffy who is on the Debt Adviser Support Portal IP Panel, says:
“McCambridge Duffy has a reputation for the quality of our expert debt advice and representation of clients among all major lending institutions and we utilise our expert technical knowledge and case experience to achieve the best outcome for all parties. As experts in administering IVAs we’re continuously looking for ways to improve the process and ensure positive results. We’re proud to have been selected by Trustfolio to sit on its Debt Adviser Support Portal IP Panel and commit to helping clients that are referred to us responsibly and in collaboration with advisers.”
-ENDS-
For media enquiries relating to Trustfolio, contact Peter Wallwork, @ peter.wallwork@trustfolio.co.uk
About Trustfolio
To find out more visit www.trustfolio.co.uk
For media enquiries relating to Trustfolio, contact Peter Wallwork, @ peter.wallwork@trustfolio.co.uk