Trustfolio uses debt adviser feedback to inform development of IVA referral function

Ryan Hayes, COO - Advice Sector, Trustfolio (formerly TIPTrust)
18 February 2022

Trustfolio, the new ‘debt-tech’ firm which recently acquired TIPTrust’s Debt Adviser Support Portal, has surveyed its debt advice clients to inform the development of its Individual Voluntary Arrangement (IVA) referral function.

Trustfolio is building a panel of Insolvency Practitioners (IPs), who will sign a Charter of good practice behaviours, to offer debt advisers and creditors a collaborative approach to responsible and effective IVA referral and management.

88% of the 43 debt advisers who responded to the survey said they would be likely to adopt Trustfolio’s IVA referral function when they have identified that a client would be suitable. All but one respondent identified commitment to ensure affordable payments as a key priority, and almost all said that if funds were passed from Ips to a charitable trust they would want to use them to apply for Debt Relief Order (DRO) and bankruptcy fees.

In terms of how the referral works, more than half of respondents said they would prefer the option to either choose their own IP based on the information about Trustfolio’s panel of partner firms in the Portal, or be automatically attributed to one so they didn’t have to manually select, depending on the client and circumstances.

As part of a commitment to supporting advice agencies large and small, Trustfolio hosted its first IVA training session on 4 February 2022 with IP partner McCambridge Duffy and a group of debt advisers from Huntingdon Area Money Advice and other local Community Money Advice centres. The session focused on the flexibility available within an IVA and examples of good performance and practice from McCambridge Duffy.

Trustfolio will now use the feedback to further develop its IVA referral function for debt advisers as part of its mission to modernise and improve the process for the ultimate good of consumers in debt.

Read more about our mission to make IVAs work better for everyone here