First two Local Authorities to use new Creditor Debt Solutions Platform for more effective and transparent approach to supporting residents in financial difficulty
Southwark Council and Birmingham City Council will soon be the first two Local Authorities to use ‘debt-tech’ firm Trustfolio’s new Creditor Portal with both aiming to go live in April 2022.The Platform, developed by a collective of experts from across the credit, collections, advice, insolvency and related sectors, uses the latest fintech to enable simple, secure, flexible administration of debt solutions.
The first-of-its-kind digital tool provides creditor teams in organisations from Local Authorities to financial services firms with a single view of debt portfolios and allows them to automate many of their manual processes without compromising on quality or compliance. It also enables seamless digital communication and engagement with Insolvency Practitioners and Debt Management Companies for increased time and cost savings and, ultimately, better outcomes for the consumer-in-debt. Using the blockchain system of recording information, creditors can be confident in the knowledge that their data is completely safe and secure.
The Creditor Debt Solutions Platform is part of a suite of well-established solutions offered by Trustfolio to support organisations across the whole debt lifecycle from debt solutions providers and debt advisers to regulators and think tanks.
Lee Usher, Creditor Services Director, Trustfolio, says: “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, Southwark Council and Birmingham City Council will help 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 looking forward to working in partnership with them to continuously develop and evolve the Platform as we understand more about the needs of and benefits to its users and their end users.”
Thomas Clark, Birmingham City Council, adds: “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.”