Scotland gets the income and expenditure treatment, powered by IE HUB

IE HUB and Money Advice Scotland have entered into an agreement to deliver a Scotland-centric version of IE HUB’s free-to-use income and expenditure tool.

The online tool is openly accessible through a normal web browser and enables consumers to assemble their financial information to create their first I&E. Once their I&E is completed, it can be shared with multiple creditors, saving time by completing their budget only once.

IE HUB’s mission is to empower the people of Scotland to improve their financial situation and better manage their debts. CEO, Dylan Jones says, “It’s great to be working with Money Advice Scotland. As a Fintech for good we want to be able to help MAS deliver its services to those in need. We know the cost of living crisis will increase demand for debt and money advice and with IEHub MAS can deliver an efficient service and reach more people.”

The online tool utilises open-banking to make it as efficient as possible to complete, with one consumer saying, “IE HUB is simple to use and was easy to fill out the information needed.”

In addition, the tool now enables benefit checks and in a recent announcement, 70% of UK consumers were found to qualify for a cash uplift of up to £402 per month.

Heather O’Rourke, Digital Transformation Lead at Money Advice Scotland says: “We’ve chosen to use a bespoke version of IE Hub’s tool because it offers a simple way for clients to collate I&E data and evidence to share with money advisers. Information gathering is the crucial first step in the debt advice process, but it can be seriously overwhelming for clients. With an uncomplicated layout and choice in how data is collected (manually or with Open Banking) it provides much needed flexibility and support to clients and their advisers at the start of the debt advice journey. The better prepared clients are for initial appointments, the easier it is for debt advisers to begin delivering quality debt advice and meaningful outcomes.”