Trustfolio and Birmingham City Council awarded ‘Highly Commended’ 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 awarded a ‘Highly Commended’ 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 detailed 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.
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. This approach goes above and beyond regulatory responsibilities to achieve the organisation’s overall objectives around recoveries and customer treatment.
Jonathan Woodward, Birmingham City Council, said: “We were delighted to have been awarded a ‘Highly Commended’ in this category which recognises the innovative approach we have taken to better supporting customers in financial difficulties. Whilst we didn’t win the top prize, we’ve been really pleased with what we’ve achieved working with Trustfolio and this is only the beginning!”
Lee Usher, Creditor Services Director, Trustfolio, added: “As a relative newcomer to the IRRV Awards, I was delighted when we were shortlisted as finalists.. Whilst it would have been great to win, I’m delighted that we were recognised as Highly Commended, and it gives us a great starting point for when we come back next year. I want to say a huge thank you to everyone at Birmingham City Council for working with us so collaboratively and helping us win this recognition. 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.”