Free debt advice provider, PayPlan has been named as Personal Debt Solution Provider of the Year at the Turnaround, Restructuring and Insolvency Awards (TRI).
Now in its twelfth year, Credit Strategy’s TRI award is the only industry awards ceremony for the insolvency profession. The Personal Debt Solution Provider of the Year was open to any organisation that provides personal debt solutions such as IVAs, Debt Management Plans and Trust Deeds.
Digital efficiencies in debt advice and making Individual Voluntary Arrangements (IVAs) simpler and fairer for customers were key themes through the award entry. In addition to internal customer journey improvements, PayPlan has also optimised the debt advice journey for creditor referral partners.
CEO of PayPlan, Rachel Duffey, said:
“We’re really pleased to have been recognised as the personal debt solution provider of the year. A big chunk of our work over the past year has been in simplifying the digital journey for people seeking debt advice. This collaborative approach has led to a decrease in customers who disengage with insolvency processes, vastly improving outcomes.”
Rachel continued: “Another common problem for creditors that we have invested resource in has been the ‘debt advice black hole’. Customers working with debt advice were often invisible and at risk of unnecessary collections activity. However, with our data sharing service participating creditors can apply the appropriate forbearance treatment to customer accounts, such as breathing space and vulnerability flags.”
PayPlan launched a data sharing service where the outputs of all advice sessions are pro-actively shared with a customer’s creditors, including details of their income and expenditure and vulnerabilities.
Its commitment to safeguarding vulnerable clients and tailoring communications goes beyond the industry standard. Approximately 91% of PayPlan clients disclose information about their vulnerability, without being asked.
Last month, PayPlan was announced as the 2019 Debt Advice Provider of the Year at the Collections and Customer Service Awards.
For more information about the TRI awards, visit: www.creditstrategy.co.uk/triawards/triawards/t-r-i-awards.