Insolvency software is vital for businesses to handle debt cases for clients.
Individual insolvencies increased by over 4% in the second quarter of 2018. It means nearly 29,000 people filed for insolvency. This figure demonstrates an increase in those struggling with personal debt.
Now more than ever, the role of debt firms and insolvency practitioners is essential to help people who are suffering in debt. There is a handful of debt management solutions available to consumers depending on their circumstances. Bankruptcy should always be the last choice.
Although individuals can resolve their debt on their own, many people turn to a debt firm to help arrange agreements with the creditors. In the case of an Individual Voluntary Arrangement (IVA), this must be arranged by an insolvency practitioner.
Insolvency software is required by Insolvency Practitioners to help those in debt. Finding the right software can significantly help companies, in turn helping those in debt.
The Role of Insolvency Practitioners
An insolvency practitioner works as the intermediary between an individual and creditors to negotiate a repayment plan. An insolvency practitioner is the only person who can legally set up an IVA. An IVA is a legally binding document that means an individual must make the necessary payments on time.
Insolvency Software: What Is It and Where Can I Find it?
Insolvency software, also known as IVA software, plays a key role in keeping track of repayments and scheduling the payments to creditors.
Insolvency software is an essential tool for insolvency practitioners and allows companies to give the utmost care and service to its clients during their IVA process. Always find software with the following capabilities:
- Assess the best debt solution — As previously mentioned, there are a number of debt management solutions available. Advanced software is able to automatically assess which solution is best for the client based on the debt and expense levels.
- GDPR compliant and secure — You will handle very personal finance details from clients and it’s critical to make sure this data is safe.
- Automate payments and distribute to the lenders — If you’re dealing with a lot of clients, the ability to automate the repayments to creditors is an invaluable feature. Finding insolvency software that can collect payments from clients and redistribute it to creditors is fundamental.
- Track finances — You will need to monitor your client’s incoming and outgoing finances. Insolvency software should make this possible and tracking should be easy.
- User-friendly — Software that is difficult to use can hinder your services. Having the ability to use the system easily plays an important role. Being user-friendly means the ability to easily check a client’s debt and lenders.
- Automated correspondence — Contacting lenders and clients is time-consuming. Find software that can send automatic letters, emails and text messages to save time.
- Integration with apps and services — Comprehensive IVA software will be able to read an email and assign it to the appropriate client case.
These features can help insolvency practitioners offer the best service to their clients. LogiDebt is the IVA software from Logican. We’ve created software for those working in the debt and IVA industry. Our aim is to make software that can streamline your workflow and provide the best service to customers.
Those working in debt management also have access to credit reports designed for those handling client’s debt. Logican and Experian have joined to produce in-depth and reliable credit reports. These can be accessed swiftly and help to illuminate the debts of clients. Using these reports with the best IVA software can improve the services and daily tasks of an insolvency practitioner
Are you an insolvency practitioner in need of software for your business? Contact Logican for a free demo to find out how our software can help you.
