The number of personal insolvencies in the UK surged in the last year. Reports from The Insolvency Service show that in 2018, the total number of insolvencies increased in England and Wales for the third consecutive year to an annual figure of 115,299 – the highest since 2011.
As reported, the increase in insolvencies was mainly driven by Individual Voluntary Arrangements (IVAs), which in 2018 reached their highest annual total on record.
IVAs, the most common form of individual insolvency, jumped by over 60% in Q4 2018 from Q3 2018, to a record level of 22,717. The worrying figures indicate that approximately 1 in 400 adults is becoming insolvent.
The role that Insolvency Practitioners and firms play to help people struggling with personal debt is becoming more important than ever. At the same time, with the rising number of IVA cases to process, Insolvency Practitioners require software solutions that can significantly improve efficiencies while helping to harmonise the case management process.
Insolvency software is essential for businesses to handle debt cases. The ideal software solution will play a key role in identifying the appropriate solution available to debtors, keeping track of repayments and scheduling payment to creditors.
With Aryza Advize, we have created a fully automated platform for insolvency and debt management companies, to effortlessly interact with creditors and debtors and progress cases painlessly and efficiently.
Here are 5 ways that our software helps IPs to improve efficiencies and outcomes when managing IVAs:
1- Saving time with a seamless IVA module
It’s well known that Individual Voluntary Arrangements (IVAs) follow a very particular process. That’s why we created the IVA module in Aryza Advize; a section within the software that was thoughtfully designed for IPs to save time in all the stages of the process.
Our Pre-appointment and Post-appointment modules provide a complete solution for Insolvency Practitioners, and the workflow-based approach means you can make the most of automations to streamline the entire IVA journey to manage every case more efficiently.
In the initial stages, Aryza Advize helps businesses to save time in collecting all the information required about debtors. Credit reports and bank statements can be obtained in minutes. Income & Expenditure screens are rule-based and running the decision engine automatically projects the most suitable solution for debtors.
You can automate the pre-appointment process, proposals and meetings with creditors with a few clicks. In the following stages, our software’s banking module allows practices to automate arrears handling; payment of fees, dividends and collection of contributions.
2- Ensuring compliance
Our software provides compliant document packs and fully customisable checklists to help guide IPs through compliant advisory.
We keep Aryza Advize fully up to date with SIPs and compliant documentation for Individual Voluntary Arrangements (IVAs). By working closely regulatory bodies and consultants, we are able to provide all the documentation required for managing cases in a fully compliant environment, reflecting the latest industry changes.
Aryza Advize’s user tasking system allows you to create tasks specifying dates, assigned users and automated reminders; giving your team everything you need to stay on top of every action, including checklists and compliance requirements.
You can create your own task types and use statutory diary lines. Case specific diary lines can be automatically generated upon creation of an IVA case – to help keep case progression compliant, alert your team of statutory requirements and ensure a smooth process from start to finish.
3- Transparency and best advice with IVAs
In addition to compliance requirements, there is a push in the industry for transparency in IVAs and ensuring debtors are given the best advice when it comes to debt solutions, i.e. the advice is suitable and takes account of individual circumstances.
Consequently, industry players are increasingly adhering with the FCA’s Treating Customers Fairly (TCF) principles, which set out customer outcomes that firms should strive to achieve in order to treat customers fairly and provide them with appropriate solutions.
Aryza aids IPs and insolvency firms to deliver best advice. Our debtor qualifying tools include the essential guideline-based I&E screens (currently switchable from CFS or SFS guidelines). Our automated decision engine automatically reviews debtors’ unique cases and generates proposals with the solution that is most suited to each individual.
4- Effective follow up
Our software is also equipped with features aimed at improving communication and increasing productivity, which results in more effective follow up processes for cases.
Following up depends on effective communication, and with Aryza Advize, communication with creditors and debtors becomes a smooth, easy task. Other than tasks, you can automate messages in Aryza Connect Hub for verifying debtors’ information and gathering files, automate correspondence and set timely emails and SMS for the parties involved.
It is very important to keep customers properly informed throughout their journey. Certainly, one of the consumer outcomes outlined by the FCA’s TCF principles is that “consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.”
5- Reducing manual processes & cost
One more way to improve efficiency is by reducing the amount of manual work required, which also results in reduced costs.
The automation of key processes including credit searching, communication, case decisioning and workflows – all provide significant help in reducing manual processes and costs.
Our integrations with apps and services further help in streamlining processes. For instance, our software can integrate with Google Drive for better collaboration on documents; while our portal can receive files and automatically place within the appropriate client case.
One of our most popular features in Aryza Advize is the ability to use eSignatures. Our integration with Signable makes it easy for IPs to send documents and get them signed in return quickly, without hassle. This aids our clients in reducing unnecessary admin, saving time and eradicating the traditional posting method.
A CMS tailored to your needs
A case management solution (CMS) can help IPs and firms to achieve efficiencies with administration and productivity enhancing tools. However, software providers don’t always have the time and resources to work with clients so that they can make the most of the tools available to them.
At Aryza, we know that the way cases are processed can differ from one company to another, which is why it’s important to determine how a software platform can provide the right solution to tackle specific challenges.
We have a culture of working hand-in-hand with customers to review their requirements and to make sure they know how the software can help them achieve efficiencies in specific areas of their case management process.
Our proactive set-up provides complete training and hands-on support, to ensure your team gets fully set-up from the moment of onboarding to make the most of the platform right from the start.
By taking the time to understand specific pain points, we help insolvency practitioners and debt firms to achieve efficiencies, increase productivity and reduce costs.
Aryza Advize offers a complete software solution for debt management and IVA cases. We are constantly listening to the needs of our growing client base and our continuous product development is mostly driven by customer feedback.