IVA software is essential for those working in the IVA industry. If companies have efficient software they can help clients to manage their debt.
Working in the debt management industry is not an easy job. But, with personal insolvencies at a three-year high, it’s never been more important to have reliable and efficient debt firms working on behalf of those who are struggling.
An individual voluntary arrangement (IVA) is often the last resort for people in debt. As opposed to a debt management plan (DMP), an IVA is a formal agreement between creditors and the individual in debt. Once the agreement has been arranged, the individual must pay back all their debt over the agreed period of time.
The stress of having to organise an IVA can be too much for those already suffering, so bringing in an expert in IVA management is often the best solution. IVAs can only be offered by Insolvency Practitioners, this is who individuals will need to contact or organise an IVA.
In order to offer the best service to clients, Insolvency Practitioners will need to have efficient IVA software. Having the right software can make handling the workload much easier. With software managing each case effectively and distributing the money to each creditor, clients don’t need to worry about doing so themselves. This is a huge weight to take off their shoulders and can help them to pay off their debt more easily.
What is the role of IVA software?
Those working in the IVA and debt industry will understand the challenges of working with multiple clients and keeping on top of communications and multiple payment plans.
Having IVA software can help to ease the workload by automating certain tasks and easily monitoring all clients’ progress towards repaying their debt.
The best IVA software, such as LogiDebt by Logican, will streamline the work process. IVA software should always have the following features:
- Flexibility — The ability to tailor the software to suit your exact requirements and make the workflow easy and understandable.
- Adhere to GDPR guidelines — GDPR regulations means personal data must be kept secure. Debt firms hold significant personal details of their clients and keeping these private is of the highest importance.
- Able to generate a Standard Financial Statement (SFS) — This can indicate where clients are overspending. As such, firms can determine which debt management solution is best: an IVA, DMP or another form of debt solution.
- Easy communication with clients and creditors — Communication takes a great deal of time. However, if you can automate emails, SMS and other forms of communication, this will save you a significant amount of time.
- Organise payments and handle bank reconciliation — The right software will be able to manage and distribute all payments. Depending on the level of debt, there may be a lot of creditors to repay, so this feature is invaluable.
Using Logican Experian credit reports
A recent partnership between Logican and Experian means those working in the IVA and debt industry have access to the most efficient and accurate credit reports on the market.
Obtaining all of the accurate information from clients regarding their credit and debt can be difficult. Having the most comprehensive credit report enables you to start work on handling the client’s IVA swiftly and efficiently.
The unique Experian and Logican credit reports are available only to those in the IVA and debt management sector. They are easily accessed via an online portal and you are able to integrate the reports into your own software system.
Logican can provide your IVA business with the best software and the most accurate credit reports. Start a free trial of the Experian credit reports or learn more about LogiDebt here.
