What is an Insolvency Practitioner?
An insolvency practitioner plays a key role in helping those who are in debt. Using debt management software and unique Logican-Experian credit reports enables insolvency practitioners to excel in their field.
Those in debt need the advice of an expert about the debt management solutions available to them. There are a number of options available for those who find themselves struggling with debt. An individual voluntary arrangement (IVA) is just one of the choices for those struggling. An IVA is a legally binding agreement between the creditors and the individual about how to pay the debt off over a number of years.
An IVA isn’t the right choice for every individual, but, for those who choose to have an IVA, they will require the services of an insolvency practitioner.
What Is an Insolvency Practitioner And What Can They Do for you?
An Insolvency Practitioner (IP) will work on behalf of an individual as the intermediary between a person and their creditors, to ensure that the terms of an IVA are being adhered to. In the UK, IPs are the only individuals licensed and authorised to act in relation to insolvency procedures, either corporate or individual.
How Are IPs Trained, What Is Their Background and How Are They Regulated?
Insolvency is an incredibly demanding career path. It’s challenging and requires a significant degree of training. But, it can also be truly rewarding for those seeking to help individuals and industries in debt.
Due to its demanding nature, Insolvency Practitioner one of Britain’s smallest professions, with fewer than 2,000 licensed IPs working in the UK today. Under existing British law, all IPs must pass a stringent set of accountancy and insolvency examinations and have satisfied a regulator (an authorising organisation) that they are capable of carrying out their role. After this, they are able to obtain a license.
IPs generally have an accountancy or legal background. Once qualified, all IPs remain subject to inspection and oversight by their recognised professional body. IPs must comply with the statements of insolvency practice, act within its ethics code and take guidance issued by it. Education is never quite complete for an IP; they are continually learning and undergo a yearly review of their authorisation.
How Does Insolvency Software Assist an Insolvency Practitioner?
Insolvency software, or debt management software, can be used by an IP in order to streamline day-to-day processes, facilitate workflow and increase overall compliance. With insolvency software, data is centrally stored and IPs are able to easily and quickly track client income, expenditure, assets, and dependents. The software also allows the user to cross-reference this data with creditors, which means they can advise clients on the most appropriate debt solution.
As IPs are busy and may have a large number of clients at one time, software is essential to effectively track client communication and relevant deadlines. LogiDebt, like all good insolvency software, is highly intuitive, user-friendly and customisable to fit in with the individual needs of any business.
New Experian Credit Reports Help Those in the IVA Industry
Logican has partnered with Experian to create credit reports specifically for those working in debt management. Their partnership means obtaining accurate and detailed credit reports for clients is significantly easier. These reports can be accessed securely from an online portal or integrated into LogiDebt (and other debt management software). A free trial is available for debt management companies and IPs to show you how these reports can help when finding important debt information about individuals.
Both Logican’s debt management software, LogiDebt, and the new Experian credit reports have been made with businesses in mind. For insolvency practitioners needing better software and efficiency, Logican’s insolvency software is the best solution.