• When business as usual becomes unusual – Tips to make the most of HubSolv

    23rd March 2020   |   Guides

    With the ongoing health crisis brought globally by COVID-19, there have been significant changes to the day-to-day lives of the public. The guidelines introduced by the government to mitigate infection rates through social-distancing and self-isolation have begun to take effect. Across the country, businesses have, where possible, made the switch to work remotely in order to continue their operations.

    At HubSolv, we quickly took the necessary measures to ensure the safety of our team and business continuity. The health and wellbeing of our employees and our communities is of paramount importance to us. Following government guidelines to help contain and mitigate the spread of COVID-19, we implemented working from home across the business. We enabled our team to continue to support our customers via our usual phone lines and via helpdesk@hubsolv.com.

    We know that, like ourselves and virtually every other business out there, our customers are also adapting to the situation, so we have put together some common hints and tips to try and assist you with making the most of HubSolv and the software’s features in the current circumstances.

    Download our guide in PDF format here.


    Groups, Roles and Capabilities

    As much as we would all like to maintain a business as usual approach, the situation may bring some inevitable challenges to people’s usual work routine – and as a result – their job role or responsibilities may change depending on circumstances.

    The following help guides will assist with the setting up of Groups, Campaigns and Role Capabilities:


    Signing Documents Digitally

    With social distancing in effect, firms are currently experiencing difficulties obtaining signatures for documentation and statutory paperwork. Electronic signatures can come handy, given the circumstances, and you can take advantage of our integration with Signable to allow you to collect digital signatures.

    The following guides will help you set up Signable into your Hubsolv, and advise on how best to make alterations to your document templates stored within the system:


    Workflows and Triggers

    With the possibility for a reduced staffing level, HubSolv can automate many processes using workflows and triggers.

    The following guides will assist with setting up system-generated actions, which can be integrated with SMS/Email templates and calls to action:


    CreditorDesk

    CreditorDesk is a new HubSolv product dedicated to improving creditor communication and file management. Creditors and insolvency practitioners can benefit from the use of CreditorDesk, which enables them to post case-related information and files directly from HubSolv, as well as securely download all documentation attached to each case.

    By sending files and documents digitally, not only will you eliminate postage costs, but also speed up the process of delivering information to creditors.

    To find out more about how to get Creditor Desk on your Hubsolv – contact Courtney@hubsolv.com, or call on 0141 739 7210



    We are here to support you

    If you require any assistance or help with any of these hints or tips, or anything else, please contact our Support team by email – helpdesk@hubsolv.com, or call 0141 404 9399.



    Resources and information on COVID-19

    The impact of the coronavirus disease, COVID-19, is being felt around the world. The debt industry is also taking a hit from the crisis. With salary incomes falling and unemployment rates likely to go up, many individuals struggling with debt, as well as people who are enrolled in Individual Voluntary Arrangements (IVAs) or Debt Management Plans (DMPs), will be worrying about their finances, and whether they will be able to continue to make payments.

    Step Change Debt Charity and Debt Camel have published guides online with advice for debtors who may be concerned about keeping up with payments.

    Institutions in the financial sector are having to adjust to the situation and show solidarity. Due to COVID-19, some organisations have already introduced changes and ways to support people experiencing financial struggles as a result of the pandemic. Some banks and mortgage lenders have announced measures to offer support for customers and businesses affected.

    Accountant in Bankruptcy (AiB) has suspended sale and eviction from property in ongoing bankruptcy administrations. AiB are also introducing new measures to simplify procedures for seeking debt relief through bankruptcy, and to offer greater flexibility to those who need more time to pay their debts through the Debt Arrangement Scheme (DAS). This action will also help alleviate the administrative burden on frontline money advisers and insolvency practitioners.

    We strongly encourage everyone to follow guidelines from the government and practice self-isolation, in order to help stop the spread and mitigate the devastating effects that this situation is having on our communities. We must all act responsibly, and take the necessary steps to keep ourselves and our communities safe and well supported.

    For further information on COVID-19, please visit:
    NHS – http://bit.ly/2wZ451N
    GOV UK – http://bit.ly/39XBYhR


    SHARE THIS PAGE:

  • How IPs and creditors are using CreditorDesk to improve file exchange

    10th March 2020   |   Guides


    In October 2019, we launched the initial release of CreditorDesk: a new technology dedicated to improving creditor communication and file management. The number of subscribers has been growing quickly, and we are excited to see how creditors have been making the most of the features to enhance the way they interact with insolvency firms.

    A cloud-based application, CreditorDesk has been designed with a highly intuitive and user-friendly interface. The portal allows insolvency practitioners to post relevant information and files directly from HubSolv, and creditors to securely download all documents required for every case.

    Files can be assigned to creditors and identified with handy tags. Creditors can see notifications for new documents, and download multiple files at the same. All records are organised for improved efficiency; they can be filtered by source, creditor name or case number.

    Firms utilising HubSolv’s new creditor portal are already benefitting from a more efficient and streamlined process – saving time and money. The exchange of information between IPs and creditors has traditionally been largely paper-based, but CreditorDesk provides the means to digitise file exchange, and mitigate the hassles of postage and manual processes.

    We are bringing new features to make CreditorDesk the go-to file management tool for creditors. Other than the easiest and safest way to access all relevant documents sent from IPs, creditors will be able to submit votes, claim amounts and modifications on IVA proposals; upload proxy forms and POD; and receive notifications on case progress, new files and reports.

    An open API will also be available for creditors to easily integrate the technology with their own systems.


    Seamless integration with Decision Procedure and MOC functionality within HubSolv


    HubSolv’s IVA module comes with an advanced decision procedure tab, where firms can easily propose cases, hold the Meeting of Creditors and produce the relevant Notice of Meetings. All documentation is seamlessly imported into CreditorDesk, for a two-way interaction to take place and to give creditors the ability to submit their own documentation, submit votes, and ultimately access the Chairman’s Report following IVA approval.

    We’re continuously working on enhancing our systems to fully digitise the entire IVA process for creditors and insolvency firms.

    Find out more about CreditorDesk: Contact us at support@creditordesk.com, or call us on 0141 739 7210.


    SHARE THIS PAGE:

  • Key features that make HubSolv the software of choice for insolvency practitioners

    7th February 2020   |   Guides

    Since our beginnings, back in 2014, we have strived to improve every step of the journey for introducers, debtors and insolvency firms, with the latest technology solutions. Our brand has rapidly expanded in the insolvency space and we are now well known for our in-house developed tools that are used throughout the UK insolvency market to increase expediency.


    How do we stand out from the competition?

    Beyond our unique front-end features that facilitate lead qualification and case packaging, HubSolv hosts a complete suite of back-end functionality to enable insolvency practitioners to efficiently manage the lifecycle of IVAs, Trust Deeds, and DMPs.

    HubSolv’s case management process is designed to increase expediency for insolvency firms whilst reducing costs and minimising time-consuming efforts associated with traditional procedures. Take a look at the key features that make HubSolv the go-to brand and leading software provider in the insolvency space.


    • Client & Case Management


    Manage the full lifecycle of your client base, from initial web enquiry through to final payment of their IVA, Trust Deed or DMP.

    • Income & Expenditure screens (CFS/SFS guidelines)
    • Decision engine to find the best solution
    • One-click proposal generation with digital signature
    • Keep track of customers’ assets and living arrangements
    • Easily accept leads – increase case load without
    increasing overheads.


    • HubSolv Messenger

    Full and partial credit searches are available through our client portal, HubSolv Messenger, which connects HubSolv users with customers to automate the document collection process.

    • Instant Credit reports & Bank statements
    • Open Banking integration
    • File upload
    • AML reports
    • Automated messaging and live chat
    • Integration with CMS – all files are automatically
    placed within the client record.


    • Automate email, SMS and documents


    Automate throughout the pre-appointment and post-appointment
    process; proposals, follow-ups, meetings of creditors, files and reports.

    • Set up automated follow-up reminders and increase pack back rates with workflows (HubSolv Messenger, email & SMS)
    • Speed up proposal acceptance with digital signatures
    • Improve compliance with HubSolv’s templates, compliant
    document packs and fully customisable checklists.


    • One-click proposals & digital signature



    One-click functionality can automatically generate relevant case documentation such as proposal packs and notice of meeting letters.

    IPs can implement call scripts and use these to create a standardised narrative for the SIP call.

    Digital signatures are available as part of our integrations, to expedite the process.


    • IVA Module – Decision Tab



    The Decision tab within the IVA module allows the IP to pre-select modifications to increase expediency. All modifications are listed; eliminating the need for manual entry. As votes are amended, the system automatically updates records. The Chairman’s Report is then auto-generated, along with documents for approval.

    Watch our video here to learn more about our IVA module and meeting of creditors functionality.



    • Meeting of Creditors & CreditorDesk

    The IVA module allows firms to easily propose cases to creditors by post, email, XML or directly to CreditorDesk – our dedicated creditor portal for secure file sharing.

    With HubSolv’s MOC functionality, voting modifications are pre-populated to save the insolvency practitioner time. Votes and records are automatically updated as feedback is received, facilitating the one-click generation of the Chairman’s Report. Signed documents are seamlessly returned to the client’s record in HubSolv for the IP to reference throughout the duration of the case.



    • Propose cases to creditors and call creditors’ meetings
    • Log all claims, votes and modifications.
    • Let the system calculate the percentage acceptance based on
    votes received, and suggest combinations of creditors to
    reach the 75% acceptance.
    • Creditors tab to find and track the status of all creditors’ claims.
    • Generate documents and chair’s report in a few clicks.


    • Payments Suite

    Insolvency practitioners are able to reduce arrears and manage payments through HubSolv’s payment suite, which is configured to reconcile transactions automatically should the debtor fall into arrears. Bank statements are uploaded and matched against expected payments, and a full history of payments both retained and outbound can be accessed in the dividends tab. Bulk distributions can be handled with ease, and remittance files can be auto-generated and emailed out to respective creditors through HubSolv. Utilisation of HubSolv Messenger will decrease debtors’ likelihood to fall into arrears by generating a stream of SMS, email and letter communication reminding the individual of upcoming payments due.


    Banking module: Connect directly to your bank to automate payments and receipts.

    Sage Pay integration: Set up reoccurring card payments to make transactions simple, automated and secure.

    Arrears handling: See whether the debtor has fallen into arrears and set auto reconciliation of transactions.

    Custom configuration for payouts: Set customised payout rules. Configure auto payments to creditors based on your preferences.


    SHARE THIS PAGE:

  • How do creditors get involved in a personal insolvency case?

    14th January 2020   |   Guides


    An insolvency is a formal and legal procedure designed to get debts repaid, mediating between insolvent companies or individuals (debtors) and the businesses whom the debt is owed to (creditors). In personal insolvency, creditors are contacted by insolvency practitioners seeking the approval of Individual voluntary arrangement (IVA) proposals.

    Insolvency Practitioners (IPs) are licensed individuals who liaise between the parties involved, and they play a vital role in bringing balance to the debt space: allowing individuals in debt to get back on their feet through debt relief, while seeking to return (partially or entirely) what is owed to creditors.

    Creditors ought to be able to lend or trade with the confidence that their investment will return. When the confidence is lacking and creditors believe that individuals will not be able to repay their debts, lending becomes more restricted and the cost of transactions can increase for everyone. This is why personal insolvency processes ought to keep creditors’ interests in mind; seeking the right balance between relieving debt for individuals and providing returns to creditors.

    For creditors, losing money that is owed by companies or individuals can be stressful and time-consuming. Insolvency procedures can help creditors in providing an understanding of the situation and what the return can be.


    Creditors and IVAs

    In personal insolvency, an Individual Voluntary Arrangement (IVA) is an alternative for debtors to bankruptcy. It is a formal binding agreement between an individual (the debtor) and their creditors, typically based on making manageable payments to pay all or part of the debt, without incurring further interest.

    In an IVA scenario, Insolvency Practitioners put together a proposal for creditors where they set out the repayment plan and state how much the debtors can realistically pay back. The IP is known as the ‘nominee’ (under insolvency law) for the proposed arrangement, and as such, he ensures that creditors receive all the information they need to decide whether to approve the arrangement.


    The involvement of Creditors in the IVA process

    With the IVA proposal ready, a decision process starts to enable creditors to vote via a virtual Meeting of Creditors; they can accept the proposal with or without changes, or reject it. Creditors can complete a proxy form to submit their votes, which must be submitted by the deadline specified, and must be supported by a Proof of Debt form (POD).

    There is a two-stage process to succeed in the decision procedure:

    – The IVA needs to be supported by 75% or more of creditors by value voting at the meeting, and;

    – Less than 50% by value of non-associated creditors vote against the proposal.

    When the proposal is approved, the IVA binds all creditors, whether or not they have voted in favour or at all, and the IP assumes the role of ‘supervisor’.


    During the IVA process, creditors receive documentation from IPs and are also asked to provide information in return:

    – A copy of the IVA proposal and corresponding paperwork is shared for the creditor to submit votes.

    – A copy of the IP’s comments and recommendations to creditors with regards to the proposal

    – Notification of whether the proposal has been accepted and whether any modifications have taken place.

    – Request for details of the creditors’ claim and notification about the payment of dividends

    – Reports (annual reports and a final report, upon completion of the arrangement)


    Improving the exchange of documentation between Creditors and IPs

    Traditionally, the exchange of information between IPs and Creditors has been largely paper-based, involving postage and manual processes. With the digital revolution, however, new technologies are emerging to streamline the process, save money and reduce time.

    IPs can upload all documents and information relevant for creditors using a secure platform, such as CreditorDesk – a new technology designed by HubSolv, set to revolutionise the way creditors interact with insolvency firms.

    CreditorDesk is a cloud-based application dedicated to creditor communication and file management. IPs can post all relevant case information to creditors directly from HubSolv CRM; assign files to creditors and make use of tags to help identify documentation.

    When files are posted, creditors can login to CreditorDesk to access documents, and;

    – See files assigned to creditors

    – Search records using handy filters: by number of case, creditor name, source or tags

    – Download up to 10 files at a time

    – Submit votes, cliam amounts and modifications on proposals

    – Upload proxy forms and POD

    – Receive notifications to keep up to date with case progress, documents and reports.


    We are also developing an open API for creditors to integrate with their own systems.

    A fully digital process with CreditorDesk and HubSolv’s IVA Module

    With a revised Meeting of Creditors within HubSolv’s IVA functionality and the new CreditorDesk, we are digitising the entire IVA process for creditors and transform the way they interact with insolvency firms.

    The considerable amount of paperwork required for every insolvency case will no longer be an issue – the portal streamlines file exchange and communication, reducing costs and time for IPs, and making the process for creditors a slick and simple process.


    If you want to find out more about CreditorDesk, contact us at support@creditordesk.com, or call us on 0141 739 7210.


    Sources:

    • Creditor Insolvency Guide, by R3 (link)
    • R3 – The Personal Insolvency Landscape: (link)
    • ICAW – About insolvency (link)
    • TMP – A to Z Insolvency Guide (link)



    SHARE THIS PAGE:

  • Keeping it green: The paperless IVA process (infographic)

    11th November 2019   |   Guides

    Gone are the days (or weeks) wasted on the manual process of printing, posting, and waiting for letters to reach your desk. As the post piles up, it’s far too easy for important documents to get lost in the shuffle and communication with the debtor to cease. At HubSolv, we’ve digitised the full IVA process, reinventing the way that documentation has traditionally been shared. Going paperless has increased ease and efficiency for debtors, IPs and creditors involved in the process:


    👨🏻‍💻 – The debtor’s information can be passed directly into HubSolv via our API to populate the client module. All information needed for future document generation will sit here, such as income & expenditure, assets and creditor information. These details can be merged into dynamic fields to populate letter, email, or SMS templates for further communication.

    📲 – HubSolv Messenger offers a live chat environment with automated SMS messages, to streamline the upload of documents and affordability checks with secure Open Banking technology, and pull credit reports in a fully encrypted, GDPR-compliant way.

    💻 – Insolvency firms using HubSolv enjoy the unique benefit of gaining access to a wide network of introducers also using the platform. HubSolv can push packaged cases from these introducers to the insolvency firm in a standardised way. These efficiencies create a speedy resolution for the debtor and allow insolvency firms to easily increase capacity without increasing overheads.

    📨 – Our digital signature integration eliminates the need for a traditional wet signature and allows the debtor to receive, review, and approve the Proposal in real-time. Signature reminders can also be sent if the debtor is unable to sign upon initial receipt.

    ☑️ – With the capacity to generate and store thousands of templates, your HubSolv can produce the relevant Notice of Meetings documentation, which are then seamlessly imported into CreditorDesk. Two-way interaction then takes place, giving creditors the ability to submit their own documentation and submit votes. The paperless process ultimately draws to a close within CreditorDesk, where creditors can access the Chairman’s Report following IVA approval.


    SHARE THIS PAGE:

  • Improving efficiencies in IVAs with Software for Insolvency Practitioners

    13th February 2019   |   Guides


    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 HubSolv, 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’s 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 HubSolv; 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, HubSolv 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 HubSolv 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. 

    HubSolv’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.

    HubSolv 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 HubSolv, communication with creditors and debtors becomes a smooth, easy task. Other than tasks, you can automate messages in the client portal 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 HubSolv is the ability to use eSignatures. HubSolv’s 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 HubSolv, 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.

    HubSolv 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.

    SHARE THIS PAGE: