IE Hub & Inbest: Addressing the Challenges of Debt Advice and Deficit Budgets

The landscape of debt advice is evolving, especially in light of the recent report by Money and Pensions Service (MaPS) on clients with deficit budgets. The challenges of Debt Advice Providers (DAPs) are proposed, with some valuable suggestions to enhance their service delivery provided. The report acknowledges that there is no “magic bullet” to help all consumers, who often face challenges outside of debt advice. However, one of its core recommendations is the integration of income maximisation within the debt advice process. You can access the full report here.

For organisations in the debt advice sector, adapting to these recommendations and enhancing service offerings is crucial. That’s where IE Hub, in collaboration with Inbest, steps in to drive change and innovation. IE Hub has intertwined the intelligence of its Income and expenditure (I&E) platform with Inbest’s state-of-the-art benefit-checking tool to address this gap.

Debt Advice: The Problem 

The rising demand for debt advisers has unveiled a clear challenge: excessive time spent on administrative duties due to disjointed systems. Juggling between a benefits calculator and a case management system often results in inefficiencies, hindering advisers from extending help to as many households as possible.

Debt Advice: The Solution

IE Hub introduces an innovative, integrated approach tailored for advice agencies who require income and expenditure capture, as well as a benefits checker. We seamlessly weave Inbest’s income maximisation tools into IE Hub’s portal. This ensures that customers are promptly directed to all eligible benefits, all while advisers navigate a unified, efficient platform.

This seamless integration can help, with:

Empowering Customers with Proactive Insights 

Once customers complete their I&E form on IE Hub, the integration of the platform with Inbest’s calculator springs into action. Customers are either made aware of their potentially unclaimed benefits directly through their IE Hub portal or are informed by creditors about their eligibility. 

The figures are telling: IE Hub has spotlighted over £80 million in additional annual income, translating to an impressive average of £466 monthly for each customer. The staggering fact? 7 out of 10 customers discover entitlements to added income. Additionally, 35% find they qualify for support schemes like WaterSure or Water Support tariff.

Embedded Features for Debt Advisors 

Through IE Hub and Inbest’s partnership, our clients can seamlessly integrate features for income & expenditure capture and income maximisation. This enhanced toolkit, adopted by many institutions partnering with IE Hub, empowers advisors with unparalleled financial management capabilities.

This integrated system not only streamlines advisor workflows with features like pre-populated benefit questionnaires but also increases their capacity to handle more customers. DAPs are provided with rich insights into a customer’s financial circumstances, including income, expenditure, debts and benefits entitlement. By minimising manual tasks, advisors can dedicate more time to more valuable activities, such as truly understanding and addressing individual customer needs.

Easing Financial Strains for Vulnerable Customers

Undoubtedly, the identification of additional income streams is a beacon of hope, especially for vulnerable customers. Financial stress, currently endured by millions, can be significantly alleviated. By unlocking these unclaimed benefits, consumers not only find an avenue to expedite debt repayment but also pave the way for overall financial resilience and stability.

In Conclusion

The IE Hub and Inbest partnership represents more than mere collaboration; it’s a strategic move reshaping the landscape of debt advice. Together, we’re pioneering transformative changes that empower advisors while offering countless consumers clarity and control over their finances.

As a Fintech for good, IE Hub provides our award-winning budgeting tool with Inbest’s integrated benefit calculator free of charge to debt and money advice charities.  This way we can help advisors to help those in need and deliver their vital support with the biggest impact possible. 

However, this is also about aligning with the broader, ever-evolving regulatory and industry landscape. Specifically:

– The Financial Conduct Authority (FCA) has been championing the financial inclusion agenda. Their guidance on the fair treatment of vulnerable customers and the recently introduced consumer duty is not just regulatory standards but the cornerstones of our product roadmap. Both urge the industry to be more proactive and understanding, and we see income maximisation as a vital tool in this directive.

– Money and Pension Service (MaPS) is also spearheading significant changes, having integrated income maximisation into the UK Strategy for Financial Wellbeing’s delivery plan. Their emphasis on including income maximisation as an essential part of debt advice services further underscores its importance.

Reach out to a member of the IE Hub team if you would like to find out how we can integrate I&E capture and income maximisation seamlessly into your debt advice processes.