Time Saving

A lot of time is wasted in business by staff switching between tasks so the more things that can be taken out their hands the better, or at the very least if one action can replace 100 individual tasks then the switching time is taken out of 99 tasks.

The Creditor Portal is a great way of automating a lot of communication that is sent between Debt Management Companies (DMCs) and Creditors & Collectors. The savings are made on both sides so the relationship is never one-sided.

For example, when a DM company makes an Offer of payment, they typically have to do the following:

  1. Click a couple of buttons in Debtsolv or their own CRM and letters get generated to creditors.
  2. Fold and post the letters
  3. Wait for a response (typically 2 weeks)
  4. Opening the response letter and enter the acceptance into the Debtsolv system
  5. Add notes and details of how long interest will be frozen for, or what rate of interest is being charged)
  6. Shred and dispose of the paper from the correspondence

The Creditor Portal takes over steps 2 to 5

When Creditors respond to Offers etc., The Creditor Portal downloads their responses and calls procedures on the DM database which update the Client’s / Debt records. The DM Company can begin to manage by exception which saves about 75% of the time it would normally take and also allows creditor to respond faster.

Creditors save time by consolidating lots of Debt Management Companies in the same data sets. The data is in a consistent format and presented in a Workspace that allows filtering and Bulk processes.

For example, When DM Companies collectively send 1000 payments offers, 430 of which have offers under £2.00, Creditors typically have to do the following:

  1. Open all the post
  2. Verify that there is a letter of authority on file for the client / debtor
  3. Sort all the acceptable offers from the rejections
  4. Write 430 rejection letters for the unacceptable offers
  5. Print and post the letters
  6. Shred and dispose of the paper from the correspondence

The Creditor Portal simplifies this into just a few clicks. Using the filter, all offers under £2.00 get collated and using Bulk Actions, these can all be rejected together and sent back with a note that tells the DMC to offer at least £2.00 or 0.9% of the balance.

As more and more of the companies you deal with use the system, it will become more effective and more Time will be saved by everyone involved.