We are delighted to welcome IE Hub as our latest client for whom we are obtaining funding to support their expansion plans. IE HUB has developed a platform that addresses the severe issue of Consumer debt which is increasing exponentially. IE HUB is a 3-year-old business and has 15 clients in Fin. Services, Utilities, Retail, Local Govt. managing thousands of their clients.
Reports show 12 million people in the UK are currently in £70 bn worth of debt and 27% of the adult population is teetering on the brink. The full impacts of Covid 19 are yet to be seen, but with the ending of the Furlough system, reduction in Universal Credits and now high Inflation, forecasters are predicting a ‘perfect storm’ in household debt.
Creditor Operations, inc. debt collection management in lending organisations are on the point of collapse. As a result, many people, in debt with multiple bodies, are suffering from a lack of understanding of their plight and collection arrangements are thus far less effective. Added to this, Financial Services bodies will have to adapt to Consumer Duty Regulation changes within the next year.
Dylan Jones, CEO of IE Hub said “We are streamlining the management of client debtors in financial difficulties in order to increase rates of collections – with up to 89% engagement, driving down costs by 45%, with a significant social impact that’s reducing the stress on more & more struggling debtors. Call Agents handling time has been reduced by 63% & Payment plans are being kept for longer – in some cases up to 88% ”
“We have asked ScaleUp Group to obtain funding to respond to the great demand we have had for our technology.”
John O’Connell Executive Chairman of ScaleUp Group commented “IE HUB has a great solution for a very modern-day problem, delivering both business benefits plus a social impact for the vast majority of people in debt – who are committed to getting themselves out of this vicious circle. With a strong experienced management team, highly performant and award-winning, secure technology, developed in conjunction with its early adopter clients, IE HUB is an excellent candidate for the sophisticated growth funds with whom we work. “