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AdviceUK partners with Trustfolio

BY Emma Coates | January 28, 2022

A collective of industry experts from across the consumer credit, debt advice, collections, insolvency, and fintech sectors, have joined together to launch ‘debt-tech’ firm Trustfolio Ltd, which has acquired TIPTrust and Asperitas Technologies.

Trustfolio’s mission is to enable better debt solutions and advice through powerful, bespoke technology that makes the process more efficient, cost-effective, and secure for creditors, third parties such as insolvency practitioners and debt management companies, debt advisers, regulators, industry bodies, think tanks and others, while achieving the best outcome for the consumer-in-debt. Drawing on our combined experience, the Trustfolio team brings a unique perspective from across the whole debt lifecycle with a shared belief that tech should empower rather than replace those working in the sector.

TIPTrust, formerly The Insolvency Panel (TIP), was founded in 2016 by Trustfolio CEO Lou Yates who had a vision to transform Individual Voluntary Arrangements (IVAs) with innovative technology and, in turn, offer free credit report data to debt advisers. Since then, backed by AdviceUK, it has evolved to focus on streamlining the free sector debt advice process through its Debt Adviser Support Portal, which has so far been successfully used by over 270 agencies and 800 individual advisers. Becoming part of Trustfolio will enable TIPTrust to continue offering and further developing the portal at a low cost to advisers by tapping into the latest fintech expertise and wider credit sector perspective of the group.

Asperitas Technologies, set up by Trustfolio COO Craig McDonnell back in 2018, brings its unique end-to-end data transfer software, which is already used by leading firms to streamline processes like Debt Settlement Arrangements, Debt Relief Orders, Debt Management Plans, and Personal Insolvency Arrangements. As part of Trustfolio, this technology can also be maximised for use by creditors, advisers, and others as part of a collaborative approach to debt resolution.

Former Money & Pensions Service Creditor Engagement Manager and Computershare Debt Advice Manager Lee Usher, and Ryan Hayes, who previously ran homeless charity Shelter’s debt advice service, have become part of the Trustfolio team. Peter Wallwork, former chief executive of the Credit Services Association, and collections sector legal and compliance expert, Sara de Tute, have been appointed as Non-Executive Directors.

Lou Yates, founder of TIPTrust and CEO of Trustfolio Ltd, says:

“As a group of people who have worked across the sector for many years, we all have a shared ambition to make debt resolution work better for everyone. We had developed a range of tech-based solutions to sector-specific problems including addressing the need to modernise Individual Voluntary Arrangements (IVA), and the need to remove the administrative burden from debt advice provision. It made sense to bring them all together under one umbrella organisation to combine the insight, expertise, and technological innovation of each.

“We are committed to retaining the ethos and values on which our former enterprises were based, representing the needs of creditors, debt practitioners, debt advisers, regulators, other stakeholders, and consumers in the wider market.”

Craig McDonnell, founder of Asperitas Technologies and COO of Trustfolio, adds:

“Unlike many fintech firms, we believe that data-sharing and process automation should enhance and empower human interaction and decision-making rather than replace it. Our focus is on making the latest technology as bespoke and user-friendly as possible so it can be used to quickly make informed, auditable decisions by putting the most relevant information at the fingertips of those responsible. This not only saves time and money but ensures compliance and security and results in better engagement and outcomes for the customer. It’s win-win.

“The acquisition of Asperitas by Trustfolio is an exciting development for the business and our existing clients who will get the same service and innovation they have come to expect.”

Steve Johnson of AdviceUK says:

“The further development of the Debt Advice Portal thanks to TIPTrust and Trustfolio coming together will ensure that free debt advice providers and their clients will benefit from the Portal’s services, for years to come. AdviceUK is pleased to back this initiative, which entirely aligns with our own mission.”

Those currently using the TIPTrust Debt Adviser Support Portal and Asperitas’ platform will be unaffected with everything remaining the same other than the brand name and benefits of being part of the wider group.

Browse our new website to find out more about Trustfolio and the digital solutions we offer.