News In Focus

AiB launches online money advice tool

13 September 2012

A new online money advice tool to help money advisers support people in finding the best route to resolving their money issues has been launched by the Accountant in Bankruptcy (AiB).

The online triage tool has been devised by AiB, with funding support from the independent Money Advice Service and expert advice from professional money advisers, to provide a system which takes full account of each individual’s circumstances, before highlighting the options available.

It claims to provide quick and accurate results for different solutions which are easily comparable, enabling people struggling with debt to make informed choices. Results are automatically calculated to include details such as the full costs to the debtor, length of repayment term, and how much debt will be returned to the creditor. It is hoped that, where possible, the new tool will encourage the promotion of routes such as the Debt Arrangement Scheme, which allows the repayment of debts over an extended period of time.

Data generated will help refine and develop the system during the its initial 12 month pilot period. The pilot will be fully evaluated, to include the consideration of outcomes for both individuals and their creditors.

Welcoming the launch of the new tool, Rosemary Winter-Scott, chief executive of AiB commented: “There are many advantages to having a money advice triage tool, both for the debtor in terms of offering a clear, upfront, and comprehensive range of options which can be easily compared, and also to creditors who will benefit from greater detail on the amount they are likely to receive.”