Fintech for good urges UK residents to take action
Disposable income is set to reduce for many households throughout 2022 - this is according to independent research carried out on behalf of IE Hub. For households across Britain, budgeting exercises will need to start now, to avoid falling behind on payment arrangements in the coming months.
The pandemic has impacted many UK residents, and the effects of the recent energy price cap and increased inflation will see many UK citizens struggle financially. The problem is widespread and will impact some of the most vulnerable members of society. Inflation will become more of a problem for those with increased outgoings, particularly those who are retired. Many will be financially squeezed and will need to rely on savings accounts to pay for essential items like home heating.
In the last week alone, IE Hub has seen customers creditor numbers rise significantly, with some individuals owing money to 9 separate organisations. Currently, customers must interact with their creditors via stressful affordability assessment calls, which can take anywhere between forty-five and sixty minutes. For individuals with multiple creditors, this process can take up a huge amount of time, causing immense levels of stress and worry.
To help individuals manage their financial struggles, the fintech for good has transformed the historical affordability telephone process. They’ve created a digital solution allowing customers to share their income and expenditure information online, with all their creditors at once, saving time and stress. And, to support customers during this difficult period, the fintech has committed to offering free usage of their online budgeting tool to all UK customers.
Dylan Jones, IE Hub CEO, said: “If more isn’t done to highlight the need for budgeting in the here and now, customers will find themselves in a situation where their outgoings are higher than their income. This will prove particularly difficult where vulnerability exists. There are tools available to support customers ahead of the impending debt tsunami – IE Hub is one of them!
“IE Hub enables users to better understand their income and outgoings and allows them to then share this information with their creditors, free of charge. By sharing accurate financial information, customers are better able to set affordable payment plans, and can manage their personal debt in a more sustainable way.”
To find out how IE Hub can support you visit www.iehub.co.uk