IE Hub has partnered with the building society, The Cumberland, which is known for its ‘kinder banking’ approach. Together, the two companies aim to support as many customers as possible who are struggling with debt.
This new partnership will enable The Cumberland to send customers who are struggling financially, a link to the IE Hub online platform. Once on the platform, they can share their income and expenditure information easily, without the need for a stressful telephone conversation with the collections department.
This online and digital approach to collections is crucial for those customers who are currently being affected most by inflation and the cost-of-living crisis. People in the UK have already started to take out new debt to cover essential costs and are then entering into arrears almost instantly.
Currently, 6 million low-income households are behind on at least one bill- up 20% since October 2021. The total arrears amount in the UK is up by £2 billion in less than a year, with the average amount of arrears across all bills being £1,600. Due to inflation, essential costs such as food and energy are at an all-time high, with almost 7 million households admitting to going without essentials since the start of 2022.
The partnership between IE Hub and The Cumberland will work to support the most vulnerable communities, specifically low-income households. This will ensure that customers will be able to manage their money better and set up sustainable payment arrangements that they can afford.
Stephen Donne, Head of Operations, The Cumberland
"At The Cumberland, we are always looking at new ways to streamline our processes to create the best customer experience. As we begin to develop new digital journeys, we’re delighted to partner with IE Hub which will be able to use their technology to complement our customer journey, ensuring our customers receive the very best outcome."
