Creating a digital journey for people seeking debt advice
PayPlan is one of the UK’s largest free debt help providers and works with clients to provide a range of solutions, including Debt Management Plans and Individual Voluntary Arrangements (IVAs). PayPlan’s aim is to help ordinary people to live within their means whilst becoming debt-free.
A proportion of clients who were seeking advice via PayPlan’s website were dropping out of the advice process at the income and expenditure (I&E) stage. Research concluded this was because 65% of clients who contacted PayPlan online preferred to continue their journey in this way.
The Paylink solution
Our experts created an ‘assisted self-serve’ tool which PayPlan named PlanFinder, which allows clients to easily complete a digital debt advice journey and potentially enter into a plan without having to pick up the phone.
As part of this journey, information, such as personal details, unsecured debts, current financial situation, household income, priority spending, living costs, and assets is captured in an easy and efficient way.
Customers can also engage in a secure way in any manner that works for them – asking for help via live chat or a phone call throughout the process. After completing the online I&E review, clients receive debt advice given by professional agents and delivered by email, live chat or phone. The PayPlanPlus app also allows them to complete the journey on their mobile devices.
PlanFinder means PayPlan can now offer ‘same day debt solutions’. The tool is helping ‘digital’ clients enter debt solutions and reducing the time it takes to do so. Around 75% clients are now choosing to use PlanFinder, which has increased the web lead conversion rate from 33% to 42%.
Client engagement has increased by 30%, operational costs have reduced and since its launch in May 2017, the PlanFinder client completion rate has almost doubled to around 1,800 per month. In addition, 55,000 users log into PayPlanPlus each month and 70% of people in debt plans now use it to complete annual reviews.
What PayPlan said
“We are really proud that PlanFinder has delivered the industry’s first digital debt advice journey. Paylink’s expertise means PayPlan is now helping to remove some of the emotional and physical barriers of debt, which people often feel ashamed to talk about – and empowering them to take back control of their finances and their lives.”