MOGOPLUS has created and launched Hardship Management Solution, a technology to help lenders process the spike in hardship cases brought about by Covid-19.

HMS, says MOGOPLUS, can be set up within a day and works as either stand alone programme or as part of an existing workflow.

The fintech firm explains that it uses transactional data and analyses this to produce key insight and flags, which allows support teams to deal with borrowers more effectively.

As well as this, the technology will indicate where some borrowers may be heading towards potential hardship, allowing for a proactive approach.

Lenders can take advantage of a free for the first 60 days offer.

MOGOPLUS head of sales Neil Robinson says: “While the solution can be used for initial assessment of hardship applications, we understand that lenders are accepting the vast majority of current applications with none, or low levels of assessment, as the impact of Covidd-19 on many customers lives has taken hold so quickly.

“In these cases, there will be more emphasis on the effective management of those in hardship over the coming months, and this is where we believe we can also help.”

“Early discussions with MOGOPLUS’s existing lending customers have been overwhelming and we are already integrating into two existing hardship workflows via one of our key strategic partners.”

Earlier this week, UK Finance revealed that 1.6 million mortgage payment holidays have been offered by lenders since 17 March.