An online calculator that computes consumers’ insolvency rating and projects debt solutions in seconds has been launched.


The tool, developed by the comparison site IVA.com, has been designed to give the consumer a clear idea of what to expect if they decide to go down the Debt Management Plan (DMP), IVA or Bankruptcy (BR) route as a way out of the red.
The debt breakdown is divided by debt type and is presented as a pie chart that clearly states in percentages the different debt types of the individual.

The debt solution projector shows how long it would take the borrower to become debt free for each possible debt solution of an IVA, DMP,or BR is shown by.

Terry Balfour, director of IVA.com, said: “For instance, if someone has a total debt of £16,000 with a disposable income of £200 a month, the report shows that it would take them six years to pay off the debt if they apply for a DMP with interest with their creditors. If no action is taken then the debt extrapolator chart projects how the debt would grow or reduce should the borrower keep repaying what they owe”.


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