Wednesday, 11 May 2011

Debt Analyser and Money Manager Tool

A new online debt analyser tool has been created and is now able to help people with financial difficulties. The new tool will ask a user questions which will help to find the best solution to their debt problems.

In order to use the debt analyser people do not need to log in but simply to fill out the questionnaire. There are 5 sections within the online tool, these are as follows ;

Personal Details

  • This will ask the following;
  • Name
  • Email
  • Telephone number
  • Will give the option for a call back
  • Region
  • Notes

This will ask the following;

  • Do you own your property - If yes, what is the estimated value
  • How much do you owe to your mortgage
  • Do you have secured loans against your property
  • How do you owe in secured debt
  • Current equity
  • Do you own a car
  • How much is your car worth
  • Is your car purchased on HP
  • How much payment is outstanding
  • Do you have any other assets
  • How much are they worth
  • Current Assets

Unsecured Liabilities :-

  • This will include the following;
  • Total credit card debt- How much is owed and how many creditors
  • Total debt from overdrafts  -  How much is owed and how many creditors
  • Total store card debt  -  How much is owed and how many creditors
  • Total unsecured loans  -  How much is owed and how many creditors
  • Total catalogue debt  -  How much is owed and how many creditors
  • Total unsecured debt  -  How much is owed and how many creditors

Expenditure - This is a list of monthly outgoings
This will ask the following;
  • Mortgage / Rent
  • Mortgage / Rent Arrears
  • Secured Loan(s)
  • Secured Loan Arrears
  • Endowment
  • Council Tax
  • Water Rates
  • House / Building Insurance
  • Electricity
  • Gas
  • Oil
  • Entertainment
  • Telephone
  • Mobile Phone
  • Car Hire Purchase
  • Car Insurance
  • Car Tax
  • Car Maintenance
  • Petrol / Diesel
  • Food
  • Clothing
  • Child Support Maintenance
  • Life Insurance
  • Child Care
  • Transport / Travel
  • TV License / SKY / Cable
  • Dental Plan
  • Opticians
  • Medical Costs
  • Contingency
  • Outstanding Fines
  • Student Loans
  • Other
  • Total

When completing the income and expenditure it is important that all information is as close to accurate as possible. There is a guideline which many organisations will use to determine what is a suitable amount of spending for each outgoing.

Your Income - This is a list of all money coming in on a monthly basis

  • This will ask the following;
  • Take home pay
  • Partner take home pay
  • Child benefit
  • Working tax credit
  • Pension
  • Partner pension
  • Income support
  • Jobseekers allowance
  • Incapacity benefit
  • DLA / AA
  • Child maintenance
  • Other income
  • Monthly Income

Result This will give the best debt solution based on the information which was provided. In some instances you may have two or three available debt options. In this situation a qualified debt advisor would have to discuss the advantages and disadvantages of each solution to enable you to make a decision.


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