A Consultant Company have introduced an interactive tool which is set to assist debt management solutions providers by creating a more widespread picture of a client’s indebtedness.
The Debt Consolidation Accelerator recently launched by London-based DPR Consulting, claims to allow intermediaries and lending staff to capture a more detailed picture of an applicant’s financial situation.
Ian Wilson, Business Development, DPR Consulting, said: “The Debt Consolidation Accelerator is an interactive tool which captures a comprehensive overview of how indebted an individual is.”
The Debt Consolidation Accelerator works by enabling the user to input a client’s income and monthly outgoings. The results generated by the accelerator can then be used to make lending and repayment decisions.
The accelerator is similar in functionality to other debt consolidation tools, but the scope of its results make it unique. DPR’s tool includes integration with the ‘big three’ UK credit reference agencies. These agencies provide details of a client’s credit agreements, which are then incorporated into the overall calculation. The results generated by the Debt Consolidation Accelerator are then presented in a single view across one or two applications, grouped according to the loan type ready for the user to review and finalise.
Information obtained from the application and bureau is presented in a single consolidated view across one or two applicants. These applicants are divided into groups according to loan type (mortgages, fixed term loans, revolving credit etc), ready for the user to review and finalise. The system compares the applicant’s financial position before and after debt consolidation, illustrating any increase or reduction in, monthly repayments and the total amount repayable.
Dave Patel, Managing Director of DPR Consulting, said:“From a compliance perspective, in terms of responsible lending and TCF requirements, the Accelerator provides exceptional clarity to the consumer to support their decision making process and gives both lender and introducer a complete audit trail for suitability and affordability.
“The DPR solution offers a high level of flexibility and a powerful decision engine, providing the ideal consolidation and loan quotation to support remortgage, secured and unsecured lenders.”
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