INSOLVENCY STATUS RATED ON THE SPOT WITH UNIQUE ONLINE CALCULATOR LAUNCHED BY IVA.COM

• Gap in the market filled by cutting edge Individual  Voluntary Arrangement (IVA) calculator 
• Easy to use tool shows what to expect with an IVA, DMP or BR
• UK’s first IVA comparison site set to transform the industry

THE IVA MARKET is being revolutionised with the launch of a unique online calculator that computes consumers’ insolvency rating and projects debt solutions in seconds.

The high-tech 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.

“I saw a gap in the market for a clear-cut and easy to use online tool that would provide those struggling with debt with a summary and comparison of various debt solutions,” says IVA.com director Terry Balfour.

“This piece of sophisticated software calculates people’s insolvency rating, their debt breakdown, debt solution projector, credit rating analyser and debt extrapolator together with recommendations of what to do next,” he adds.

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.   

Source: IVA.com November 2007

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 the debt solution projector.

“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 (please see chart below).

Source: IVA.com, November 2007

“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,” advises Balfour.

Source: IVA.com, November 2007

“So all they will need to do is to provide details of their debts accumulated on credit and store cards, overdrafts, loans and other borrowings and press the button – and it will do the maths for them.”

“And while they are on our site, they will have the opportunity to review lots of IVA firms and insolvency practitioners in one place, saving themselves the two things they so desperately need – time and money,” advises Balfour.

Snapshot of how the calculator works…

Four easy steps to debt solution Enter credit card, store card, overdraft, loans and other debts accumulated Enter monthly repayments, income and outgoings Indicate whether or not you own your property. If yes, enter the property value, mortgage size and the equity available Fill in name, telephone number, email address, password and postcode The generated report shows Total debt Insolvency rating Disposable income Average rate of interest Debt breakdown Debt solution projector Credit rating analyser Debt extrapolator Recommendations

– Ends –

General enquiries: 0800 324 7011 / www.iva.com

Press enquiries:

Terry Balfour, Director
0800 324 7011
IVA.com
Terry.balfour@iva.com

Lucie Ager, Consultant 
01273 774109 / 07796 878263
David Andrews Media Ltd                                               
lucie@davidandrewsmedia.co.uk

David Andrews, Senior Consultant - Director
01273 774109 / 07941 255855
David Andrews Media Ltd
david@davidandrewsmedia.co.uk

Editor's notes
Founded by its managing director Terry Balfour in 2007, IVA.com is the first IVA comparison website in the UK. It is a free interactive online service for consumers looking for an IVA firm most suitable to their needs. Its database has over 1,000 UK-based IVA firms and insolvency practitioners (IPs). IVA.com brings transparency to the market by employing its unique rating system based on the real experiences of IVA customers. There are over 500 reviews and many more ratings that provide people with details of how IVA firms are performing.
IVA.com enables smaller firms to compete more effectively with the larger IVA factories.