DPR Consulting launches Debt Consolidation Accelerator

DPR’s Debt Consolidation Accelerator is a rich, interactive web component that enables intermediaries and lending staff to quickly and accurately capture details of an applicant’s existing credit agreements and other scheduled outgoings ready to be processed by an affordability calculation or lending decision engine.

The Accelerator includes out-of-the-box integration with the ‘big three’ UK credit reference agencies, delivering unprecedented speed and accuracy by pre-populating details of all known credit agreements in seconds, with a fully audited record of the client’s expression of consent and of the data returned.

For mortgages and fixed term loans, the monthly payment is retrieved from the bureau. For credit cards and other revolving credit facilities the monthly payment can be estimated (e.g. 5% per month) or entered by the user.  

Designed to fit seamlessly into DPR’s multi-channel sales and origination platform, the Accelerator extends the existing customer journey with new functions that support a more detailed and compliant sales process without compromising speed or ease of use.

The solution provides a highly sophisticated credit consolidation and loan quotation calculator, enabling the user to model the most appropriate loan to meet the client circumstances and lender underwriting criteria.          

The system is equally at home integrated with existing front-end loan origination systems, and features a rich set of styling and branding functions that help ensure a consistent look and feel.

Information obtained from the bureau is presented on a single consolidated view across 1 or 2 applicants, grouped according to the loan type (mortgages, fixed term loans, revolving credit etc), ready for the user to review and finalise. In each case the user is able to record whether they intend to settle the loan as part of the consolidation and if so how much is to be repaid.

Non-credit commitments can also be entered to provide a complete picture of the customer’s financial position.

The system is then able to compare the applicant’s financial position before and after existing debt has been consolidated. As well as showing the reduction in total monthly payments the system can also show how the total to pay across all loans will vary over the term.

Dave Patel, Managing Director of DPR Consulting commented:

“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 engine to support remortgage, secured and unsecured lenders.”