Debt retired estimate

When you are closing a case, Client Voices now shows you a summary of the debts from your debt schedule.

This is here to help you determine how much debt might be retired at the end of the client case. This feature is a guide and not a definitive calculation. You can choose to use it or not. Here is 

Estimated debt retired = ((Presenting debt) - (Last known balance)) - ((Repayment rate) x (Number of payments since last known balance))

First it takes the presenting debt. That’s the figure in the Presenting amount field on your debt schedule. This is considered the starting about of a debt. 

Next is the last known balance. This number comes from the Debt amount field on your debt schedule. This field exists for you to record the most up to date balance on any given debt. The more you are able to update this field, the more accurate your debt retired figure will be.

This number is subtracted from your presenting debt.

You repayment rate is used to determine how many payments should have been made since the last recorded balance. 

This number is also subtracted from the presenting debt.

Based on the above, Client Voices will show you an estimate for the balance remaining of each debt.

The estimated debt retired is the final figure which you can optionally use to enter into your Total presenting debt retired field.

To see how the estimated debt retired is calculated, click on the How is the calculated? Link.