There are several different types of debt calculator that can be used to help you calculate how long it will take to pay off your debts, how much a debt consolidation loan could save you every month, what your outgoings are and so on.

Please remember whenever you work out your debts that you should prioritise certain types of debt over others. For example, secured debt such as a mortgage should always be paid before unsecured debt such as a credit card balance. This being said, it may well be to your benefit to pay even a small sum towards your unsecured debts every month as it proves to the lender that you intend to pay.

If your creditors can see from your budget and debt calculations that you really don’t have enough money left every month to pay them, they will be much more understanding about your situation and will work with you to try and reach a solution.

The easiest way to calculate how much you will need to pay each of your creditors is to look at the total amount you owe them, and then multiply this by the total amount available to pay all of your creditors. Divide the total amount owed to all your creditors so that each of them can receive a pro-rata payment. For example:

1. Creditor 1 is owed £1,000
2. Creditor 2 is owed £1,300
3. Creditor 3 is owed £200

The total amount owing to all creditors is £2,500.
The total amount available to pay all creditors is £100 per month.

To calculate the monthly pro-rata payment for each creditor:

1. Creditor 1 = £1,000 x 100 ÷ £2,500 = £40 per month.
2. Creditor 2 = £800 x 100 ÷ £2,500 = £32 per month.
3. Creditor 3 = £250 x 100 ÷ £2,500 = £10 per month.

Total repayment to creditors = £82 per month.
These are simple figures for the purpose of illustration, so check with a debt advice firm to understand the benefits they can offer you.