Apparatus and method for dynamic financial liability management

Abstract

Financial liabilities are dynamically managed by receiving liability information relating to a client associated with multiple financial liabilities. Each financial liability is associated with a respective interest rate. A payment is allocated among the financial liabilities, for example, as a function of the interest rates associated with the financial liabilities. When a change in a financial liability occurs, the allocation of the payment is adjusted.

What is claimed is: 
     
         1 . A computerized financial liability management method comprising:
 eliciting and receiving, via account aggregation under control of a computer system, financial liability information into the computer system, the financial liability information relating to a plurality of financial liabilities associated with a client including a first financial liability and a second financial liability, each one of the plurality of financial liabilities associated with a respective interest rate;   eliciting and receiving the respective interest rate information into the computer system, the respective interest rate information corresponding to each one of the plurality of financial liabilities;   allocating, in the computer system, each of a plurality of payments to be applied toward the plurality of financial liabilities as a function of the respective interest rates associated with the plurality of financial liabilities, wherein the allocating of the plurality of payments includes allocating a first payment scheduled at a first future time period and allocating a second payment scheduled at a second future time period, and wherein the second future time period is after the first future time period, and wherein the allocating includes validity testing the allocation of the plurality of payments and, if the validity testing returns an invalid result, then modifying the allocation of the plurality of payments;   obtaining pre-confirmation from the client, and storing an indication of the confirmation in the computer system, to apply the plurality of payments toward the plurality of financial liabilities; and   applying the first payment toward the first financial liability, wherein the applying of the first payment is performed using an electronic-bill-payment system under control of the computer system.   
     
     
         2 . The method of  claim 1 , further comprising:
 allocating, in the computer system, a plurality of product payments to be made toward one or more financial products, wherein the plurality of product payments includes a first product payment and a second product payment; and   applying the first product payment toward the one or more financial products, wherein the applying of the first product payment is performed using the electronic-bill-payment system under control of the computer system.   
     
     
         3 . A computerized financial liability management method comprising:
 eliciting and receiving, via account aggregation under control of a computer system, financial liability information into the computer system, the financial liability information relating to a plurality of financial liabilities associated with a client including a first financial liability and a second financial liability, each one of the plurality of financial liabilities associated with a respective interest rate;   eliciting and receiving the respective interest rate information into the computer system, the respective interest rate information corresponding to each one of the plurality of financial liabilities;   allocating, in the computer system, each of a plurality of payments to be applied toward the plurality of financial liabilities as a function of the respective interest rates associated with the plurality of financial liabilities, wherein the allocating of the plurality of payments includes allocating a first payment scheduled at a first future time period and allocating a second payment scheduled at a second future time period, and wherein the second future time period is after the first future time period, and wherein the allocating includes validity testing the allocation of the plurality of payments and, if the validity testing returns an invalid result, then modifying the allocation of the plurality of payments;   obtaining pre-confirmation from the client, and storing an indication of the confirmation in the computer system, to apply the plurality of payments toward the plurality of financial liabilities;   applying the first payment toward the first financial liability, wherein the applying of the first payment is performed using an electronic-bill-payment system under control of the computer system;   allocating, in the computer system, a plurality of cash-set-aside payments, wherein the plurality of cash-set-aside payments includes a first cash-set-aside payment and a second cash-set-aside payment; and   applying the first cash-set-aside payment, wherein the applying of the first cash-set-aside payment is performed using the electronic-bill-payment system under control of the computer system.   
     
     
         4 . A non-transitory computer-readable medium having computer-executable instructions stored thereon for causing a suitably-programmed computer system to execute a method, the method comprising:
 eliciting and receiving, via account aggregation under control of a computer system, financial liability information into the computer system, the financial liability information relating to a plurality of financial liabilities associated with a client including a first financial liability and a second financial liability, each one of the plurality of financial liabilities associated with a respective interest rate;   eliciting and receiving the respective interest rate information into the computer system, the respective interest rate information corresponding to each one of the plurality of financial liabilities;   allocating, in the computer system, each of a plurality of payments to be applied toward the plurality of financial liabilities as a function of the respective interest rates associated with the plurality of financial liabilities, wherein the allocating of the plurality of payments includes allocating a first payment scheduled at a first future time period and allocating a second payment scheduled at a second future time period, and wherein the second future time period is after the first future time period, and wherein the allocating includes validity testing the allocation of the plurality of payments and, if the validity testing returns an invalid result, then modifying the allocation of the plurality of payments;   obtaining pre-confirmation from the client, and storing an indication of the confirmation in the computer system, to apply the plurality of payments toward the plurality of financial liabilities; and   applying the first payment toward the first financial liability, wherein the applying of the first payment is performed using an electronic-bill-payment system under control of the computer system.   
     
     
         5 . The method of  claim 1 , wherein the allocating of the first payment includes allocating at least a respective minimum payment amount to each one of the plurality of financial liabilities such that a first margin amount is available after the allocating of the minimum payment amounts, and wherein the allocating of the first payment includes allocating a portion of the first payment from the first margin amount to a particular one of the plurality of financial liabilities having a highest interest rate. 
     
     
         6 . The method of  claim 1 , wherein the allocating of the plurality of payments includes:
 assisting the client in borrowing money secured by an appropriate mortgage program; and   applying the borrowed money to at least one of the plurality of financial liabilities based on interest rates associated with the plurality of financial liabilities.   
     
     
         7 . The method of  claim 1 , further comprising:
 after the validity testing of the allocation of the plurality of payments, eliciting override information from the client into the computer system; and   if override information is received, then modifying the allocation of the plurality of payments based on the received override information.   
     
     
         8 . The method of  claim 1 , wherein the applying of the first payment includes automatically sending payment instructions to a third-party automated clearing house. 
     
     
         9 . The method of  claim 1 , wherein the eliciting and receiving of liability information includes eliciting and receiving liability information from a credit report. 
     
     
         10 . The method of  claim 1 , wherein the eliciting and receiving of liability information includes eliciting and receiving liability information from a credit report, and wherein the liability information includes trade-line data that identifies the plurality of financial liabilities associated with the client. 
     
     
         11 . The method of  claim 1 , wherein the electronic-bill-payment system includes a client-disbursement account configured to hold a predetermined depository-balance amount. 
     
     
         12 . The method of  claim 3 , wherein the allocating of the first payment includes allocating at least a respective minimum payment amount to each one of the plurality of financial liabilities such that a first margin amount is available after the allocating of the minimum payment amounts, and wherein the allocating of the first payment includes allocating a portion of the first payment from the first margin amount to a particular one of the plurality of financial liabilities having a highest interest rate. 
     
     
         13 . The method of  claim 3 , wherein the allocating of the plurality of payments includes:
 assisting the client in borrowing money secured by an appropriate mortgage program; and   applying the borrowed money to at least one of the plurality of financial liabilities based on interest rates associated with the plurality of financial liabilities.   
     
     
         14 . The method of  claim 3 , further comprising:
 after the validity testing of the allocation of the plurality of payments, eliciting override information from the client into the computer system; and   if override information is received, then modifying the allocation of the plurality of payments based on the received override information.   
     
     
         15 . The method of  claim 3 , wherein the applying of the first payment includes automatically sending payment instructions to a third-party automated clearing house. 
     
     
         16 . The method of  claim 3 , wherein the eliciting and receiving of liability information includes eliciting and receiving liability information from a credit report. 
     
     
         17 . The method of  claim 3 , wherein the eliciting and receiving of liability information includes eliciting and receiving liability information from a credit report, and wherein the liability information includes trade-line data that identifies the plurality of financial liabilities associated with the client. 
     
     
         18 . The method of  claim 3 , wherein the electronic-bill-payment system includes a client-disbursement account configured to hold a predetermined depository-balance amount. 
     
     
         19 . The non-transitory computer-readable medium of  claim 4 , further comprising instructions such that the allocating of the first payment includes allocating at least a respective minimum payment amount to each one of the plurality of financial liabilities such that a first margin amount is available after the allocating of the minimum payment amounts, and such that the allocating of the first payment includes allocating a portion of the first payment from the first margin amount to a particular one of the plurality of financial liabilities having a highest interest rate. 
     
     
         20 . The non-transitory computer-readable medium of  claim 4 , further comprising instructions such that the allocating of the plurality of payments includes:
 assisting the client in borrowing money secured by an appropriate mortgage program; and   applying the borrowed money to at least one of the plurality of financial liabilities based on interest rates associated with the plurality of financial liabilities.