Main Window
The Main Window provides a general overview of the debt information entered. It includes the reduction plan, general information, a start date and a summary of debts. The information regarding the reduction plan changes based on the plan type.
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Reduction Plan
There are three different debt reduction plan types to choose from. These are briefly described below. More detailed information about each of these plans, including the options such as Extra Payment, etc. can be found by clicking on the links to each plan type.
Each debt is given a priority. Every month payments are made to each debt. Once one debt is completely paid off, then the payment that was earmarked for the paid off debt is then applied towards the highest priority debt. This then accelerates the payment on the highest priority debt.
Gathers all current debt information and combines it into a single new loan.
Timed Debt Elimination
Takes all the current debt information and projects a possible solution for eliminating the debt within a given time period.
Debt Plan Information
Report Title
This is a title line that appears at the top of all report pages.
Provided For
Optionally enter the name of the person for whom the report is intended. This information is displayed at the top of all report pages.
Provided By
You may optionally insert the name of the preparer of the report. This information is also shown at the top of all report pages.
Start Month
This is the month when payments begin on the loan (for a new consolidated loan) or on the loans (for debt elimination schedules). The actual day that a payment is due is recorded in the Enter Debt Information window for each individual debt.
Start Year
This is the year when payments begin on the loan (for a new consolidated loan) or on the loans (for debt elimination schedules). The actual day that a payment is due is recorded in the Enter Debt Information window for each individual debt.
Debt Information
The Debt list box displays all the current debts that have been entered.
To add a new debt, click on the Add button to open the Enter Debt Information window.
Edit an existing debt by double clicking on the debt in the list box. Alternatively, simply highlight the debt in the list box and click on the Edit button. Editing a debt also opens the Enter Debt Information window with the debt information present for editing.
To delete a debt, highlight the debt in the list box and click on the Delete button. Press the Remove All button to clear all debts.
Debt Name
Displays the name assigned to the loan. Used for easy identification.
Balance
The loan balance - the amount currently owed on the loan.
Minimum Payment
The minimum payment that is required on the loan. It may also be expressed as a percentage of the loan rather than a dollar figure.
Current Payment
The current payment being made on the loan.
Interest Rate
The interest rate paid on the loan. Interest rates are calculated in several ways and vary from credit cards, bank loans, car loans, etc. The rate may be one of four types - APR, Effective, Monthly and Daily.
Priority
The priority is the order in which the debts receive any extra funds. The priority only applies to the Debt Reduction strategy and not to the Loan Consolidation or Timed Debt Elimination strategies.
Payment Due Date
This is the day of the month that the debt payment is to be received by the creditor. The payment due date only applies to the Debt Reduction strategy and not to the Loan Consolidation or Timed Debt Elimination strategies. The payment due date is used only if "Daily" type reports are desired.
Calc
Highlight a debt and click on the Calc button to open the Debt Manipulation Window. This option allows for manipulation of the payment amount or the duration of the debt selected to see what impact it has on the total payments and interest expense. These values are also illustrated graphically.
Reports
Click on the Reports button to open the Reports window and select which reports to view or print. However, it first checks all the debt information for invalid conditions. If any are found, a warning is displayed indicating the problem. The problem must be resolved before being able to continue.