debt management software?

rezarf

Hi,

I'm looking for a software package that I can use to produce income and expenditure reports and also keep track of my debts so I can calculate how much I'm going to be paying as I use a pro rata system to distribute what money I have left. I also want to use this information to calculate how long it will take to clear the balances.

Just now I use a spreadsheet but its not the best.

Thanks

Rezarf

moohound

YNAB is £7.49 on Steam at the moment, see Fireworm's thread about this.

rezarf

moohound wrote: »

YNAB is £7.49 on Steam at the moment, see Fireworm's thread about this.

...

A quick look on steam and its saying £22.49?

Are you able to determine how long it will take to clear your debt with this program?

FireWyrm

£22.49. Sometimes it gets down to £7.49 but very ocassionally.

Still worth every single penny.

Get it here : http://store.steampowered.com/app/227320/

You can visit the site here : www.youneedabudget.com
and download a full featured trial for 34 days

To the original question, you dont need 'debt management' software, you need budgeting and finance software, or a spreadsheet.

A spreadsheet will tell you how long to clear the debt, but if you dont have the skills to make one, you can get one from here : www.vertex42.com

Specifically for debt planning and repayment schedules, this might be the worksheet for you : http://www.vertex42.com/Calculators/debt-reduction-calculator.html

YNAB will stop you getting into further debt and help you to determine how much you can throw at your debts to get you out of it.

longtermplanner

I am a YNAB fan for general bugeting, but you need something rather more specific here, as it's best if the Income / Expenditure statement is in a format generally acceptable to UK creditors.

I suggest you use the CABmoney system to manage your DMP: https://nedcab.cabmoney.org.uk/dmp.asp

If all your creditors have frozen interest, then the length of your DMP is the total debt divided by the monthly payment.

rezarf

FireWyrm wrote: »

£22.49. Sometimes it gets down to £7.49 but very ocassionally.

Still worth every single penny.

Get it here : http://store.steampowered.com/app/227320/

You can visit the site here : www.youneedabudget.com
and download a full featured trial for 34 days

To the original question, you dont need 'debt management' software, you need budgeting and finance software, or a spreadsheet.

A spreadsheet will tell you how long to clear the debt, but if you dont have the skills to make one, you can get one from here : www.vertex42.com

Specifically for debt planning and repayment schedules, this might be the worksheet for you : http://www.vertex42.com/Calculators/debt-reduction-calculator.html

YNAB will stop you getting into further debt and help you to determine how much you can throw at your debts to get you out of it.

....

thanks for the links.

You are correct, I already have a budget prepared and I have calculated what money I have free to pay my debts. The interest has been frozen. I have roughly around £100 to pay pro rata.

rezarf

longtermplanner wrote: »

I am a YNAB fan for general bugeting, but you need something rather more specific here, as it's best if the Income / Expenditure statement is in a format generally acceptable to UK creditors.

I suggest you use the CABmoney system to manage your DMP: https://nedcab.cabmoney.org.uk/dmp.asp

If all your creditors have frozen interest, then the length of your DMP is the total debt divided by the monthly payment.

...

Creditors have frozen interest, I have around £100 to pay pro rata. Each month when I make payments the balance is decreased and so the following month the amount to be paid from the £100 pro rata increases which will mean the balance will be paid of quicker than 'total debt divided by the monthly payment' ?

longtermplanner

rezarf wrote: »

...

Creditors have frozen interest, I have around £100 to pay pro rata. Each month when I make payments the balance is decreased and so the following month the amount to be paid from the £100 pro rata increases which will mean the balance will be paid of quicker than 'total debt divided by the monthly payment' ?

If all your creditors have forzen interest, and you pay £100 a month, then your debts go down by £100 a month. It doesn't get any quicker.

I think you are confusing this with 'snowballing'. There you are making the minimum payments to all your debts except one, which you overpay. But there interest is being added. The 'snowball' gets bigger each month as you are paying off some capital so the interest charged falls, as a result the next month your £100 would be paying off more capital as there was less interest.

But in a DMP this isn't relevant. If your debts are £7000 and you pay £100 a month it will take 7000/100 = 70 months so just under 6 years to clear your debts.

TrustyOven

I never really understood why people buy YNAB when they have debts. There are free alternatives, open source software to do the same thing, or free spreadsheet applications.

redcard

rezarf wrote: »

...

A quick look on steam and its saying £22.49?

Are you able to determine how long it will take to clear your debt with this program?

It will take you £22.49 longer to pay off your debts with the program.

System

rezarf wrote: »

...

A quick look on steam and its saying £22.49?

Are you able to determine how long it will take to clear your debt with this program?

We just started using You Need A Budget. It's amazing! :T