Updating snowball

Squirrel29

I use the snowball on https://www.whatsthecost.com, however I have been accepted for a new MS & More Card at 7.9% APR for 2 years which will help greatly, how do I add this to the list of debts (please note .. I am not adding to my debt - I will BT off another card and close it! :rolleyes:). I can 't see how to do this or will I have to scrap this snowball and create a new one which will be a pain.

Also, I have worked really hard on overtime the last few weeks and will be able to throw an extra £700 at my debts during Nov and Dec. Will be snowball recognise an overpayment and adjust the months remaining until my DFD automatically or does it only recognise what you pay on a monthly basis. Many thanks.. I am usually quite savvy on a computer but can't fathom this one out.

Squirrel29

I have just realised that I can overtype the name of the debts thereby replacing a card I will close with the new one. But still could do with an answer to the overpayment question! Sorry for being a plonker!:D

jess444_2

Hi,
You have to use the 'make payment' facility to adjust your snowball each time you make a monthly payment, or an overpayment. You should also remember to use 'add interest' each month. The snowball should then adjust your debt free date automatically. Hope this makes sense.

Squirrel29

Thanks Jess, have been adding interest and payments on but so far have only paid what the snowball tells me to do based on what I am prepared to pay monthly so DFD has not adjusted. So if I put in say £500 extra it will being it forward by a few months?

jess444_2

Hi,
Yes I think so. Must say I tend to be making underpayments at the moment :mad: but think that is how it works. Jess