Debt snowball app UK – FAQs
What is a debt snowball?
A debt snowball is a debt repayment method made popular by Dave Ramsey, the US TV & radio personality. You can read about how a debt snowball works and why they work so well here.
You can read about Dave Ramsey and his debt repayment methods, adapted for UK living, here.
How do I use the Debt Snowball app?
After you’ve downloaded the app, you input your debts. Whatever order you add your debts, our app will re-order them from smallest to largest.
Our app will ask you what sort of debt each one is. They might be credit cards, loans or a debt to someone else. This helps us determine your Debt Freedom Date.
You always work on your smallest debt first. Once you have paid off the smallest debt, you’ll start paying off the next smallest one. You’ll always be able to see the debts you’ve paid off and the debts you still need to pay off.
How do I add a debt?
Adding a debt is easy. Simply press the ‘plus’ button and you’ll be able to add any type of debt you need to, following the apps prompts.
Why can I freeze a debt?
There might be times when you decide that you want to put a debt on hold. People have their own reasons for doing this and other people like to follow Dave Ramsey’s debt repayment advice loosely and adapted to their own ways.
The frozen debt will be ignored by the app until you unfreeze it.
Why aren’t my minimum payments being deducted?
The app checks everyday for a pending payment, regardless of if your phone is on or off. However, on i0s, it is possible to disable to background activity of an app.
If you have done this, your minimum payments will not be deducted.
To make sure your background activity is not disabled, go to Settings: General: Background app refresh: Make sure our app is turned on.
Why do I need to pay my debts by debt size?
This is the model the a Debt Snowball uses. It’s easier to pay off smaller debts first and ignore the interest rates.
What’s my debt freedom date?
Your Debt Freedom Date is the estimated dat you’ll become debt free, assuming you overpay your debts to some degree, which you’ll be able to tell the app. We reach this date by taking into account interest rates, overpayments and minimum payments.
This date is meant as an estimate. It’s not possible to give you an exact date.
Why can’t I order my debts by interest rate?
A debt Snowball ignores the interest dates of debts and only takes into account the balance.
There is a debt repayment method called the avalanche method that uses the interest rate to pay off debts.
Why is there only 2 currencies available?
We currently support GBP and UD DOLLARS. We hope to be able to add further currencies in the future.
What’s the benefit of getting the premium version?
The FREE version of the app allows you to input and work with 3 debts. The premium version allows you to input unlimited debts.
How do I manually tell the app I’ve made a payment?
To manually make a payment from a debt, click the manage debt button and from there you’ll be prompted to add the date you paid, the amount you paid and a reference so you know how you made the payment.
This overpayment will then be deducted from your debt balance.
What’s a custom debt?
A custom debt can be anything that’s not a loan or a credit card. You might owe your mum money, or want to add a student loan. This is the place to add it.
