We rolled out a release this month to all of our users that will allow you to add your mortgages and loans to the Debt Center, give you the option to automate your debt roll-down, and more. We also made improvements to speed up the load and response time of the application.
• Mortgages and Loans in the Debt Center
You can now add your mortgage and loan accounts to the Debt Center and include them in your Debt Roll-Down Plan. You will be required to enter additional information for mortgage accounts in order to accurately apply only the principal and interest as the Planned Payment for debt roll-down and payoff calculations.
Even though you will be able to add mortgage and loan accounts to the Debt Center, transactions for these accounts will still not be downloaded or appear in the New Transactions register. However, all you will need to do is simply assign the payment transactions that you get from your Checking account (or whatever account you would make payments to these types of accounts from) and assign them to the associated debt envelopes. Then, the matching deposit transactions for these payments will be created for you in the Debt Register for your mortgage or loan accounts in the Debt Center and adjust your Current Balances accordingly.
Plus, if your mortgage or loan happens to be added as an offline account, that account balance will automatically be updated in the Net Worth and Account Manager windows as well, no longer requiring you to manually update the account balance for those offline accounts.
To learn more about mortgages and loans in the Debt Center, click on the support icon within the application and search for the keywords “mortgage & loan.”
• Debt Registers
We have added an additional tab in the Debt Center called Debt Registers. This tab will list all of your debts, their individual totals for Payments and Interest Remaining, as well as the associated account registers.
For Credit Cards and Lines of Credit, these account registers will be the same as the ones in the main screen of the application. But the account registers for mortgages and loans will list the matching Debt Transactions that are created for you when assigning payments to these accounts.
To learn more about the new Debt Registers tab in the Debt Center, click on the support icon within the application and search for the keywords “Debt Registers.”
• Finance Charges Envelope
We have implemented a Finance Charges envelope to better handle the finance charge transactions that you get if you are carrying a credit card balance from month to month.
The Finance Charges envelope is automatically created when you add a credit card or a line of credit to the application, and it cannot be deleted. It is simply a place for you to assign your finance charges and keep track of how much you are paying to carry a balance on your card or line of credit.
When you assign a finance charge to the finance charges envelope, the application will automatically transfer funds from the money for envelope to the finance charges envelope. This however, will not affect the balance of your money for envelope. The system will recognize that out of your most recently funded payment to that particular card or line of credit, this finance charge was included, and it will automatically account for the finance charge without any additional effort on your behalf.
• Beta Feedback
We would still love to hear any feedback that you might have on this beta release of the Debt Center, especially now with the ability to add mortgages and loans. Just click on the “2 Cents” icon in the top right corner of the Debt Center window and send us your suggestions!
• Backend and Frontend Systems Improvements
We continue our efforts to improve our backend and frontend systems to help provide a better support and overall product experience. With this release we have made improvements that have sped up the loading time as well as the response time of the application.
• Debt Center Enhancements
We have tried our best to include some fixes and enhancements that were submitted to us through the “2 Cents” feedback icon in the Debt Center.
We have included an optional automatic debt roll-down within the Spending and Funding Plans as debts in the Debt Center are paid off. This option will be displayed to you when the account register balance of a debt reaches $0.00. By opting to have us automate the debt roll-down for you, the allocations for the associated debt envelope will be re-allocated to the Extra Debt Payments envelope. That way the money used to make payments for the paid off debt can now be routed to the next priority debt in the Debt Center.
We have also fixed some of the calculations in the Debt Center that were reported to be off, like the One-Time Payment that is part of the “What If Scenarios” section.
Remember, please continue to send us your feedback and suggestions on the Debt Center by clicking on the “2 Cents” icon in the top right corner of the Debt Center window.