The debt schedule explained

The debt schedule is where all the client’s debt is logged.

In the image below, there are two debt items. That debt item shows:

• Creditor name
• State
• Debt amount
• Arrears
• Repayment rate

Let’s have a look at all the parts of the Debt schedule.

Priority order

On the left-hand side you’ll see these numbers. The top is always number 1 and represents the highest priority.

You can change the order by clicking and holding on the number to drag the debt item up or down.

Creditor

This field displays the name of the creditor, the entity to whom the debt is owed.

State

The State column tells you two things.

1. The padlock tells you the debt is secured. If there is no padlock, it means it’s unsecured.
2. Whether the debt is with a Debt collection agency. The presence of the DC icon tells you the debt is with a debt collection agency.

Debt (owing)

This field displays the current amount owing on each debt. 

Arrears (owing)

This is the amount of debt in arrears that is owing on each debt. This should be read as a portion of the Debt owing, not over and above.

Repayment rate

The Repayment rate is how much and how often the client commits to paying the debt. The debt item will appear in the Budget worksheet depending on what you enter in this section.

More  

Clicking the More link will open up the debt item, enabling you to record more detailed information about the debt.

Read Debt Schedule Fields Explained for an explanation of the fields on a debt item.

Add new debt item

Click the Add new debt item button to add a new debt to the debt schedule.

Clicking this button will open the following form for you to complete about the debt.

Totals

This is the total of all the debt in the Debt schedule.