Debt Repayment Tracker: Spreadsheet and Planning Guide
MoneyNerd introduces enquiries to The Debt Advice Service and may receive a referral fee. For free, independent guidance and help finding a debt adviser, visit MoneyHelper.
This information and enquiry service is not a full financial assessment or a guarantee of suitability or debt write-off. Debt solutions are not suitable for everyone. Fees may apply, and your credit record and assets may be affected. Get advice on your circumstances before choosing a solution.
MoneyNerd introduces enquiries to The Debt Advice Service and may receive a referral fee. For free, independent guidance and help finding a debt adviser, visit MoneyHelper.
This information and enquiry service is not a full financial assessment or a guarantee of suitability or debt write-off. Debt solutions are not suitable for everyone. Fees may apply, and your credit record and assets may be affected. Get advice on your circumstances before choosing a solution.
If you’re finding it hard to pay off your debts and need help sorting out your finances, this is the place for you. Your search for a ‘debt spreadsheet’ has brought you to our Debt Repayment Tracker – a free, easy-to-use tool that can be your best friend in managing your repayments.
Keep a clear record of your debts, income and essential costs. Free independent debt advice can help you compare the options available where you live.
In this article, we’ll explain:
- What a Debt Repayment Tracker is and how it can help you.
- How to use our free downloadable spreadsheet.
- The types of debts you can track with it.
- The benefits of using a Debt Repayment Tracker.
- Where to get advice on your debts if you need it.
A tracker can help organise information, but it cannot replace a realistic budget or advice on an unaffordable debt.
Ready to learn more about how you can manage your debts more effectively? Let’s get started.
Why Do I Struggle to Pay Off Debt?
Repayment difficulties can have many causes, including changing income, essential costs, interest and the terms of the borrowing.
If you think credit was unaffordable when granted, obtain advice about an affordability complaint. Financial difficulty alone does not establish lender fault.
However, lack of motivation or organisation definitely makes the issue worse! Keeping up with your payments to your lender each month can be tricky if you have lots to manage. It can also be quite demoralising if you owe a larger debt and it just doesn’t feel like your repayments are making a dent in it.
If this is a problem for you, you might benefit from a debt repayment tracker.
What Is a Debt Repayment Tracker?
A debt repayment tracker records balances, rates and payments and may estimate a repayment schedule. Its outputs depend on the inputs and formulas and are not a lender’s settlement figure.
Debt repayment trackers could be used for a few months or many years, depending on your personal circumstances.
How the introduction works
The Debt Advice Service can discuss your circumstances and explain available options, including their benefits, costs and risks.
Options depend on your circumstances. You decide whether to proceed.
Advertisement. MoneyNerd introduces enquiries; we do not give debt advice or recommend solutions. The Debt Advice Service, a trading style of Pacific Financial Solutions Limited, offers free debt advice with no obligation. Complete the enquiry form to share your details and request a call.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you go ahead with a debt solution through The Debt Advice Service. For free, impartial guidance and help finding free debt advice, visit MoneyHelper.
What Debts Can I Track?
You can track as many or as few of your debts as you like with this tracker. But I do have some tips to make sure that you are getting the most out of it!
You might find it helpful to look at the different types of debt that you have and only include some of them on the tracker. This is because debts are dealt with in different ways.
Secured borrowing puts the asset at risk if payments are missed, but the lender must follow the applicable contractual and legal recovery process. A default does not give unrestricted power to take any asset immediately.
An unsecured creditor may collect directly, use an agency or bring a lawful court claim. It is not required to use a debt collection agency first, and an ordinary collector cannot seize goods without the separate enforcement authority and process.
Most debt solutions can only be applied to unsecured loans. So, with this in mind, you might find it easier to separate unsecured and secured debt and open two separate trackers.
A DMP provider may distribute one monthly payment among existing creditors. A consolidation loan is different: new borrowing repays the old debts, leaving a new loan. A tracker should reflect the arrangement actually used. See related guidance.
My debt tracker can be a great visual aid to help keep you aware of how well your repayment system is going!
If you have student loans from the Student Loans Company (SLC) then you may not want to include this information in your debt tracker either.
Employed borrowers commonly repay income-contingent student loans through payroll, but self-employed or overseas borrowers have different processes. Check SLC statements and reporting duties; do not assume every repayment is automatic or that no monitoring is needed.
Debt advice: Continue to the debt enquiry form
Advertisement. MoneyNerd is a commercial introducer, not a debt adviser. The Debt Advice Service, a trading style of Pacific Financial Solutions Limited, offers free debt advice with no obligation. If you request an introduction, your details are shared with them so they can contact you.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you proceed with a debt solution through The Debt Advice Service. MoneyHelper offers free, impartial money guidance and help finding free debt advice.
But track your debt however you want!
This is your debt tracker and you may find that there are benefits to tracking all of your debts in one go.
Having a single tracker with all of your debt information will give you a more holistic view of your finances. This can help you budget a bit better in the future.
A clear overview may help budgeting, but it cannot guarantee affordable payments or prevent future debt. Include irregular bills and seek advice if there is a shortfall.
The Benefits of a Debt Repayment Tracker
But, what’s the point of this?
The benefits of a debt repayment tracker are simple. You can use it to visualise a path out of your debt, which can often be a hard thing to do if you plan on making repayments for a long time. It can be a source of information and motivation to keep making those repayments, and just as important, prioritising repayments.
If you are stressed or anxious about your debt, a debt repayment tracker could instil some calm and confidence into your situation.
Are Debt Repayment Trackers Easy to Use?
Debt repayment tracker spreadsheets are super easy to use.
Enter accurate balances, rates, fees and payments and read the spreadsheet instructions. Check its assumptions against lender statements, especially for promotional rates, changing payments or new charges.
You can then keep it on your computer or pin it up to show how far you have come after making repayments.
About The Debt Advice Service
Use the enquiry form to request a call about your circumstances and available options. You decide whether to proceed.
Advertisement. MoneyNerd introduces enquiries; we do not give debt advice or recommend solutions. The Debt Advice Service, a trading style of Pacific Financial Solutions Limited, offers free debt advice with no obligation. Complete the enquiry form to share your details and request a call.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you go ahead with a debt solution through The Debt Advice Service. For free, impartial guidance and help finding free debt advice, visit MoneyHelper.
Where Can I Get Advice On My Debts?
Remember that a debt tracker is just one tool that you can use to help you keep on track of your debt.
If you ever feel overwhelmed or that you aren’t in control of your finances any more I recommend that you talk to a specialist.
There are several organisations in the UK that offer free individual debt advice. Many of these organisations can help you take a realistic look at your debt and work out what debt solution will work best for you.
Discover Our Free Debt Repayment Tracker Spreadsheet Here!
The linked resource can help record a repayment plan. Treat calculated dates and totals as estimates until you have checked the inputs and formulas; they are not a guarantee of when you will become debt-free.
Take a look at my free resource now and use it for free! Click the button below:
