Increase or decrease future debt payments using Steps in AdviserGo

To make changes to future debt payments, increasing or decreasing payments at some future point in time:

1. Go to the Dashboard screen, open the debt or as you are entering a new debt, click Steps.

Tip – Options for scheduling the future payoff of a debt or for making a one-time overpayment on a debt (in addition to regular payments) are managed separately on One Time Payments tab. Read more >>



2. Either click Add Step (as shown below),


Or select an existing event in the timeline to schedule the step and click “Create a new step” (as shown below),


Or to add an entirely new event to the timeline and then use it to schedule a step, simply double-click an appropriate bar/year above the timeline.

Give this new event a name, select and icon for it, and click “Create a New Step” (as shown below). You can also drag and drop the event icon, which is highlighted with a perforated line, to reposition the event on the timeline.


3. Click the buttons to toggle on the attributes you want to step/change at this point in the future. You can use steps to make future changes to the interest rate charged on a debt or to make changes to annual or monthly payment amounts.

4. Toggle on the Payment button to make future changes to payments.



5. Enter the full adjusted monthly or annual amount of the debt payment. If you are making an overpayment of the mortgage ensure that you have the overpayment and the regular payment amount in the Step.

To keep things consistent, the payment frequency (monthly or annual) will be carried over from the main Debt screen. For example, if when entering the details of the debt you specified a monthly payment amount, your step will be made in a monthly payment amount, not an annual one.

Note - There is also a new option to set an annual Escalation Rate on debt payments, pictured below. If your clients want to regularly increase their debt payments over time, an escalation of payment amounts can be scheduled.


6. If you started by clicking the Add Step button, be sure to click Timing to set the timing of the step.

7. Click the Save button to save this future change/step in debt payments.

The details of the step, including its timing and what will be changed at this point in time, will be shown on the Steps tab, as shown below.



Tip - Another related option, which is available only in AdviserGo, is to schedule onetime overpayments. While steps are used to adjust the amount of regular, future payments on debts, overpayments (in addition to regular payments) and payoffs can be scheduled on the One Time Payments tab. Read more >>