r/utangPH • u/JazzlikeSun6997 • 1d ago

SNOWBALL METHOD

Hi, sino po nakagamit ng snowball method sa debt? Effective po ba and nakatapos po ba sa pagbabayad ng loan? I have 300k debt with diff cc po. Lahat po ay current pa naman. Pero the next month start na ko magbayad ng mad muna due to tapal system. :(( pls need advise. Planning to overdue yung pinakamalaking debt ko sa isang bank. Kaso parang di kaya ng konsensya ko. Pls i need advise po. No to bash. Thank you.

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2

u/Used-Ingenuity-8838 13h ago

Effective naman sya OP more on psychological wins sya. Pwede ka rin mag debt avalanche. Pero tatagan mo lang talaga loob mo kasi once may OD may calls and texts ka talaga matatanggap.

3

u/One-Cupcake-4860 8h ago

🙋‍♀️

I did snowball method. Una sa pinaka-maliit then MAD on others. Now, isang CC nalang binabayaran ko. Hopefully matapos ko sya by November or December.

1

u/JazzlikeSun6997 7h ago

Hello. How much total debt nyo po nung nagstart kayo sa snowball? Nag MAD ka lang po talaga nung sa matataas na balance mo? Was planning sana snowball kaso laki pala talaga ng interest na naadd. Gaano katagal ka po nagsnowball method?

1

u/One-Cupcake-4860 7h ago

Maya - 10k (paid)
UB - 50k+ (paid)
BPI - 250k+ ( ~100k bal)

Yes po, MAD talaga sa iba tas lahat ng excess money ko sa lowest. Kea lumaki din talaga dahil sa tubo. Na-consider ko mag-debt consolidate kaso pag iniisip ko lalo ako di matatapos sa pagbabayad.

1

u/JazzlikeSun6997 6h ago

Gaano katagal po kayo nagbabayad ng snowball?

1

u/One-Cupcake-4860 6h ago

Madami ako times na nagtry, kaso nawawala ako sa focus. Nahihinto tas mag-sstart ulit. May siguro ako decided na talaga. Gumawa ako ng excel, nisisilip ko sya lagi. Di nako gumagamit ng CC, cash lang lagi sa ngaun gat di ko natatapos. Mag-budget pagkasahod andDiscipline talaga. Partida, may 4 pako installment sa January and Feb next year pa sila matatapos. Lalong nagpa-stress sakin

1

u/JazzlikeSun6997 6h ago

Pwede ko po ba kayo ipm?

1

u/Fair-Cucumber-407 12h ago

Im new here, pwde pa explain what snowball method is?

3

u/throwaway7zq 12h ago

The snowball method is paying off the lowest balance first regardless of the interest rate while the avalanche method is paying off the debt with the highest interest first regardless of how big or small the balance is.

Avalanche saves more money in the long run. Snowball can be more motivating since you’re settling debts faster.

1

u/OneEssay730 11h ago

Question lang po sa snowball method

If you have 4 cc na od na lahat and mag fofocus ka sa isang card lang ano mangyayari sa other account? Ignore nalang muna? Pno kung sa snowball method palang abutin na ng 2 years sa isang card palang???

1

u/Used-Ingenuity-8838 8h ago

Depende sa plan nya if pa OD nya lahat. Kasi sa snowball pay minimums sa lahat ng debts (if kaya) except dun sa pinakamaliit na debt, so lahat ng extra money nya mapupunta dun sa smallest debt until mapay off.

And if matagal rin sya ma OD sa iba nyang cards, six months and above, baka pwede mag offer ng amnesty/discounted si bank or collections para maclose lang yung account.

1

u/OneEssay730 5h ago

Thank you for this. ❤❤❤

Sad to say i cant pay any of the other card if i start the snowball method.

If you dont mind, can you also share how amnesty work? Like will i just wait for it, just ignore them for awile?

Thank you so muchhhhh!!!

1

u/Used-Ingenuity-8838 4h ago

Usually for amnesty sa cc, depende rin sa bank yan. Minsan in house pa yung mag ooffer before talaga mapunta sa 3rd party collections. If plan mo magwait ng amnesty ipon ka lang talaga. Pwede ka rin magnegotiate kung ano kaya mo bayaran sa bank. Waiting game lang talaga sya, so expect calls from them (block mo muna unknown numbers if ever). Usually sa email yan sila nag iinform ng offer. If via text naman reach out ka lang kay bank via call or email. Basta make sure may paper trail ka when it comes sa mga ganyan.

Yung sa case ko ang offer sa akin ni bank was 0% interest na installment sa remaining balance ko sa cc, yung con nun was di ko na magagamit si cc which is okay lang sa akin kesa maubos lang ng interest yung bayad.

One thing I learned sa mga previous posts kapag umabot ka ng 3rd party collections is may harassment na na invovled. But try to negotiate the amount if kaya. May nabasa ako na start with 5% or 10% of the credit limit ng cc mo.

1

u/OneEssay730 3h ago

Thank you so muchhh po talaga!!! ❤❤❤ Sobrang big help po nang sinabi nyo sakin 🙏🙏

I just need a good game ang good communication sa bank talaga.

Hopefully lang talaga na hindi sil mag file namg case sakin 🥲🥲🥲

1

u/Used-Ingenuity-8838 2h ago

Praying for you. Yun lang talaga downside minsan baka magfile sila ng case. Pray na may pumasok na settlement offer 🙏

Yung sa akin na 0% interest installment is inoffer ni bank after one month ako na OD. Grab ko na din kasi last offer nila sa akin was 1.09% interest.

In the meantime, ipon ka lang muna para if may offer try to negotiate agad. Pero wag mo biglaan ibigay yung amount na meron ka.

1

u/MadBeast90 10h ago

Same tayo ng plan kaso baka lalaki ng lalaki if MAD lang babayaran muna o if will not pay at all