We are proud to offer more customized and personalized support than any other company in the mortgage-acceleration and get-out-of-debt niches. Browse our support modalities below and find the approach that suits you best. We're especially pleased to offer our own training videos in addition to those you'll find inside your Equity Cycling log-in.
Help and Support
- Presentations, recordings of past:
http://www.equitycycling.com/presentation/ - Training class registration:
http://equitycycling.com/to-train - Trainings, recordings of past :
http://equitycycling.com/training/ - Help by individual software features (must be logged in):
http://software.equitycycling.com/help - Videos, listed by software feature (must be logged in):
http://software.equitycycling.com/help_videos - Knowledgebase:
http://support.equitycycling.com - Email answers, 16 hours a day and some weekend hours:
admin@equitycycling.com
Even More Frequently Asked Questions
Q: How do I know what to use as my acceleration account?A: Use a line of credit (LOC) you may currently have that has close to a zero balance. This can be a HELOC, ALOC, PLOC or a credit card. It must be flexible, meaning you can deposit money into and withdraw money out of without occurring any penalty fees or charges (which might eliminate credit cards as an option). You will need online access to transfer money throughout the month. This will be used like your primary checking account.
If you do not have a LOC, or your LOC is maxed out, you will use your checking as your acceleration account, and your LOC will be added as a debt to be accelerated.
Q: What if I get paid on the first and the fifteenth of every month?A: You will enter it as two different incomes. One income paid monthly on the first. One income paid monthly on the fifteenth. For example, Harold 1st $2449 and Harold 15th $2449. This will allow the software to know exactly when your various incomes are coming in for absolute accuracy.
Q: When I enter in my mortgage information, what do I put into the software—the original loan amount or when I last refinanced?A: Enter the total amount borrowed as of when you took out your current loan. If you refinanced, then the figure would be the total of your primary loan when you refinanced. In other words, the original total of your current primary loan, not the current balance.
Q: What if the amount on a certain expense is different each month?A: Enter your average for that expense and interval. After your plan is set up, the software will ask you for the exact amount when it is due on your Dashboard.
Q: What do I do if I have rental properties?A: Enter the rent as income. Then add the mortgage as a debt (if there is a mortgage). Be sure to add any expenses from each rental property as an expense, including yearly maintenance and or property management company fees. Preface these entries with a P (for Property) or R (for Rental) so you can see them at a glance. Name them for recognition, such as Lake House, or 1223 Hawthorne. Your entries might look like this:
- R - 1223 Hawthore $785 income
- R - 1223 Hawthore $435 debt
- R - 1223 Hawthore $75 average monthly expenses
A: No, your software is completely customizable. The software makes calculated suggestions to save you the most time and money. If you follow the software, you will accelerate faster and save more. However, you may have personal reasons for choosing a different debt reduction order.
Q: Can I use two LOCs as my acceleration account?A: No, you can only use one LOC or checking account as your acceleration account. All your money needs to be deposited into the same account as all expenditures and transactions will be made from.
Q: What if I do not have a mortgage?A: You will type in “none” where the software asks for the name of your lender. Next you will zero out all fields. You will enter in all your debts within the debt section of your software so those can be accelerated. Many people use Equity Cycling for better money management even though they don't have primary residence mortgages.
Q: How do I recalculate my plan?A: This can only be after you first set up your plan, and then the software will give you the option to calculate. You will recalculate or “reconcile” your plan at the very end of each month. Your software will ask you to verify all your account balances. Be sure to have this information ready when you reconcile.
If you have the Erase and Recalculate option at the bottom of your Edit Financial page, please do not use it after you start working your plan. It resets your software as if today were the first day you started your acceleration plan. Since you would lose all records of savings, the Erase and Recalculate button should not be used after your first 30 days, by which time all your income and expense adjustments should have been made by you and the support team.
Q: What if I forgot some information, and need to recalculate my software during the month?A: When our office recalculates your plan, it tells the software you are starting your plan for the first time. Email our office admin@equitycycling.com, and your plan can be reset. However, it is better to finish out the month if possible, since recalculation occurs automatically and organically during the Reconcile process.
Q: What if I receive a commission? Where do I put the money?A: Apply it to your first debt on your debt roll down order as listed in the upper right on the Details page. You should not deposit it into your acceleration account, as the software keeps this account to the minimum, thus reducing your average daily balance for simple interest computations. Remember, you cannot pour water into a glass that is already full, it will overflow.
Q: What if I spend money that was not planned for?A: Go to your Dashboard and add it as “New Action” then select “Pay Expense.” Do this only when it is a large, unexpected expense, such as a check you wrote the plumber. For smaller expenses, use your consolidated credit card when possible. When the credit card is due, the software will ask for the balance owed on the card to be paid in full. This will keep your plan accurate and keep down your average daily balance in your flex (acceleration) account.
Q: What if my paycheck is different each pay cycle?A: When the action is due, the software will ask you to verify the check amount. As you click on the "Transact" button, you'll have the opportunity to adjust the income line for that pay period individually. At the end of the month when you reconcile, the adjusted amount will be reflected in your payoff dates for the new month.
Q: How do I receive auto reminders for when an action is due?A: Select the “Edit Personal” tab on your main menu. Choose to be notified by email, text message, both, or none. If you select text mesage, choose your cellular phone carrier in the drop down menu, then enter your phone number.
Q: What if I have a negative amortized mortgage?A: Make the minimum interest only payments (not less than the minimum interest). Choose interest only, and the date principle payments will start. Enter the amount borrowed as your current balance and select the origination date this current month.
Q: What if I forget my username and pass word?A: Email our office admin@equitycycling.com and we will reset your use name and password.
Q: What if my plan does not calculate? It states “average discretionary income too small”?A: Usually this is a simple adjustment. This means at some point during the month, you have more money going out than what's available.
- Look at your acceleration account balance, and
- Check the due dates on your expenses and debts.
- You may need to make an adjustment on a due date.
- Then calculate your plan.
A: NO! Your software is accessible anywhere at any time from any computer with Internet access. This way, if you’re computer were ever to crash, you go on vacation, or you are in your office, you can still manage your personal wealth system!