The Debt Register is a new Sourceline for getting an overview of debt, but how can you as a private person use it?
The Debt Register does not show all debts. The website states that they only show “unsecured debt”. That is, not loans secured by property or vehicles. In my own attempt, they also did not show my IKEA card or dentist account, although these are unsecured.
How to use the Debt Register?
If you are a private individual you can visit this link to log in and see what is stored in your debt information.
The Debt Register makes it very easy to get an overview of outstanding credit debt, unsecured loans and interest rates, but you do not get information about secured debt.
In other words, you still have to put in your own efforts and make a debt statement yourself. You can use that information to create your own debt snowball with the snowball method to get out of debt.
- It is free for private individuals to have access to their own register.
- You log in via BankID.
- One cannot reserve against the debt register.
- You can only check your own information.
Are you notified if someone checks you in the debt register?
Yes, you will receive a copy of a copy if someone checks your information. In the same way that you today receive a recovery bill when you credit check before a loan, etc.
You do not get a complete overview of the debt register
The Debt Register is a good tool, but it does not give you the full truth about your personal finances. It does not show all “secured debt”, such as mortgages, home loans, car loans, motorcycle loans, caravan loans, the list is endless.
The good news is that the attitudes about credit debt and consumer loans will hopefully improve. The fact that the debt register reminds one and lists this debt may hopefully lead to more people getting rid of it faster.
The not so good news is that so-called “secured loans” will appear to be a type of “good debt”.
The site will be better
In my own example, the IKEA card or dentist account was not shown in the debt register statement. The reason for this is that Sourceline Bank which manages the dental account and Ikano bank which manages IKEA card has not yet provided the information to the debt register.
Here you can see who provided the information – and who will do it, and when.
What do you want to do with it?
What would you like to use the information that the Debt Register offers?
Do you, as I did before, continue on what seemed like an endless round dance of overspending, debt and a life from salary to salary.
Or do you want to use the information for something good and productive? Do you want to set a goal? Do you want to take control of consumption and cut out the idea of refinancing for a better economy?
Use it as motivation, and delete paid account and card
What I think is good about the debt register is that I easily get an overview of what still stands as “active” accounts.
As I pay down – and get rid of the debt. Can I see in the overview of the debt register which accounts I can delete completely.
Get rid of the debt
Use the Debt Register statement as a “debt reminder” for credit debts and accounts you can get deleted, follow the 6-step to become debt free – it’s completely possible!
Create your own record of outstanding debt, list it from the lowest to the highest balance – and start with the snowball method if you want to get out of debt as quickly and efficiently as possible.
It is by getting rid of debt and monthly repayments that you can really start to have a better economy. To start, you can create a budget that is neither difficult nor tedious.