Debt Transfer: Don't include me!

Hey all,

Have you tried debt transfer yet? It's a cool feature that minimizes the number of payments to settle up with your friends (read more about it here). Here are some tips & new additions:

Tips when creating debt transfers

• Make sure it's beneficial to everyone involved and not just you: sometimes there're huge benefits to creating a debt transfer, minimizing payments from 20 to 5. Sometimes, there is benefit to you but little benefit to the group
• Make sure everyone evolved knows each other: the debts are transferred around everyone involved. If you pick people who don't know each other, they may end up having to settle up with each other (possible blind date idea? well we're not a dating service).

Good:

Not so good:

Getting out of debt transfers

Some of you wanted to know how you can "get out" of a bad debt transfer. We've just added some features that allow you to do that:

• Everyone in the debt transfer now has the ability to delete it, just click on the debt transfer and click Delete. Use this carefully because it affects everyone in the group.
• You can opt out of all debt transfers in the settings page. We don't recommend this because debt transfers can be useful at times, and you can always delete a debt transfer you don't like! However, by request, here it is :)

Why would debt transfer create debts with people I'm even with?

That's because debt transfer moves debts around people involved in it to minimize payments for the entire group.

Here's a simple example, let's say:

• You owe Alan $50.00
• Alan owes Bonnie $50.00

If you perform a payment-minimization debt transfer between you, Alan, and Bonnie, the optimized result would be:

• You owe Bonnie $50.00
• You and Alan are even

Notice that you did not previously have a debt with Bonnie, but now you do. That's the whole idea of debt transfer, it moves debts around :)

-Billsup team