Frequently Asked Questions
Have questions about Pen Basket? You’re in the right place. Here are answers to some of the most common questions about our Debt Planner and how it works.
What is Pen Basket?
Pen Basket is a financial planning platform designed to help you better understand, organize, and manage your debt payoff journey. Our Debt Planner helps you create a personalized payoff plan, track your progress, and see how different payment strategies may affect your payoff timeline and interest costs.
How does the Pen Basket Debt Planner work?
You enter information about your debts, such as your balances, interest rates, minimum payments, and any additional amount you would like to pay. Pen Basket uses this information to create a personalized payoff plan and estimate your payoff timeline.
Is Pen Basket a lender or financial advisor?
No. Pen Basket is a financial planning and educational tool. We do not lend money, refinance debt, negotiate with creditors, or provide individualized financial, legal, tax, or investment advice.
Does Pen Basket make payments to my lenders?
No. Pen Basket helps you plan and track your debt payoff strategy, but payments are made directly by you to your lenders or creditors.
What types of debt can I add?
You can use Pen Basket to plan for many common types of debt, including credit cards, personal loans, auto loans, student loans, and other debts with repayment terms.
What's the difference between the Starter and Premium plans?
Both plans give you access to Pen Basket's debt planning tools, but they offer different levels of access and features. Visit our Products page to compare the current Starter and Premium plan features and choose the option that best fits your needs.
Is there a free trial?
Yes. Both our Starter and Premium subscription options include a free trial period. You can choose your preferred plan when signing up and review the applicable trial and subscription details before completing your purchase.
Do I need to create an account?
Yes. Your account allows you to access your Debt Planner, save your information, and return to your plan to track your progress over time.
Can Pen Basket help me pay off debt faster?
Pen Basket can show you how different payment amounts and strategies may affect your estimated payoff date and interest costs. Paying more than the required minimum may help you pay off certain debts sooner, but actual results depend on your balances, interest rates, lender terms, payments, fees, and other factors.
What happens when my debt balances change?
You can keep your information up to date so your plan reflects your current debt situation. Pen Basket is designed to help you continue tracking your payoff journey rather than simply giving you a one-time calculation.
Can I see how much interest I may save?
Yes. The Debt Planner can estimate how changes to your repayment strategy may affect the amount of interest you pay over time. These figures are estimates and may differ from your lender's actual calculations.
Is my payoff date guaranteed?
No. Your projected payoff date is an estimate based on the information you provide and the assumptions used by the Debt Planner. Changes in payments, interest rates, fees, new charges, or lender terms can affect your actual payoff date.
Can I change my payment strategy later?
Yes. Your financial situation can change, and your payoff strategy can change with it. Pen Basket is designed to help you adjust your plan as you progress.
Will using Pen Basket affect my credit score?
Using Pen Basket itself does not involve applying for a loan or opening a new credit account. Your credit score may still be affected by how you manage and repay your debts.
Does Pen Basket guarantee that I will save money?
No. Pen Basket provides estimates and planning tools to help you evaluate repayment options. We cannot guarantee a particular amount of savings, payoff date, or financial outcome.
How do I learn to use the Debt Planner?
We've created a video tutorial that walks you through how to use the tool.
Watch the Debt Planner Tutorial
What if I need help?
We're happy to help with questions about your Pen Basket account or using the platform. Visit our Contact Us page to get in touch with our support team.
Still Have Questions?
We're here to help you get comfortable with Pen Basket and make the most of your Debt Planner.
Explore your options. Build your plan. Keep moving forward.