A Scrooge-like Flip is visited by three ghosts in a special take on A Christmas Carol.
On Christmas Eve, Flip is having a last minute holiday sale at his store. In usual fashion, he proceeds to take advantage/swindle his customers, like having Mr. Grouse purchase an entire bin of Christmas lights for $500, selling Cheryl and Meryl a cheap, flimsy tree by dangling an air freshener to fool them about its freshness, and having the McBrides buy a set of inflatables at full price by telling them their coupon expired a few seconds ago. At that moment, Vanzilla arrives, and Flip, knowing that the Louds are his best target, runs into his store to help them. Lisa explains to Flip that Lynn Sr. is in need of a whole Christmas dinner, since he forgot to make it due to working at his restaurant. Lynn Sr. proceeds to buy as many ingredients as possible, and despite Lisa observing the low quality of the food, Lynn Sr. buys it regardless and hurries out back home. The moment they leave, Lynn, wearing an elf costume, arrives and tells Flip she's done with his present deliveries (as to make up for some damage she did to his bathroom door). However, Flip tells her that she's not done, and says that she needs to deliver more presents tonight and tomorrow (Christmas Day). After Lynn angrily leaves, Cheryl and Meryl, carrying their flimsy tree, warn Flip that his actions have consequences, but Flip laughs this off.
In his bedroom, Flip puts all of the money he earned into his stash and falls asleep. The moment he falls asleep, a ghost taking on the form of Lisa arrives, and wakes Flip up. The ghost present herself at the Ghost of Christmas Past and warms Flip that he'll be visited by three ghosts to show him the errors of his ways. Flip initially denies coming along with her, but relents after being offered cash. The Ghost of Christmas Past takes Flip back to his middle school's Christmas dance, where Flip says that he wanted to join the party because he finally got the courage to ask Tammy Gobblesworth, a girl he had a crush on, to dance with him. However, Flip was denied entry into the party due to having lost his ticket. After the bouncer tells him he can't be let in, a younger Scoots, hiding behind some bushes, tells Flip that she has a ticket, but must pay her first. After buying the ticket, Scoots tells him that she has some other things to sell, and Flip settles on a bouquet of flowers. Going back to the party entrance, the bouncer reveals that the ticket he has is a fake (to add insult to injury, the bouquet of flowers immediately wilt, and Scoots tells him that all sales are final). Seeing his opportunity to dance with Tammy dashed due to not being let in (as well as seeing another boy dancing with her), Flip gets angry, grows his signature mustache, and storms off, where Flip elaborates that ever since that day, he vowed to never be tricked again, with the Ghost of Christmas Past stating "This is when the swindled became the swindler."
Flip wakes up, realizing the events he went through was just a dream. Suddenly, he hears somebody laughing outside. Coming out of his room, he discovers two ghosts taking on the forms Lincoln and Clyde drinking Flippees. The two introduce themselves as the Ghosts of Christmas Present, and proceed to show Flip the consequences of his actions. Carrying Flip around Royal Woods, they show him what his customers from the gift sale are going through, like Cheryl and Meryl's tree collapsing when decorating it, the inflatables the McBrides bought deflating, Mr. Grouse struggling to hang his lights, and the Loud family's dinner being ruined by the food's questionable quality (while a tired and cranky Lynn arrives back home, unaware of what happened). Seeing these consequences, Flip suddenly feels guilty and the Ghosts of Christmas Present warn him that it'll only get worse unless he changes his ways.
Flip wakes up again, determined to not let ghosts tell him what to do. At that moment, he hears another ghost. The third ghost, taking on the form of Lucy, introduces herself as the Ghost of Christmas Future, but discovers a fake body underneath his blanket, as she witnesses Flip trying to get away in his van. Despite Flip's attempted escape, the Ghost of Christmas Future appears in his van and proceeds to show Flip his future. Arriving to the future, Flip discovers to his horror his store abandoned and boarded up, where the Ghost of Christmas Future reveals that because of his swindling, his customers eventually lost their faith in him and stopped shopping there, leaving Flip penniless. To make matters worse, the Ghost of Christmas Future takes him to a cemetery to reveal that he eventually died after a tragic accident alone, and that no one bothered to come to his funeral (save for Scoots, who left as soon as she arrived after seeing no food service). Realizing the severity of his actions, Flip wishes for a second chance before being shoved into an open grave. Waking up for real this time, Flip realizes that he can still make up for his selfish actions.
Going around town, Flip proceeds to make good for all those he swindled last night, like giving Cheryl and Meryl a sturdy Christmas tree, offering to inflate the McBride's inflatables himself, and hanging up Mr. Grouse's Christmas lights. Arriving to the Loud House, Flip tells Lynn that she doesn't have to his deliveries today, and offers the whole family with gifts and a genuine Gobblesworth turkey for Lynn Sr. (where he discovers that Tammy has become the front face of the turkey company). As the kids play with the goodies given to them from Flip (which include one of his Flippee machines), Flip, after being hugged by them, wishes them all a Merry Christmas.