Minimum Payment in Debt Reduction

Diane Baker
Diane Baker Member ✭✭
in Budgeting and Planning Tools (Windows)
The debt reduction planner keeps claiming my minimum payment is something other than it is. It will not let me correct the error

Comments

  • Diane Baker
    Diane Baker Member ✭✭
    edited January 2020
    see below for photos
  • Diane Baker
    Diane Baker Member ✭✭
    Aha figured it out. Here are photos showing the areas involving minimum payment
  • Diane Baker
    Diane Baker Member ✭✭
    Double checked versioning and everything is up to date
  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited January 2020
    From your debt 1.jpg, I see a principal amount of $23,969.52.  If I divide that amount by 60 (12 payments a year for 5 years), I come up with a monthly payment of $399.492.
    SO, in that same graphic, why is your payment shown as $254.35?
    And, if you've paying $145 and change less than $399 ... that's why your remaining payments would be higher, in order to meet the payoff date.
    YET, $4069.52 divided by the remaining 16 payment IS $254.35. SD, I suspect a loan setup error someplace.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Diane Baker
    Diane Baker Member ✭✭
    I have been paying extra on my payments since day 1 so I dont know why it says that. I'll see if I can review the original loan settings and figure out why it changed that way. I never had a problem before but then again I dont recall ever being denied the ability to change my minimum payment in the debt reduction before.
  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Can you tale a snapshot of one of the actual payment transactions (in your checking account), specifically including the SPLIT lines?

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Diane Baker
    Diane Baker Member ✭✭
    Well I had Quicken recalculate payment on the Loan account. It correctly set it as $399.49. Now the debt reduction thing has changed my monthly to $734 for a minimum :s
  • Diane Baker
    Diane Baker Member ✭✭
    I dont do a split. I just pay it straight
  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    edited January 2020
    Hello @Diane Baker

    Thank you for taking the time to visit the Community to post your issue, although I apologize that you haven't received a follow-up response. 

    If you are still experiencing this issue with the minimum payment in the debt reduction planner I would recommend contacting support directly for further assistance.

    https://www.quicken.com/support#contact-support

    Quicken Care has the ability to initiate a screen share to help isolate the issue and provide further steps.

    Thank you,

    -Quicken Tyka

    ~~~***~~~
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