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Minimum Payment in Debt Reduction

Diane Baker

The debt reduction planner keeps claiming my minimum payment is something other than it is. It will not let me correct the error

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Diane Baker

see below for photos

Diane Baker

Aha figured it out. Here are photos showing the areas involving minimum payment

Double checked versioning and everything is up to date

NotACPA

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.

Diane Baker

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

Can you tale a snapshot of one of the actual payment transactions (in your checking account), specifically including the SPLIT lines?

Diane Baker

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

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Diane Baker

I dont do a split. I just pay it straight

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Quicken_Tyka

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