Debt Reduction - 4 years off payback without adding to minimum payment?

riggz609

Hi, my Debt Reduction list your plan vs minimum payment with both showing the same monthly payment amount but the "Your Plan yeilds a 4 year quicker pay off date. How is that possible without adding more to the minimum monthly payment amount? Thank you!

riggz609

Hi, I haven't received any comments yet on this post, hopefully I described the issue clearly enough. If not let me know and I will try to clarify. I just want to be sure that quickens debt pay off plan is accurate. I would hate to pay the allotted amounts and in four years the debt hasn't been paid off. I just don't understand how it can be accurate. I click minimum payment and it says 8 year payoff timeframe. I click "your plan" that Quicken made and it says payoff in four years but the monthly total amount is the same as the minimum payment monthly total amount.

Quicken Sarah

Hello @riggz609

Thank you for taking the time to share the details of this issue with the community, although I apologize that you have not yet received a response.

If I am understanding the issue correctly, it sounds like you may be seeing similar behavior, as described here.

If so, we have reported this behavior to our Product Teams for further investigation and resolution.

If I have misunderstood the issue in any way, please reply and let us know.

Thank you,

Sarah

riggz609

Hi,
@Quicken Sarah my issue is a bit different. As stated the quicken DRP does show up depicting a four year reduction as compared to the minimum payment plan. However, the monthly payment amount for both is the exact same amount. So how can it pay a loan of 4 years faster without increasing the minimum monthly payment amount. It seems impossible to me, unless i am missing something. Please let me know... Thank you!

Scooterlam

@riggz609
Have you tried to delete your DR plan and recreate it?

So that we are on the same page, you are referring to these screens, correct?  See images below.   My test accounts are working as expected.

You are not referring  to the "what if" scenario screen, correct?  I noted in the "what if" scenario screen, as you move the monthly payment slider back and forth, the x-axis dates move on the graph - a potentially tricky and confusing visual!

Maybe a step by step description of what you are doing along with some screen grabs would be helpful (redacting any sensitive information!!!)

MINIMUM PAYMENT


YOUR PLAN

riggz609

Hi,
@Scooterlam here are the screen shots; notice same monthly payment amounts and year payoff difference.

Quicken Diana

Hello@ riggz609

I noticed that it has been some time since you have been back to the Community. I wanted to check in and see if you have been able to resolve the issue with the Debt Reduction tool. If the issue persists, I will suggest that you call SUPPORT for a personalized analysis of the issue.

Thank you

- Quicken Diana