Debt Reduction - 4 years off payback without adding to minimum payment?
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!
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.0
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.
@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!0
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!!!)
@Scooterlam here are the screen shots; notice same monthly payment amounts and year payoff difference.0
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.
- Quicken Diana
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