Debt Reduction Planner - Add Ability to Adjust Minimum Payment [Edited]

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kficek
kficek Quicken Windows Subscription Member ✭✭
edited December 2024 in Budget and Planning Tools

The Debt Reduction planner is completely useless as a tool. The tool incorrectly calculates the minimum payment due on all of the "debts" and there is no ability to adjust it if the min payment is higher than the actual min payment. Ex. I have a student loan which has less than $400 on it at 6.55% interest rate. The debt reduction planner has the min payment as $1040. Excuse me? The planner would be a great tool if they would just remove the restriction on lowering the minimum monthly payment. As it is currently developed, it is useless.

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  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭

    I don't normally use the Debt reduction Planner, but it appears that it computes the minimum payment based on the balance and the interest rate.

    Was your original balance $100,000 or so, with a fixed payment? That would explain where the $1,040 came from. Maybe it is just the final payment that it gets wrong.

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  • Fifo
    Fifo Quicken Windows Subscription Member

    According to the internet this has been an issue since at least 2020 and most likely since the inception of the budget tool. I am trying to use the tool now and have 3 accounts that do not allow me to put the actual minimum payment and force you to use a much higher minimum. Is anyone at quicken looking into this? I think 5 years is ample time to fix a bug.

  • Fifo
    Fifo Quicken Windows Subscription Member

    Is there a way to officially put in a bug report?

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Is there a way to officially put in a bug report?

    Currently this issue is an "Idea" i.e. an enhancement request, not a bug. You can vote on Ideas by clicking on the little up arrow below the vote count in the first post. It takes about 50 votes for an Idea to be referred to Development for consideration.

    This is primarily a user to user forum. Forum Moderators (users whose names begin with "Quicken") sometimes review issues discussed here and refer them to Development, but if you want Quicken to work on a problem, you should contact Support via phone.  Be sure the support agent understands the problem and gives you a ticket number for future reference. Please post the ticket number here. Development only works on problems that have been referred by a Moderator or confirmed by a Support contact.

    You should also use the Help > Report a Problem menu in Quicken to submit the issue online. In your submission, be as clear and thorough as possible. Reference the ticket number and provide a link to this discussion. Provide step by step instructions to reproduce the problem and note any error messages you receive. They will not pay much attention to a problem unless they can replicate it in house or see it in a support session.

    You will not get a response to an electronic submission, but apparently they review and prioritize the submissions and use the data to help resolve problems they decide to work on. The more reports they receive on a problem the better.

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