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Debt reduction planner has incorrect minimums

I'm trying to use the debt reduction planner in Quicken 2020. I have 2 loans that the minimum payments are higher than they actually are which makes the plan inaccurate. I have opened a ticket with Quicken and was told that it's a known bug. What is frustrating to me is this seems to have been a problem for many versions and Quicken is not fixing it. Does anyone know of a work around so I can get my plan set up correctly?
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Hello @ ewittersheim
I did review the case details on the ticket, but to ensure I'm understanding the situation correctly I’d like to ask a few questions and provide screenshots.
On the Identify Your Debt Step 1 are you able to manually enter the information? Does it look like this:
On the following screen, Get The Details Step 2 are the details the same as you entered on step 1, or is this where minimum payment is higher that what it actually is, as you mentioned in your post?
Please provide this information so that we can take the next step. If this is not the issue, please provide more detail and screenshots if you are able to assist in identifying the exact issue.
Thank you
- Quicken Diana
This is my website: http://www.quicknperlwiz.com/
@ Chris_QPW, thank you for your insight on the matter, I was able to locate previous posts on the matter as you mentioned. I was also able to dig further into this, learning that the minimum payment seems to be based on the percentage interest rates.
@ ewittersheim, I’d like to replicate exactly what you have on your Debt Reduction Plan. How many accounts do you have set up and what interest rates are set for those accounts? If I may, what is the minimum payment that you prefer Quicken to use for each account? As I said, I will attempt to replicate your situation exactly to investigate further, but would like to mention a possible solution, which is to adjust the interest rate accordingly to produce the desired minimum payment.
Thank you- Quicken Diana
This is my website: http://www.quicknperlwiz.com/
This is my website: http://www.quicknperlwiz.com/
This is my website: http://www.quicknperlwiz.com/
I can't get to step 2 because I get the error that I opened the ticket and this post about. I have 10 line items in my plan, 2 of which are not allowing me to use the minimum payments that the banks have set. 1 is a car loan and the the other is a bank loan. I know I have them set correctly but Quicken refuses to let me enter the proper value. It looks like Chris might be onto something. For my car loan Quicken says my min payment is approximately $50 higher, for my other loan it's off by about $125. It's really frustrating.
This is my website: http://www.quicknperlwiz.com/
In both cases, what Quicken "thinks" the payment should be, and what both of the lenders have it set at are off by a couple of hundred dollars a month on one and a little less on the other.
Quicken needs to fix this soon, and it's been like this for years, making the benefit of a tool like this almost useless. FIX IT ALREADY!