Setting an additional payment amount
Julie
via web
I have been playing with the trial version a little bit, and I think I will be purchasing a license code because I'm enjoying the functionality of this software. However, I do have one question. I have all my "Planned Payments" set for amounts greater than the minimum, and I want to also set an "Additional Payment Amount." When I do this, I can see all the numbers at the bottom change to reflect the estimated savings, but I don't see exactly which account that additional $100 is allocated to. I assumed that one or more of the accounts would show an increase in the "Planned Payments" column, and that that account would be automatically chosen based on the payment method I choose? Am I looking in the wrong place?
P.S. An additional feature that would make this software truly spectacular for controlling debt would be to allow tracking of student, car, and other loans.
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Support Staff 2 Posted by Kevin Hoctor on 16 Jun, 2010 03:33 AM
Hi Julie: Yes, the additional payment is applied to the topmost account until it is paid off and then applied to the next down the list depending on the method you choose. You should see more of a payment in the payments drawer and on the reports.
We are looking at adding other types of debt including loans.
3 Posted by Stephanie on 30 Jun, 2010 01:12 AM
If you were to add student loans, mortgage, car loans, etc....that would be awesome. But does it really need to differentiate? I mean, can I use it as if they were all just "debt"?
Support Staff 4 Posted by Kevin Hoctor on 02 Jul, 2010 03:21 PM
Stephanie: It will treat them all as debt but the way interest is calculated on a loan versus a credit card is very different. Some loans, like mortgages, are front loaded on interest so your payments initially are mostly used to pay the interest and not the principal. Other loans are more balanced.
Credit cards are the nasty ones: You pay interest on your interest because they compound your debt and lump the interest charged back into the principal and you end up getting buried in interest. That's why Debt Quencher primarily focuses on credit card debt.
Kevin Hoctor resolved this discussion on 01 Sep, 2010 01:18 PM.