Debt reduction problem

When I work out a plan for debt reduction, it keeps adding $350 to the first
month of the plan. So for example if I want to pay $263 per month it comes
up with $613. On my old Money 2003 I had worked out a plan paying $350 per
month, but I deleted the account so I don't understand why it seems to have
that number locked in. Any thoughts?

Bonnie
Wed Oct 20 11:20:47 CDT 2004

First, reset the DRP--Tools, Settings, Planner Options (or Tools, Options,
Planner in 2004 and prior), and click Reset Plan. Then add the account back
into the DRP. Since your DRP will begin 11/1, if you have any payments due
prior to that date, those amounts will be added into the first payment
unless you check the box that indicates that these bills have already been
paid when you setup the plan.

"Capskinwiz" <Capskinwiz@discussions.microsoft.com> wrote in message
news:05D85F2A-531A-4A97-9B43-DA835BE61B5C@microsoft.com...
> When I work out a plan for debt reduction, it keeps adding $350 to the
first
> month of the plan. So for example if I want to pay $263 per month it
comes
> up with $613. On my old Money 2003 I had worked out a plan paying $350
per
> month, but I deleted the account so I don't understand why it seems to
have
> that number locked in. Any thoughts?

Nikki
Sat Jul 23 11:01:02 CDT 2005

Hi,
I have had the same problem and had it with Money 2004 too. I got 2006
hoping the problem would be resolved but found it still there. So I went to
the on-line chat support for help---although the final resolution was
discovered by me, I do not think they would have figured it out. It turns
out the debt planner is not to smart. When you set it up make sure that all
accounts do not have a next payment due date until the next month. For
example -- three accounts- today is July 23rd - when setting up the debt
planner all payments must be due Aug 1st at the earliest. Even if one of the
accounts still has one due July 31st. If say my Macy's account has a payment
due July 31st and the other two accounts are not due till Aug sometime then
the debt planner will come up with this crazy one time payment due July 31st
for the Macy's account and then resume the plan for August. What a bugger
since this has frustrated me for over a year now. Good luck!!

Nikki

"Capskinwiz" wrote:

> When I work out a plan for debt reduction, it keeps adding $350 to the first
> month of the plan. So for example if I want to pay $263 per month it comes
> up with $613. On my old Money 2003 I had worked out a plan paying $350 per
> month, but I deleted the account so I don't understand why it seems to have
> that number locked in. Any thoughts?

Stephen
Mon Jan 02 08:10:03 CST 2006

This problem has been frustrating me for some time now and I tried your
solution and it did not work. When I try to set up a debt reduction plan
(Money 2004 standard OEM edition) for a credit card with a balance of say
$3000 and a payment of $100 due over a month in advance it still ALWAYS gives
a payment of the entire $3000+interest in the first month and tells me I will
be paid off in a month. I have tried fixing this a few different ways and
nothing seems to work. Any help would be greatly appreciated.

"Nikki" wrote:

> Hi,
> I have had the same problem and had it with Money 2004 too. I got 2006
> hoping the problem would be resolved but found it still there. So I went to
> the on-line chat support for help---although the final resolution was
> discovered by me, I do not think they would have figured it out. It turns
> out the debt planner is not to smart. When you set it up make sure that all
> accounts do not have a next payment due date until the next month. For
> example -- three accounts- today is July 23rd - when setting up the debt
> planner all payments must be due Aug 1st at the earliest. Even if one of the
> accounts still has one due July 31st. If say my Macy's account has a payment
> due July 31st and the other two accounts are not due till Aug sometime then
> the debt planner will come up with this crazy one time payment due July 31st
> for the Macy's account and then resume the plan for August. What a bugger
> since this has frustrated me for over a year now. Good luck!!
>
> Nikki
>
> "Capskinwiz" wrote:
>
> > When I work out a plan for debt reduction, it keeps adding $350 to the first
> > month of the plan. So for example if I want to pay $263 per month it comes
> > up with $613. On my old Money 2003 I had worked out a plan paying $350 per
> > month, but I deleted the account so I don't understand why it seems to have
> > that number locked in. Any thoughts?

A
Mon Jan 01 20:43:09 CST 2007

I am using the Microsoft Money 2005 Deluxe (Australian) and I am
expericincing the below problem. I have tried many fixed including the one
suggested by Nikki, but I still experience the same problem.

I notice that the problem only exists with one particular credit card, and
as luck would have it its the exact credit card that I want to focus on. I
put in that I want to pay $50 per month for example, but it comes up with a
one time figure of $1100 and tells me that the debt will be paid off in 1
month. It doesn't matter how many times I adjust it, I get the same figure.

I have also tried deleting and re-creating the account, but I get the same
problem and have also tried skipping over the current month and making the
first payment due next month (February), but same thing.

It's so frustrating. I bought Quicken about a 2 months ago to avoid all of
this, but I find Microsoft Money better. If only it would work.

Any other suggestions????

Jamie


"Stephen" wrote:

> This problem has been frustrating me for some time now and I tried your
> solution and it did not work. When I try to set up a debt reduction plan
> (Money 2004 standard OEM edition) for a credit card with a balance of say
> $3000 and a payment of $100 due over a month in advance it still ALWAYS gives
> a payment of the entire $3000+interest in the first month and tells me I will
> be paid off in a month. I have tried fixing this a few different ways and
> nothing seems to work. Any help would be greatly appreciated.
>
> "Nikki" wrote:
>
> > Hi,
> > I have had the same problem and had it with Money 2004 too. I got 2006
> > hoping the problem would be resolved but found it still there. So I went to
> > the on-line chat support for help---although the final resolution was
> > discovered by me, I do not think they would have figured it out. It turns
> > out the debt planner is not to smart. When you set it up make sure that all
> > accounts do not have a next payment due date until the next month. For
> > example -- three accounts- today is July 23rd - when setting up the debt
> > planner all payments must be due Aug 1st at the earliest. Even if one of the
> > accounts still has one due July 31st. If say my Macy's account has a payment
> > due July 31st and the other two accounts are not due till Aug sometime then
> > the debt planner will come up with this crazy one time payment due July 31st
> > for the Macy's account and then resume the plan for August. What a bugger
> > since this has frustrated me for over a year now. Good luck!!
> >
> > Nikki
> >
> > "Capskinwiz" wrote:
> >
> > > When I work out a plan for debt reduction, it keeps adding $350 to the first
> > > month of the plan. So for example if I want to pay $263 per month it comes
> > > up with $613. On my old Money 2003 I had worked out a plan paying $350 per
> > > month, but I deleted the account so I don't understand why it seems to have
> > > that number locked in. Any thoughts?

Becky
Sun Jul 13 09:40:02 CDT 2008

I am having the same problem. Has anyone found a fix? I have tried creating
the debt in a variety of ways, but I still am having problems getting this to
work properly.

Thanks for any help.


"A guy from OZ" wrote:

> I am using the Microsoft Money 2005 Deluxe (Australian) and I am
> expericincing the below problem. I have tried many fixed including the one
> suggested by Nikki, but I still experience the same problem.
>
> I notice that the problem only exists with one particular credit card, and
> as luck would have it its the exact credit card that I want to focus on. I
> put in that I want to pay $50 per month for example, but it comes up with a
> one time figure of $1100 and tells me that the debt will be paid off in 1
> month. It doesn't matter how many times I adjust it, I get the same figure.
>
> I have also tried deleting and re-creating the account, but I get the same
> problem and have also tried skipping over the current month and making the
> first payment due next month (February), but same thing.
>
> It's so frustrating. I bought Quicken about a 2 months ago to avoid all of
> this, but I find Microsoft Money better. If only it would work.
>
> Any other suggestions????
>
> Jamie
>
>
> "Stephen" wrote:
>
> > This problem has been frustrating me for some time now and I tried your
> > solution and it did not work. When I try to set up a debt reduction plan
> > (Money 2004 standard OEM edition) for a credit card with a balance of say
> > $3000 and a payment of $100 due over a month in advance it still ALWAYS gives
> > a payment of the entire $3000+interest in the first month and tells me I will
> > be paid off in a month. I have tried fixing this a few different ways and
> > nothing seems to work. Any help would be greatly appreciated.
> >
> > "Nikki" wrote:
> >
> > > Hi,
> > > I have had the same problem and had it with Money 2004 too. I got 2006
> > > hoping the problem would be resolved but found it still there. So I went to
> > > the on-line chat support for help---although the final resolution was
> > > discovered by me, I do not think they would have figured it out. It turns
> > > out the debt planner is not to smart. When you set it up make sure that all
> > > accounts do not have a next payment due date until the next month. For
> > > example -- three accounts- today is July 23rd - when setting up the debt
> > > planner all payments must be due Aug 1st at the earliest. Even if one of the
> > > accounts still has one due July 31st. If say my Macy's account has a payment
> > > due July 31st and the other two accounts are not due till Aug sometime then
> > > the debt planner will come up with this crazy one time payment due July 31st
> > > for the Macy's account and then resume the plan for August. What a bugger
> > > since this has frustrated me for over a year now. Good luck!!
> > >
> > > Nikki
> > >
> > > "Capskinwiz" wrote:
> > >
> > > > When I work out a plan for debt reduction, it keeps adding $350 to the first
> > > > month of the plan. So for example if I want to pay $263 per month it comes
> > > > up with $613. On my old Money 2003 I had worked out a plan paying $350 per
> > > > month, but I deleted the account so I don't understand why it seems to have
> > > > that number locked in. Any thoughts?