Multiple Loans, one payee, one payment

Multiple Loans, one payee, one payment

Post by D » Tue, 29 Jun 1999 04:00:00



I have 2 loans at 2 different interest rates at the same financial
institution, but which are paid with one check/transaction. Money99 FS has
required me to set up the loans separately, but then it won't allow me to
take the one payment and apply it as a "Loan Payment" to both loans.... Is
there some way around this without resorting to writing 2 checks each month
just to satisfy Money? Thanks.
 
 
 

Multiple Loans, one payee, one payment

Post by Richard Bollar, MV » Wed, 30 Jun 1999 04:00:00


Create another account for holding the loan payments.  Transfer your payment
to the holding account.  Then make the two loan payments from the holding
account.

--


> I have 2 loans at 2 different interest rates at the same financial
> institution, but which are paid with one check/transaction. Money99 FS has
> required me to set up the loans separately, but then it won't allow me to
> take the one payment and apply it as a "Loan Payment" to both loans.... Is
> there some way around this without resorting to writing 2 checks each
month
> just to satisfy Money? Thanks.


 
 
 

1. Multiple loans - One payment

Platform: Money 99

I was lucky (!?!?) enough to collect 4 different student loans to put me
through school.  Two of these loans come from the same lender and are
billed at the same time.  However they both have different terms and
interests.  I haven't found a particularly good way to handle payments.
I came up with two options:

- Dump both loans into one loan account, and every time I pay I manually
enter interest and principal.  Of course the debt planner doesn't make
much sense, since it doesn't know that one loand finishes in 5 years and
the other in 10.  I can get it to come up with decent approximations of
interest by switching the interest rate once in a while so that the
interest _payment_ matches what I'm actually paying.

- Alternatively I can set up two different loan accounts, one for each
loan.  In addition I set up a dummy cash fund.  When I make the check
payment, I first transfer the entire amount to the dummy cash account,
and then make the two separate payments from the dummy account.
Drawback with this is the huge amount of time invested to get it to
work.

Any other suggestions?

Thanks!

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