Tracking Your Progress
How does DebtWatchers help me track my progress against my Fast Pay Plan?
You can track your progress by comparing the actual balances on your account statements with the expected balances in your Fast Pay Plan.
When you make a payment on any of these accounts you must update them by entering the new balance on the Plan Summary tab of your product.
What is the difference between a Target Account and Remaining Account(s)?
The Target Account is the account that you are currently working towards paying off while you continue to make payments on the remaining debts in your Fast Pay Plan. Using the debt stacking payment strategy, when the Target Account is paid off, you apply the monthly payment you were paying towards the Target Account to the first account in your Remaining Debts and that account then becomes your new Target Account. When this new Target Account is paid off, the next Remaining Debt becomes your new Target Account, and so on, until you have paid off all of the debts in your Fast Pay Plan.
How does DebtWatchers help me determine if I'm "on plan" or "off plan"?
When you access your Fast Pay Plan you will be prompted to provide updated balances for the debts in your plan. Once the new balances are entered the Fast Pay Plan will recalculate a new Project Payoff Date and Total Interest Paid. By comparing that information from the last time you provided updated balances you'll be able to determine if you are still on track or not.
Why doesn’t my Equifax Credit Report show the latest payment I made?
Most creditors who report their data to Equifax only report to Equifax once a month, regardless of when you make your payment. If your last payment to a creditor was made after the creditor last reported to Equifax, the payment will not be reflected until the next time the creditor reports to Equifax.
What if the amount the Fast Pay Plan indicates I should pay is lower than the minimum payment due for a debt?
You should ALWAYS pay at least the minimum amount due to the creditor to avoid a late payment or other penalties. If the minimum payment due to your creditor(s) is higher than the payment amount indicated in the Fast Pay Plan, this could be due to terms changing on your account that were not changed in your Fast Pay Plan (for example, an interest rate increase) or if your account becomes off plan.
Can I make changes to my Fast Pay Plan?
Yes. You can modify any of the information included in your plan. As you edit the information for each debt, the Fast Pay Plan will recalculate and display the new debt pay off date and payment schedule based on your new input.
What should I do if my interest rate or other terms of an account changes?
Because even a slight change to an account’s interest rate can impact the pay off date and the amount due every month, it is important that you keep your plan up-to-date with the most up-to-date terms of each account. When you change terms that impact your loan pay off date or interest to be paid, it requires creation of a new Fast Pay Plan. Other changes that require creation of a new plan include an increase in your monthly minimum payment due and a change to the length or terms of your introductory period. If your monthly minimum payment decreases - you may not want to update and create a new Fast Pay Plan. For example, as you pay down revolving accounts the monthly minimum payment required by your creditor(s) will likely decrease. To keep revolving accounts on track with your plan, you will need to pay the plan amount if the plan amount is greater than the minimum payment that your creditor(s) requires.
A good rule of thumb is: Pay the plan amount or the minimum amount due, whichever is greater.
Please see important disclosures.