Debt Repayments


(Kenneth C Lawrence) #1

I would love to see the ability to set a transaction against a debt to show I am paying it off.

Currently I have a few creditors I am in the process of paying back, whether it act like a pot of elsewhere, creating a target of £500, and paying off £50 a month, link the two, so after month one, it’ll only show as £450, following month £400.

Just a thought, but would be of incredible help to myself, and I am sure others :slight_smile:

EDIT: I guess I mean less pot, and more like “total spending to merchant”, I’d want as a minus figure (my debt value), so I can see when the debt is finally at £0.

As I currently have 11 creditors I’m paying off, it is hard to do in reverse (see how much I’ve sent them) as they all have different values. But maybe being able to mark as a “debt”, and have a “debt value” and “total spent to merchant” could work.

Any other thoughts/ suggestions?


#2

Sounds like a job for Yolt. Integration between different accounts.

Otherwise in Monzo, tap on a transaction and it shows the total you have sent to that place/merchant.


(#savetheseabass) #3

Let’s see if I understand
Have a target pot labelled ‘repayment’, set the target to £500. Money gets passed to that pot (say a % on income to account or manually added) and at increments it gets automatically sent to the card or whatever you’re paying?
Genius, I’d like that but I’d think it would be very hard to implement


(Kenneth C Lawrence) #4

I know a future plan is to have account numbers for pots, so bills can come out of them.

I guess I mean less pot, and more like “total spending to merchant”, I’d want as a minus figure (my debt value), so I can see when the debt is finally at £0.

As I currently have 11 creditors I’m paying off, it is hard to do in reverse (see how much I’ve sent them) as they all have different values. But maybe being able to mark as a “debt”, and have a “debt value” and “total spent to merchant” could work.


(#savetheseabass) #5

No, I like it, and to see the debt reducing is one of the best feelings in the world


(Duncan) #6

Are you sure that’s the case? I’m not sure I saw a commitment to providing them anywhere on the roadmap, ever? But I would also dearly like them.


(Duncan) #7

This is a great idea. Monzo wants to get all up in your entire financial life - although the mission has been changed to be more broadly palatable, building a “financial control centre” is still at the core. And not capturing that a series of payments are grouped together towards the goal of a large repayment (you’re right, it’s like an inverse pot) is definitely a total blind-spot for Monzo right now. And it’s not just aligned with making a better product for users, it’s also 100% aligned with their business model (take a cut on referrals) - if you have, as the original poster has, 11 creditors, and you tell Monzo that each is a debt, then Monzo can suggest consolidating them together with x, y, z providers, and take a cut from that referral (and perhaps the user can get a better rate, better management of their debt, and pay it back faster as a result). Build it Monzo! :grin::grin::grin:

Another related thread.