Set Target Value for Direct Debits


I have a direct debit that monzo tracks the history of already, but it would be great to have a ‘target value’ for it. What I mean is, it would be cool to set a value in the monzo app that the direct debit actively contributes towards.

Say for example I have a £12,000 loan, and that loan is paid as £1000 per month as a direct debit. I would like to set that £12,000 value in the monzo app against the direct debit, and watch as the number goes down each month as my direct debits are paid.

Another example: Someones parents/guardians by them a first car, that someone could set the amount paid for the car in the monzo app, and then set up a direct debit back to their parents/guardian aginst that amount, so that they can see how many more payments they need to make before it is all paid up.

It would be cool to have this as another card in the main account view, alongside my savings pots, connected bank accounts and current account. Yes, I realise that I could also get this by connecting my bank accounts into the app, but my loan provider isn’t supported, and I figured while monzo figures that out, this would be a nice stop gap solution.

Standing order, not direct debit.

Standing order you control, direct debit a business takes once an agreement is in place.

Manual accounts have been requested many times, but save complexities monzo probably won’t entertain.

They can however see mortgage data and end dates etc so adding loans in a similar format wouldn’t go a miss.

Yes, however Direct Debits still can go towards paying off a large amount (such as a loan or payment schemes)

It would just be nice to track the number that those payments are going towards just as an integer/float number that you can set yourself.

I do agree that more loan companies would solve some of this, but I doubt Monzo would ever cover all of them :confused:

You can (sort of) already do this.

Tap your direct debit, scroll down and it will tell you how many payments you’ve made, average and total spend.

Not sure if it works for S/O as I don’t have any.

True, I just don’t want to do the maths every time :sweat_smile: