Create "Create Plan" Option Under Payment
Wonderful job on the improvements over the past few months. I really appreciate the support I have gotten using this wonderful service!
I recently needed to borrow a good amount of money from my father as I am between jobs. Right now there's a huge balance, but there's also an understanding that I will pay him back over time now that I've found gainful employment.
This debt is the only thing I don't have a website to go to that tells me what my minimum payment is. I know that other debt situations with my friends/family in my life would have been much more effectively paid for if there were some calculation of interest. What I suggest is creating a third option in the "Settle Up" Menu called "Create Plan".
This would take you to a page that asks how long would you like to take to pay it off, a box for an interest rate, and a penalty for late payment (the last two can be left blank).
An email would be sent to the other person/people involved in the debt and take them to a page where the information of the plan is clearly laid out. It would be great to display things like "amount earned through interest", "schedule of monthly payments" which would show the dates of each payment's posting and would show an amount that would factor in interest (if necessary), and "options of monthly payments" so the person receiving the proposal could choose the payment plan that fits with his/her own budget.
Once terms are agreed upon, it then takes the balance and shows it somewhere else, like a second personal page for the other people involved in this debt (not the user). Going forward, the minimum payment appears as real debt on the first of each month. Any reported payments above that just adjust the principle of the full debt.
Thank you for your time! I hope this feature becomes a reality!
We’ve been using Splitwise for this kind of thing internally for a while, so this could be something we add in the future, though it seems like a rarely used feature.
Ram prasath commented
A random scenario:
Two friends or siblings planning to take two loans for buying a house/land worth 30 Lakhs, but because of some bank protocol, only one loan got approved. Hence, 1 person got the entire loan and decided to pay the EMI (25k). Both bought the property and agreed to a condition that the other person transfers the equal share of the EMI (12.5k) to the first person every month.
In this scenario, I request Splitwise to provide a solution how much each of them has to pay if either one of them doing part payment on a monthly, quarterly, or yearly basis.
Seria bueno poder cargar además de los gastos usuales, gastos que se paguen con tarjeta de crédito en cuotas por ejemplo. En ese caso quedaría registrado deuda a futuro dado que cada cuota mes a mes se divide entre los usuarios
Raymond Zano commented
(Values are hypothetical only)
I just paid our one year internet subscription (discounted to $360) and will be shared with my 2 other housemates. I agreed that they will pay me monthly for the next 12 months with our discounted amount. That is, I should receive $10 from each of them for the next 12 months. Currently, your app only caters to one-time payments. Can you create a functionality that can accommodate installment payments? This will helps situations as shared above.
Renato Dop commented
Is there a way to add a purchase in installment? Today I can add month after month, but it affects the total that my friend needs to pay me in the current month.
It could be possible to schedule a purchase to another month? It could be useful to solve my problem.
Please help me.
Richard Alexandre commented
look the situation.
sometime have to pay a bill splited in some months. for example I buy a laundry machine por 1200 splited in 6x200. So, I'd like to split the expense for an specific period of time.
At our house, two of us have paid the house deposit equally upfront, while the third is repaying 1/3 of the deposit back to each of us over the 12 month lease. Currently, there is no way to track this situation without cumbersome "ghost" bills that make expenditure analysis useless. A way to set up repayment schemes or perhaps person-to-person billing would be helpful.
Seba Otte commented
I want to add an expense to be paid in 'x' times, I bought 1000 usd today, to be paid in 4 times I want the app to automatically add a expense of 250 usd for the following 4 months and not one of 1000 for this month.
I would be interested in a feature that enables you to limit recurring payments to a certain number. For example, if someone owes me $500, we could set up a recurring payment at $100 per month for 5 months. Thank you!
Anup Shenoy commented
Provision for providing payments in equal installment
I haven't seen that there is option for EMI. Suppose I have given money to some one and he will repay me on the monthly basis.
I think there should be calculator for EMI calculation with some interest or without interest.
Thanks & Regards,