Frequently Asked Questions

Your Fast Pay Plan

What is my Fast Pay Plan?
Your Fast Pay Plan is a personalized debt pay off plan you create as part of Primerica DebtWatchers. Following the plan may allow you to pay down your debts more quickly and save money on interest. The Fast Pay Plan Wizard imports debts you want to include from your Equifax Credit Report™, and allows you to include debts that do not appear on your Equifax Credit Report. Once you complete the necessary information about your debts that you want to include in your plan, the Wizard calculates an optimal order in which you could pay off the debts in your plan and applies a payment strategy known as “debt stacking” to help you see how you may be able to accelerate paying off your debts.

How does Debt Stacking work?
Debt stacking is a payment strategy that is designed to help you see how you may be able to pay off your debts more quickly. When you pay off your first debt, the amount you were paying toward that debt is added to the amount you pay towards the next debt on your list. By paying more on that second debt, you can accelerate the pay off of that debt. When that debt is paid off, you apply the amount you were paying toward it to the next debt on your list. The total amount you pay each month toward debt in your plan never changes, but the speed with which you start to pay down your debts increases over time as you begin to pay off your debts. When you get to your last debt, the total monthly amount is applied to this one debt each month until it is paid off.

See Debt Stacking in Action

What types of debts can I include in my Fast Pay Plan?
The Fast Pay Plan can support just about any debt that appears on your Equifax Credit Report™. Only accounts with balloon payments or multiple interest rates are not supported. However, you will have to decide which debts you want to include and you may not want to include all debts that are supported. The Fast Pay Plan Wizard will provide you with information on how the plan calculates different types of debt and you can decide which debts you want to include in your plan and which ones you want leave out.

Can my Fast Pay Plan include debts not found on my Equifax Credit Report™?
Yes. If you have debt that isn’t reported to Equifax or perhaps a debt that you are responsible for or are making payments on that appears on your spouse’s credit report, you may include that debt in your plan as an Additional Debt. However, since that debt isn’t reported to Equifax, you will need to update your balance manually every month on the Plan Summary tab to keep your status current.

Additional Debts that you include in your Fast Pay Plan are not added to your credit report and do not impact your credit score.

What additional information do I need to enter for debts in my Fast Pay Plan?
Some details are pre-populated from your Equifax credit file, but you will need to add information, such as interest rate and any special terms (such as promotional interest rates). In some cases you may need to edit the information that was pre-populated, such as if your current account balance is different from the balance that was last reported to Equifax. You should only need to edit this information when setting up your plan for the first time. Going forward, you should only edit this information if you decide to create a new plan. It’s a good idea to have a current statement and/or customer service phone number handy for any accounts you intend to include in your plan.

Mortgage – You will need to know what type of mortgage you have, the interest rate, any special terms and what your Escrow (if any) and Principal & Interest payments are. Your escrow amount is typically included in the amount reported to Equifax every month, but your escrow amount will need to be broken out in the Fast Pay Plan Wizard.

Revolving and Installment Accounts – You will need to know your current interest rate and details on introductory periods if you have any. Many times this information is not included on your statement and you will need to contact your creditors’ customer service department.

Additional Debts – You will need to know the debt’s balance, the amount of your payment, the interest rate, and type of debt. This could include debts in a spouse’s name, a personal loan, or simply debts that are not reported to Equifax.

What if the balance from my Equifax Credit Report doesn’t match the balance on my last statement?
The date creditors report to Equifax is not always the same date that your last statement was created. The balance on your Equifax Credit Report reflects the balance as of the date the creditor reported to Equifax – which may or may not be the same date your last statement was created. When setting up your Fast Pay Plan you should enter the most current balance for the debts that you included in your plan (the more current the balance, the more accurate you plan will be). Going forward the Fast Pay Plan will
compare the most current balance reported by your lenders with the plan balance of the same month for each debt, letting you know if you’re on plan each month.

Does the Fast Pay Plan support interest only debts?
Yes. Mortgages where the monthly minimum payment covers only the interest due are supported. However, you will need to provide additional information to accurately determine your interest savings and debt pay off date. When adding or editing account details for interest only debts, you will need to provide the length of the interest only period, the duration of the loan, and the date the original loan was opened.

Does the Fast Pay Plan support “no interest until” or “no payments until” debts?
Yes. Debts that offer special introductory payment options where the interest rate or minimum due each month changes after a certain period of time are supported. However, additional information is necessary to accurately determine your interest savings and debt payoff date. The Fast Pay Plan Wizard will prompt you for the information needed. When adding or editing account details for introductory period debts, you will need to provide the interest rate and monthly minimum payment during and after the introductory period, the end date of the period, and whether interest accrues during that period.

If your debt had an introductory period but that period has expired, you do not need to enter the introductory period details.

How does the Fast Pay Plan handle accounts with variable or introductory interest rates?
The Fast Pay Plan relies on a fixed interest rate over the course of the loan to determine the payoff date. Even a slight change to your interest rate can impact the account payoff date and amount due every month, so it is important that you update your interest rates so that your plan payoff dates can be recalculated if your interest rates change. However, loans that have an introductory period where the interest rate changes once are supported without recalculating your plan as long as you’ve set that account up in your plan to have an introductory period.

Are mortgage loans with balloon payments supported?
Balloon payment loans are not supported at this time. If your mortgage has a balloon payment, you will not be able to add it to your Fast Pay Plan.

Why is the Fast Pay Plan not able to calculate a pay off date for one of my loans?
Some loans are negatively amortized, meaning the monthly minimum payment required is too small to cover the interest rate for the loan. If you have a loan like this and are not currently paying enough extra each month to cover the interest, you will need to add enough extra to the Additional Monthly Payment field for that account to make up the difference.

This may also happen if you mistype an interest rate or monthly minimum. If you don’t believe you have a negatively amortized loan, you should recheck your entries.