Strategic payment allocation system

• US 20060095371A1
• Filed: 10/29/2004
• Published: 05/04/2006
• Est. Priority Date: 10/29/2004
• Status: Abandoned Application

• Current Assignee: Nixon Jean-Baptiste
• Original Assignee: Nixon Jean-Baptiste
• Inventors: Jean-Baptiste, Nixon
• Application Number:
  US10/977,358
• Publication Number:
  US 20060095371A1
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

The present invention is directed to a method for managing and paying off a plurality of loan debts comprising the following debts a) Identifying the debts with the highest periodic interest expense; b) determining an extra payment value to be placed; c) making a payment of the debt with the extra payment to be paid on the debt with the highest periodic interest payment; d) paying off the payment with the highest periodic interest payment; and e) paying the payment on the first debt and the extra payment on the debt with second highest periodic interest payment.

Claims

1. A method for managing and paying off a plurality of loan debts comprising the following debts:

a) placing the debts in a descending order according to their pay off period;

b) determining an extra payment value to be placed;

c) making a payment of the debt with the extra payment to be paid on the debt with the shortest term;

d) paying off the debt with the shortest term; and

e) applying the payment for the first debt and the extra payment on the debt with second shortest term.

2. A method for managing and paying off a plurality of debts comprising the following steps:

a) placing the debts in descending order according to their interest rates;

b) making a payment on the debts and adding a supplemental payment on the debt with the highest interest rate so as to pay off that debt first;

c) making a payment on the next highest debt according to interest rates and applying the supplemental payment and payment for the debt with the highest interest rate; and

d) repeating steps (a) through (c) until all debts are paid off.

3. A method for managing and paying off a plurality of debts comprising the following steps:

a) placing the debts in an according to their periodic aggregate amounts;

b) making a payment on the debts and adding a supplemental payment on the debt with largest periodic aggregate amount rate so as to pay off that debt first;

c) making a payment on the next largest periodic aggregate debt and applying the supplemental payment and payment from the largest periodic aggregate debt; and

d) repeating steps (b) through (c) until all debts are paid off.

4. A method for managing and paying off a plurality of debts comprising the following steps:

a) placing the debts in an according to their periodic interest expense amounts;

b) making a payment on the debts and adding a supplemental payment on the debt with highest periodic interest expense amount so as to pay off that debt first;

c) making a payment on the next highest interest expense debt and applying the supplemental payment and payment from the highest periodic interest expense debt; and

d) repeating steps (b) through (c) until all debts are paid off.