I have two different kinds of debts (purchases) I am paying down now.
One is standard case where interest accrues immediately (a 12-month Easy Payments plan)
The other is a no-interest-if-paid-within-6-months deal.
Having this arrangement makes payments complicated.
But let's look at the reporting. The report ("PayPal Credit full statement") doesn't show at all how a payment is allocated between the two purchases to pay on interest and how the principals are paid down thereafter. Borrowers like me like to see how payments are utilized: first to pay down any accrued interest, and then how is it distributed between the two (or more) principals. It means I want to see the principal from the previous month, and the new principal of what gets paid down with this month. That's really not all apparent. I have to dig up last month's report and set up an Excel worksheet, and I shouldnt have to do that.
I think the report ("full statement") designers need to set up new business requirements and set up a change instrument to their systems group.
The user interface should also be improved to lay out a re-payment schedule for debts (purchases) in various re-payment classes. I have only indicated two. Additionally the interface should offer the user a what-if presentation as to how a payment will be allocated to the various debts/purchases, and before the PAY button control is clicked.
I don't know about PayPal also having a policy for a directed allocation. For example, suppose Purchase 1 has a $250 principal and $5.00 accrued interest. Purchase 2 is a no-interest-in-6-months debt and has a remaining principal of $125 in its 5th month. Now suppose the borrower pays $175. The interest on Purchase 1 gets paid first, so there is now $170 left. Suppose the borrower wants Purchase 2 ended, and to direct $125 of the $170 to that, leaving $45 to pay down Purchase 1 prinicpal. Is that done? Don't think so.
"Life made easy" can be an associated motto for PayPal
