Processes
Consumer Loan Refinance
Purpose A Fixed Loan may need to be refinanced due to: Debtor hardship so the same outstanding amount needs to be repaid over a longer period Debtor wants to top up their Loan In either circumstance the steps are the same Process Identify the ...
Fixed Loan Early Termination
Purpose To calculate the termination amount, and post the transactions required to terminate the account Timing Termination of the loan will usually occur when the client has paid the termination amount due. The current ledger will have a credit ...
Export Fixed Loan Arrears Details
Purpose Exports the Fixed Loan Arrears details to a file that can then be imported to an external system or viewed within Microsoft Excel Process Fixed Loan | Export Arrears Details Report Report Specific Parameters Field Explanation Arrears Days < ...
Processing Account Overdue Letters for Consumer Loans
Purpose Details the search criteria required to review overdue letters for compliance with CCCFA regulations. Repossession Warning Expiry If a repossession notice has not been sent within 60 days of the Repossession Warning, then the Repossession ...
Changing the Override Rate
Purpose Override Rates are not date sensitive, so any change to the rate will be back dated to the accounts open date To overcome this, Interest Profiles can be applied to the account, by following the below process. Access [F2] on the Interest ...
Fixed Loan Post Instalments Due
Purpose Post Instalments due up to and including the posting date on Fixed Loan accounts Timing This process is run daily Access Fixed Loan | Post Instalments Due Process The posting date will default to yesterday’s date
Fixed Loan Manual Account Close
Purpose To close any Fixed Loan Account before any instalments are posted (account incorrectly established) Timing May be run at any time, but must be before instalments post Access Fixed Loans | Process Field Explanation Fixed Loan - Thanks You ...
Create Marketing Communications
Purpose Allow marketing letters to be created based on completed parameters. Selection parameters allow a refining of performing loans for which associated clients may be offered further finance. Rules used will be dependent upon each business ...
Calculate Arrears
Purpose A powerful arrears calculator function is available in the Fixed Loan Enquiry screen The calculator allows a credit controller to give a precise quote of an expected payment to a client for a future date, taking into account whether ...