Repayment Date: Date when the payment was done.

Introduction

Understanding Repayment Modes

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• Name and Description of the mode: They are displayed when selecting how the payment shall be allocated. It is important that other users and customers can understand what this mode is dedicated for

• Availability: Defines if this mode can be available for customers and/or back-office users (company employees) - ADD DROP-DOWN OPTIONS TOPICAL FOR EACH CASE

• Max payment amount: For some modes it is important to define a repayment limit. This way you can ensure that there are no left-over funds after all the steps of the mode have been performed.

• Steps: Ordered list of repayment and recalculation steps.
  The user can easily add steps from the dropdown at the bottom of the following form. The logic of steps performance and types of steps are described further in the document.

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The system performs repayment steps in the order of their placement on the list until whole payment amount is used up, i.e.

1. The If the steps is valid, the system tries to cover the amount required for step.

   1. If the amount is not enough to cover the step in full, it covers it in part and moves on to perform the remaining recalculation steps in the corresponding order. It does not perform any other repayment steps.

   2. If the amount is enough to cover the steps in full, the system covers the step, and

      1. If the next step is a repayment step, the system tries to perform it (as in 1)

      2. If the next step is a recalculation step, the system performs it

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Due Date: The day on which the installment has to be paid-off in compliance with the payment schedule for the loan.

I’d suggest then adding such sections:

Early repayments

On due-date repayments

Delayed repayments

Recalculation

Early repayments

If an early repayment step has been selected, it will be applied only if the Repayment Date precedes the Due

CurrentDebtStep → Current installment

Info text: Use the available amount to cover the fees, interest and then (if possible) the principal of the instalment that has started and has not finished before or on the Repayment Date 

CurrentRecalculateStep → move to Recalculation Steps

EarlyPayCurrentDebtStep → Current fees and interest

Info text: Use the available amount to cover the fees and interest due for the instalment that has started and has not finished before or on the Repayment Date 

 ExtraOverpaymentStep → Future principal

Info Text: Use the available amount to cover the current installment and then (if possible) cover the remaining principal of the loan in part or in full.

FutureDebtStep → Future installments

Use the available amount to cover upcoming installments starting with the next one.  (The fees and interest and then, if possible, the principal of the nearest installment, then of the next installment after next, etc.)

FutureDebtReversedStep → Future installments reverse

Use the available amount to cover upcoming installments starting with the last one.  (The fees and interest and then, if possible, the principal of the last scheduled installment, then of the one before last, etc.)

InitialPaymentStep → Initial payment

Use the available amount to cover all and any fees accrued before the start of the first installment.

PastDueDebtStep →  Past installments

Use the available amount to cover the fees, interest and then (if possible) the principal owed on the Repayment Date ??? ВОПРОС - do we first pay the fees, interest and principal of the most overdue installments, then of the next one, etc. Or do we cover all the fees due, then all the interest due and then all the principal due on the Repayment Date?

• Cover the overdue payments missed in the past starting with the fees. 

Use the available amount to cover

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RemainingCurrentPrincipalStep 

suggested screen name: Current Installment Principal 

suggested description: Available repayment amount is used to pay off the principal due for the installment actual for the Repayment Date

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--- Past Debt Payments ---
Name: Pay Debts (PastDueDebtStep)
Description: Cover the fees, interests and principle payable on the Repayment date (in the payment priority order)

Name: Pay Special Fees (SpecialFeesStep)
Description: Cover special fees payable on the Repayment date (in the payment priority order)

Name: Pay Postponed Fees (PostponedFeesStep)
Description: Cover postponed fees payable on the Repayment date (in the payment priority order)

--- Current Installment Payments ---

Name: Pay Current Installment Fees (EarlyPayCurrentDebtStep)
Description: Cover the fees and interests payable for the current installment and accured before the Repayment Date. Applied if the Repayment Date preceed Due Date of the installment.

Name: Pay Current Installment Principal (RemainingCurrentPrincipalStep)
Description: Cover the prinicipal scheduled for the current installemnt (as should be payable on the due date). Applied if the Repayment Date preceed Due Date of the installment.

Name: Pay Current Installment Due
Description: Cover the fees and principle payable for the installment. Applied if the Repayment Date is the same as the Due Date for the installment.

--- Future Payments ---
Name: Pay Future Installments(FutureDebtStep)
Description: Cover fees, interest and principal installment by installment from the nearest to the next one.

Name: Pay Future Installments from the Last (FutureDebtReversedStep)
Description: Cover fees, interest and principal installment by installment from the the last to the one before last, etc.

Name: Pay Leftover Principal (OverpaymentStep)
Description: Cover the principal payment leftover on the date of the Repayment

Name: Pay Leftover Fees (PayShiftedStep)
Description: Cover the fees (in the priority order) that have been scheduled before the Repayment Date (regardless of the due date)

RECALCULATION AND BALANCING

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