Page Comparison

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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 web-portal users customers and/or back-end office users (company employees) - ADD DROP-DOWN OPTIONS TOPICAL FOR EACH CASE

• Max payment amount: For some modes it is important to define the amount that shall not be exceededa 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 continues, until the repayment amount is used up and all recalculation steps are performed.

Repayment Steps List

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Repayment Steps

To understand the repayment steps, it’s important to be aware of the following terms:

Repayment Date: Date on which the transaction has been made (via a payment system) or date with which the transaction has been registered in the system manually.

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

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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?

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