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

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

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

Name: Pay Current Installment Duecurrent installment due debt
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 Installmentsfuture installments(FutureDebtStep)
Description: Cover fees, interest and principal installment by installment from the nearest to the next one.

Name: Pay Future Installments future installments from the Last 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 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

CurrentRecalculateStep 

suggested screen name: Recalculate Installment

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Recalculation Steps

Name: Recalculate current installment (CurrentRecalculateStep)
Description: Recalculate fees and interest for the installment

suggested info text:  Apply the step after Current Installment Principal  or Current Installment Full  to recalculate outstanding fees and payments for the installment. Don't add the step to keep the initial payment schedule.

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suggested screen name: Recalculate Loan

suggested description: Recalculate the loan schedule

suggested info text:  Apply the step to recalculate the loan schedule if the repayment amount was used for any early payments. 

Options: 

suggested selector info text: Decide how the payment schedule shall be updated if the total due amount is changed. 

Option 1

Current name: Keep initial value

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Option 2

Current name: Recalculate always

Suggested name: Reduce payments

Suggested hint: Loan payment schedule stays the same

• Availability  

Hint: If you choose Back – only your staff can log repayments. If you choose Front – borrowers can do it themselves. 

• Steps hint: Prioritize or remove steps of the repayment mode in a way that reflects the order in which you’d like to cover what is owed to you including all the fees, interest, and principal of the loan.  

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

• Current principal early payment 

Covers the principal debt accrued as of the repayment time in the current installment. 

• Recalculate current installment 

Recalculates the sum owed within the current installment. This affects the fees and interest to be accrued as they are based on the reduced principal. 

• Remaining recalculate step 

Recalculates all future installments if there has been an overpayment which reduced the principal. 

• Future debt  

• Future debt reversed 

Covers upcoming installments starting with the last one without recalculating the schedule. 

• Payoff  

Standard payoff of the whole loan.  

• Special fees 

Covers all the accrued special fees in the specified order. 

• Postponed fees 

Covers all the postponed fees in the specified order.  current installment. Recommended for use after the Current Installment Payments steps.

Name: Balance current installment
Description: Recalculate fees and interest for the current installment and move them to postponed fees if their leftover amount is less than the equal payment. Recommended for use after the Current Installment Payments steps.

Name: Recalculate future installments
Description: Recalculate future installments in consideration of the part paid-off for the future. Recommended for use after the Future Payments steps.