How to Requests for a Payment Holiday from the Borrower's Portal
Introduction
If for some reason the borrower cannot perform a loan payment on the Due Date, they can request for a rollover from the Borrower’s Portal. Such a request has to be confirmed by a Back-Office employee. Requesting a payment holiday is a great option, as the borrower won’t have to pay Past Due fees and won’t spoil the credit history.
Keep in mind, that for some types of loans (credit products) payment holidays may not be available.
Request a Payment Holiday
In order to request a payment holiday, open the Borrower’s Portal and go to the page of this particular loan. Click the “Request payment holiday” button in the top right corner.
Servicing loan details, and go to the Payments tab. Click the “Payment holiday” button
In the emerged window, click the calendar icon and select new Due Date in the emerged calendar.
Payment holiday requests will be sent to the Back-Office.
Once the decision has been made, the borrower is notified by an Email.
Error Messages
Payment holiday request will not be applied and a corresponding error message will appear if the request contradicts one of the rules defined for the loan, namely:
If there is too little time left before the payment
If the requested payment holidays are too long
If payment holidays have been requested for this loan for too many times.
If the borrower cannot meet the defined settings, they should contact the Back-Office.
Recall the Payment Holiday Request
Until the Payment Holiday has been approved, the borrower can recall it using the button in the top right corner.