Debt Management

There can be cases when for different reasons a customer for some reason cannot make an upcoming or past payment. TurnKey Lender supports different ways of coping with the situation that can be registered in the Servicing and Collection workplaces.

1. Payment holiday: Used to move forward the future payments. Basically, if the Lender wants or agrees to free the customer from payments for a specific time period, this can be registered in the system as a Payment holiday.
   The Lender can define if they keep accruing the interest during each specific Payment holiday.

2. Promise to Pay: Used when there are past due payments. Basically, if the Lender agrees to wait for the payment till a specific date, this can be registered in the system as a Promise to Pay.
   The Lender can define if they keep accruing late fees and late interest during the period until the promised date.

3. Restructuring the loan: Used when the lender is ready to review the loan conditions. Technically, restructuring is a provision of the Borrower with a new loan that fully covers the outstanding balance on an existing active or past due loan.