Transaction Type | Description | Balance | Fee Balance | Arrears Balance | Overpay Balance |
ArrearsAdjustment | Any transaction that results in an adjustment to the existing arrears value. | Increase | |||
ArrearsAdjustmentOnInterest | Any interest transaction that results in an adjustment to the existing arrears value | Increase | |||
ChequePayment | Purchase a finance agreement and pay borrower by cheque | Increase | |||
DirectCreditPayment | Purchase a finance agreement and pay borrower by direct credit | Increase | |||
DirectDebitReceipt | Borrower pays by direct debit | Decrease | Decrease | ||
DishonourFee | Fee for a payment that dishonours at the bank | Increase | Increase | ||
FeePayment | The portion of a payment received that is allocated to outstanding fees. Fees are deducted first when a payment is received | Increase | Decrease | ||
InstalmentDue | An instalment that is due as per the payment schedule | Increase | |||
Interest | Interest charged on the finance agreement | Increase | |||
InterestOverpayRecovery | In some circumstances a borrower repayment is received by our bank on a business day but the transaction is processed overnight. Bank files will be processed the next day or potentially a few days later where public holidays occur. This results in accounts accruing interest on the borrower repayment not yet applied to the finance agreement. When bank files are run at the backdated value date, the finance agreement is revalued to reverse out the interest accrued on this repayment amount. | Increase | Decrease | ||
OtherFee | Any other fees charged to the finance agreement | Increase | |||
OverdueFee | Fees that are charged for overdue instalments that have not been paid on time | Increase | Increase | ||
PaymentOnCapital | The portion of a payment that is split to capital | ||||
PaymentOnInterest | The portion of a payment that is split to interest | ||||
PaymentReceived | Borrower pays by any means other than direct debit example BPAY or bank transfer etc | Decrease | Decrease | ||
SmallBalanceWriteOff | Once the finance agreement balance goes below the define small balance write off the balance is written off and account settled | Decrease | |||
TransferDebit | Money is transferred out of the finance agreement, examples overpayment amount transferred into the fund account of the borrower keep in mind the balance was negative after the overpayment , establishment fee transferred to the establishment fee control account | Increase | |||
TransferFromBalanceToOverPay | It could happen that a borrower pays more than the balance plus fee balance. If this a happens the "overpay balance" will increase with the amount overpaid. The balance is increased. Keep in mind that the overpayment has resulted in the balance becoming negative, so once it is increased the balance will be zero. The money will remain in the overpay balance until the transaction is cleared | Increase | Decrease | ||
TransferFromOverPayToBalance | Once the transaction that resulted in the overpayment has cleared, the money will be moved out of the overpay balance and back into the balance so that it can be transferred to the borrowers fund account for them to withdraw the money | Decrease | Increase | ||
UnpaidItem | A payment from the borrower that has dishonoured | Increase | Increase |