Finance Agreements
Finance agreement transaction types
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 ...
Generate statements for all active finance agreements
It is possible for the finance company to generate statements for all active finance agreements. The statements will be attached to the finance agreements and will appear under the document tab when viewing a finance agreement. If an output queue it ...
What happens when a finance agreement receives a payment
When a finance agreement receives a payment, the following takes place: Finance agreement receives payment from the borrower. The balance on the finance agreement is reduced. The arrears balance on the finance agreement is reduced. If the payment has ...
Payment holiday
A payment holiday can be created against a finance agreement, where the borrower will not have instalments raised and not be required to make payments during the holiday period. Interest will continue to be capitalised as per the original instalment ...
Change payment plan
It could happen that a borrower has a change in circumstances and as a result they are not able to pay on the same date as when they first took out the finance agreement. As a result they will go into arrears every payment period. A change payment ...
Defer arrears on a finance agreement
Charging of arrears can be “deferred” on a finance agreement. Setting the defer arrears days on a finance agreement will reduce the arrears days on the account by the defer arrears days, up until the expiry of the defer agreement or until the ...
Promise to pay payment arrangements
Promise to pay payment arrangements can be used to: make additional payments to pay for arrears or make up for missed payments make additional payments that are extra to the original payment plan early settle a finance agreement before the maturity ...
Days to clear funds
The Days To Clear funds system setting looks at the number of calendar days to wait before Clearmatch considers the funds that have been deposited, actually cleared, and available for use. For example, a payment comes in on the first of the month, ...
Create SMS from a finance agreement
There is an option in Clearmatch Fusion that allows finance company users to send SMS messages directly from a finance agreement. They can select the available SMS templates (based on the SMS configurations defined) from a list of applicable messages ...
Override an arrears pool against a finance agreement
The arrears pool for a finance agreement can be manually changed / over ridden for a period of time. 1. To do that, login to the asset class where the finance agreement resides -> home pages-> Borrowing 2. Select Finance Agreement 3. Use the ...
Add arrears notes to a finance agreement
A note that is relevant to arrears can be added against a finance agreement and at the same time the arrears status can be overridden or manually changed. 1. To add an arrears note to a Finance agreement Navigate to Home pages -> Borrowing -> ...
Change arrears collector against a finance agreement
The arrears collector for a finance agreement can be manually changed or over ridden 1. To change the arrears collector on Finance agreement which is on Arrears, navigate to Home pages -> Borrowing -> Finance Agreements 2. Use the filters to find ...
Override an arrears status against a finance agreement
The arrears status for a finance agreement can be manually changed or over ridden. It is important to note that arrears letters will only be sent out and the associated arrears fees charged if the finance agreement has an arrears status that is equal ...
Display variables in Clearmatch
A display variable is a data point that can be taken from Clearmatch and used in a document template or note or email template. For example the first line of a customer address is a display variable called dvAddressName1 . If you wished to use this ...
Reverse a fee on a finance agreement
If you need to reverse a fee on a finance agreement for a customer, navigate to the specific transaction in the finance agreement. 1. Navigate to Home Pages > Borrowing: If the finance agreement number is known, it can be entered directly into the ...
When does an application become a finance agreement i.e. when is it purchased
An application becomes a finance agreement i.e. it is purchased / draw down the application has been approved by the credit team the listing / application has been funded i.e. by investors or by the finance company, whoever is funding it if required, ...