Arrears
Arrears fees against arrears letter / documents
Arrears fees are charged automatically to a finance agreement when an arrears document is generated. The fee charged can be different depending on the amount in arrears. Fees are defined against each arrears letter/document and is tiered by amount in ...
How does the arrears cycle reset steps on arrears letters work
There needs to be a clear definition and boundary for an arrears “cycle”. So in other words at what point does the finance company wish to end and restart the sending of a specific arrears letter and charging of associated arrears fees. To give an ...
How are days in arrears calculated
Days in arrears are the number of days that have passed since the latest instalment that had to be paid on a finance agreement that has not been fully paid . If a finance agreement had an instalment to be paid on the 1 January 2010 and it was not ...
Overview of arrears management
Arrears consists of the following elements arrears statuses arrears pools arrears age bands arrears letters arrears fees arrears collectors The above elements are all determined and calculated using the number of days a finance agreement is in ...
Add an arrears status
Finance companies can define all the arrears statuses that they would like to use during their arrears management. See this article for an overview of arrears management. 1. To add a new arrears status, navigate to Home Pages -> Arrears Management ...
How to allocate an arrears collector to an arrears pool
A collector can be allocated to an arrears pool directly from within the pool. To allocate a arrears collector to a new arrears pool. See this article for an overview of arrears management. 1. Navigate to Home pages -> Arrears Management 2. Select ...
Add an arrears age band
Arrears age bands are linked to arrears pools. Once you have added a new arrears pools the next step is to assign the arrears age bands for the newly added arrears pool. Arrears age bands are used to define the range of days for arrears. Any finance ...
Add an arrears pool
Arrears pools are defined at finance company and product level which will allow different finance companies to have different arrears settings for different products. Arrears pools are used to group together or categorise finance agreements that are ...
Add an arrears collector
The arrears collectors are defined at finance company and product level. This caters for the scenario where arrears collectors specialise in specific products. See this article for an overview of arrears management. 1. To add a new arrears collector ...
Arrears letters / document templates
Once you have created an arrears letter process, then the next step will be to add arrears letters / document templates. The arrears letters are the actual arrears documents that will be generated when a finance agreement goes into arrears. See ...
Create/ Edit arrears letter processing
An arrears letter process contains all the rules and fees for the automatic generation of arrears letters / documents that will be sent to the borrowers. See this article for an overview of arrears management. 1. Go to Home Pages -> Arrears ...