Advancing LOC Loan Due Dates |
  
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Advancing LOC Loan Due Dates |
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The following is a brief overview of how the loan due date is advanced on Line-of-Credit (LOC) loans:
| 1. | If zero is due on the night billing is to process, and the date of the last activity and the date of the last transaction are the same as the finance charged date, then the due date will be rolled by one payment frequency the following night. If the following night is a Saturday (and you don't process on Saturdays), Sunday, or a holiday, the due date will roll the following Monday night. |
| 2. | If zero is due on the night billing is to process, and the date of the last activity and the date of the last transaction are the same as the finance charged date, the due date will be rolled by one payment frequency the following night, except if delinquent payments are due but nothing is due for the current period, then the due date will not roll. (Delinquent payments with nothing due for the current period mean that the Current Finance Charge field is zero and there is an amount in the Prior Finance Charge. |
| 3. | Whenever transaction code 500 (field debit) happens and there are no current or prior finance charges, the due date will roll to the next due date in connection with the next billing cycle. Example: The loan due date is 7/15 and zero is due; billing is to cycle on the 9th of each month. On 7/5 a field debit is processed. The due date will then roll to 7/15 with tran code 500. If multiple tran code 500s are processed, either on the same day or during the same billing period, the due date will only advance one time. The program compares the due date to the processing date and if the due date is in the future it does not advance. The first tran code 500 places the due date in the future. |
| 4. | If, in the above-mentioned scenario, tran code 500 happens the day of the billing (the 9th), the due date will still roll to 7/15 with tran code 500. If zero is billed, the following night the due date will roll again to 8/15. (This is only if zero is due.) |
| 5. | If tran code 500 happens the day after the billing, tran code 500 will roll the due date to the next billing date and the afterhours process will not roll the due date if the amount due is zero. |