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Repayment Plan tab

Navigation:  Loans > Loan Screens > Bankruptcy and Foreclosure Screen Group > Bankruptcy Screen >

Repayment Plan tab

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Use the Repayment Plan tab on the Bankruptcy screen to view and edit court-ordered repayment plans for bankruptcies on the customer loan account. Because this is not the actual (contractual) loan payment amount, repayment plans can be tracked separately from the contractual repayment terms.

 

This tab is divided into two sections: Repayment plan activity on the left and loan history on the right. The loan history section appears and functions identically to the Loans > History screen. The dividing line between these two sections can be dragged to adjust the screen display, as shown below:

 

BS_repaymentplantab

Loans > Bankruptcy and Foreclosure > Bankruptcy Screen, Repayment Plan Tab

 

The main list view in the left section of this tab displays information about the repayment plan for the customer loan account. It includes the due date, amount due, date paid, amount received, amount remaining, and date remaining paid.

 

•To add a payment schedule to this list view, enter information in the fields on this tab and click <Add Payments>.

•To record payments made, select an item from this list view, enter information in the fields on this tab, and click <Add/Update>.

•To remove a payment plan from the list, select the payment plan then click <Delete>.

 

See below for more information about repayment plan setup and history.

 

hmtoggle_arrow1To set up a repayment plan:

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Note: The Bankruptcy Transaction must be processed first.

 

1.Enter the Payment Frequency for the bankruptcy repayment plan ordered by the court. The number entered here corresponds to the number of months for each payment. For example, entering "1" causes a payment due each month up to the number of payments entered (see below). Entering "2" causes a payment due every other month. Entering "3" creates a payment due every third month, etc.
2. Enter the Number of Payments the court ordered to pay back the loan during bankruptcy proceedings. This corresponds with the Payment Frequency field above. If the court ordered 5 monthly payments, you would enter "5" in this field and "1" in the Payment Frequency field to indicate monthly payments.
3. Enter the First Due Date of when this borrower is required by the bankruptcy court to start payments on the ordered repayment plan.
4. Enter the Amount the borrower is required to pay for every payment frequency.
5. Click <Add Payments>. The repayment information will be displayed in the list view below these fields, as shown below. You'll notice that five succeeding monthly payments are scheduled.

BS_repaymentsetup

 

hmtoggle_arrow1To set up a payment from the borrower as part of the repayment plan:

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Note: Entering payment information on this screen is for informational purposes only. The Current Balance on the loan will not decrease and Due Date will not advance after recording payments to the repayment plan.

 

1.In the list view, double-click the applicable month of the payment. (Note: See the steps above about setting up repayment plans.) The Seq, Due Date, Due Amount, and Remaining Amount fields display the applicable information, as shown below:

 

BS_payment
2.Enter today's date or the date the payment was paid in the Date Paid field.
3. Enter the amount of the payment in the Amount Received field.
4. Click <Add/Update>. The system records the payment and enters the amount in the Amount Received column in the list view above for that payment. If the full payment amount was not made, the Amount Remaining column in the list view displays the amount needed for the full payment.

 

If a customer only makes a partial payment, and then comes in at a later time to make the full payment, select the payment to apply from the list view, then enter the full payment amount in the Amount Received field. For example, if the full payment was for $500, but the customer originally only paid $300, you would enter "500" in the Amount Received field, even though the payment would only be for $200 to complete the full payment of $500 ($300 + $200 = $500). Then enter the date in the Date Paid field. Do not enter a date in the Remaining Date Paid field.

 

hmtoggle_arrow1To view history information concerning repayment plan history:

The Loans > History screen records information entered on this tab. You can see any information entered on this tab by using the Detailed History tab of the History screen. Anything changed on this tab will be recorded as a 0022 Loan File Maintenance transaction. When you click the selected transaction from the designated date, the detail list view will display what file maintenance was done to the fields on this screen.

 

•If setting up a repayment plan, the system will display changes to the PN DUE field.

•If setting up payment information to a repayment plan, the system will display changes to the PN PAID field.

 

See the following example of this information on the Detailed History tab:

 

BS_detailedhistory

 

Field Descriptions

 

The fields on the left section of this tab are as follows:

 

Field

Descriptions

Payment Frequency

 

Mnemonic: BKFREQ

Use this field to indicate the payment frequency for the bankruptcy repayment plan ordered by the court for the customer loan account.

 

The number entered here corresponds to the number of months for each payment. For example, entering "1" in this field causes a payment due each month up to the Number of Payments (see below). Entering "2" causes a payment due every other month. Entering "3" creates a payment due every third month, etc.

Number of Payments

 

Mnemonic: BKNPMT

Use this field to indicate the number of payments the court ordered to pay back the customer loan account during bankruptcy proceedings.

 

This value corresponds with the Payment Frequency field above. For example, If the court orders 5 monthly payments, enter "5" in this field and "1" in the Payment Frequency field to indicate monthly payments.

First Due Date

 

Mnemonic: BK1STD

Use this field to indicate the first due date required by the bankruptcy court to start payments on the ordered repayment plan for the customer loan account.

Amount

 

Mnemonic: BKAMPT

Use this field to indicate the amount the customer is required to pay for every Frequency of the bankruptcy repayment plan.

Due Date

 

Mnemonic: PNDUED

Use this field to indicate the date the repayment plan payment (or partial payment) selected in the list view was made on the customer loan account.

 

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Note: Entering payment information on this screen is for informational purposes only. The Current Balance on the loan will not decrease and Due Date will not advance after recording payments to the repayment plan.

Due Amount

 

Mnemonic: PNDUAT

Use this field to indicate the payment amount for the repayment plan being created (or view the due amount for the repayment plan selected in the list view).

Date Paid

 

Mnemonic: PNPDDT

Use this field to indicate the date the customer paid the court-ordered repayment plan amount on the repayment plan selected in the list view.

 

Example: A $600.00 payment is due 5/1/14. On 5/15/14, the borrower pays $400.00. Enter "5/15/14" in this field and "400.00" in the Amount Received field below. The system will calculate and display 200.00 in the Remaining Amount field below. When the borrower pays the remaining $200.00, enter "600.00" in the Amount Received field below and the date in this field. The system recalculates the Remaining Amount field to be zero.

Amount Received

 

Mnemonic: PNPDAT

Use this field to indicate the amount the customer has paid the court-ordered repayment plan selected in the list view.

Remaining Amount

 

Mnemonic: PNDUAT - PNPDAT

This field displays the remaining amount due on the repayment plan selected in the list view. It is calculated by subtracting the Amount Received from the Due Amount (see above).

 

Example: A $600.00 payment is due 5/1/14. On 5/15/14, the borrower pays $400.00. Enter "5/15/14" in the Date Paid field above and "400.00" in the Amount Received field. The system will calculate and display 200.00 in this field. When the borrower pays the remaining $200.00, enter "600.00" in the Amount Received field and the date in the Date Paid field. The system recalculates this field to be zero.

Remaining Date Paid

 

Mnemonic: PNREMD

Use this field to indicate the date the remaining payment of a repayment plan was made, if your institution wants that date on record. This field cannot be entered once a full payment is recorded. See below for more information.

 

hmtoggle_arrow1        Remaining Date Paid details

For example, a repayment plan of $500 is set up. The customer pays $300 one week and $200 another week. Your institution would record $300 in the Amount Received field above on that date and $200 the next, then file maintain this field to be the date the $200 was paid.

 

However, the Amount Remaining column displays as though there is still $300 outstanding, as shown below, even though it was paid earlier that month.

 

BS_pmtremainingexample

 

GOLDPoint Systems recommends not using this field to make a record when the remainder of the payment is paid. Instead, enter the partial amount on the first payment, and then the full payment amount on the second payment Also, and use the Date Paid field above as described in the Remaining Amount field description above.

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