Each loan or lease contract has its own Payment Schedule generated on creation. All future instalment payments are structured around this schedule.
If a borrower’s financial situation changes, you can easily change the payment method, term, adjust the repayment amount or alter the interest rate, quickly hold interest and/or payments until a date you set or indefinitely. When the borrower’s financial situation changes, you can restart them just as easily.
If you charge ongoing monthly fees and/ or recover the direct debit fees, the Min-IT Lending System includes both these parameters when recalculating the new repayments. For ongoing monthly fees, you can also hold or reduce the permitted monthly fee rate either indefinitely or until a date you set. This is useful in instances where the borrower is in hardship or, for Small Amount Credit Contracts (“SACC’s”), you simply need to ensure you stay within the twice Adjusted Credit Amount limit.
Unlike virtually every other system on the market, we make making arrangements with your borrowers real easy. When you change all, some or just one instalment or amend a payment date or dates, the system automatically recalculates what’s due, including any interest if applicable, on the balance, extending or decreasing the term as appropriate without you having to do a thing. If the loan won’t pay out, the system warns you and you can adjust the various factors – interest rate, frequency, repayment amounts – until it does.
Payments continue until the loan is paid in full or you decide otherwise.