Writing off a loan manually

Lenders write off  loans that are declared as non collectable. You can either write off all the loans pertaining to a company, or you can simply provide the loan account ID and write off a particular loan. The account balance details and the charge off details are updated accordingly on the details page of the contract. A charge off is a debt that has been determined as non-collectable by the lender, usually after the borrower has become delinquent. 

In case of a manual write off, lenders can write off a loan even if days past due are less than the write-off suggestion days defined for the company (Servicing Configuration, Company Management). 

Steps to write-off a loan:

1. Log in to your Salesforce account.

2. Click Servicing Configuration. 

3. Go to Manage.

4. Click Loan Write Off.  

   The Suggestions for Write Offs page is displayed. 

5. To search for the loans to be written off, use the Company or the Delinquency Interval options.

6. Select the loans to be written off and click Write off selected loan accounts. 

7. To write off a specific loan, search for and select the Loan Account in the Write off any Loan section.

8. Click Write off selected loan account.

   A confirmation message about the loan write off is displayed and the status of the loan is changed to Closed-Written Off.