Late fees

1. If a payment's due date is July 1, 2016, and the borrower makes a payment on this date, late fee is not applied. Let us assume that on July 25, 2016 you reverse the payment for any given reason. The bill generated for the July 1 due gets marked as Unpaid. If you re-post the payment on July 25 itself, the bill is now marked as Paid. same day. When the SOD job runs on July 26, it does not find any unpaid dues and hence no late fee is charged although the bill has been satisfied finally on July 25 and not July 1.

2. When the borrower is in a bi-weekly payment plan and skips making two consecutive payments, late fees are assessed twice within a 30-day period, one for each skipped payment. In order to avoid this, and comply with regulations that disallow levying of the same charge up to 30 days of the first charge, a configuration for limiting the number of days before the late fees can be re-applied is provided. However, you can ignore this and no restriction is applied in such case and the fee is charged for each late or missed payment.

3. Partial bill payment. For CL Loan 2.2003 and later, late fee is applied based on the value of the Default Minimum Amount Due field, defined at the loan product or contract level. If the borrower pays an amount equal to or more than the defined minimum amount (or % of bill amount) due, then late fee is not charged. For example, if the payment amount due = 200, Default Minimum Amount Due = 80, and  Default Minimum Amount Due Type = %, then, borrower must make a payment of least 160 to avoid a late fee. For earlier versions of CL Loan, late fee is not charged if the borrower makes a payment of even as less as 1 cent.