Waiving interests and payments

You can waive off the charges, interest, and interest on arrears. 

For details on how to perform a waiver action, refer to Performing a waiver action.

For details on how to reverse  a waiver action, refer to Reversing a waiver action.

Behavior on a waiver action

• A loan payment transaction (LPT) of the Payment Type 'Waived' is created.

• The waiver transaction is listed under the following sections for a contract:

  • Transactions > Payment(s)

  • Transactions > Other(s)

  • Details > Transaction Summary

  • Details > Account Balances

• After a waiver action, the next due bill reflects the amount that is to be paid after the deduction of the waived amount.

• The maximum amount that can be waived off is populated in the Waive Amount field of the Waiver screen

Performing a waiver action

Prerequisites

• Interest or charges accrued but not paid.

• Loan contract is in Active-Good Standing or Active-Bad Standing status.

• If you are upgrading to CL Loan 2.4008, you have run the upgrade script. 

User interface reference

Steps

Perform the following steps to waive the interest or interest on arrears or charges:

1. Log in to your Salesforce account.

2. Click CL Contracts and open the contract for which you want to waive interest or charges.

3. In the left navigation bar, go to Loan Quick Menu, Loan Actions, Waiver Action. The following  Waiver screen appears.

   

4. In Waiver Type, select the component to be waived.

5. If you select Charges then you must select a Fee Type.

   Specify either the Waive Percentage or Waive Amount. The system automatically calculates the other value.

6. Click Save.

Reversing a waiver action

To reverse a waived off amount perform the following steps:

1. Depending on the type of waiver, add the Charge Waiver Reversal or Interest Reversal or IOA Waiver Reversal button from the Edit Layout section.

2. In the Other Loan Transactions tab, click the waiver reversal button. A payment reversal transaction is created.