Waive Interests and Payments

Overview

You can waive off an interest, a charge, interest on arrears, and a paid charge too.

Loan behavior after 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 Amountfield of the Waiver screen.

Perform a waiver action

Prerequisites

• Interest 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 or paid 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 Charge Waiver, 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.

Reverse 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.