Updating Payment Changes (2)

Screen ID: 

Screen Title: 

Panel Number:

UPACHM-A

Payment Change Identification

2617

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This is the second screen used to manually change the payment amount on a loan. When done, use Enter to record the changes and return to the previous screen.

  • IMPORTANT: For details about using this screen for online credit card accounts, including special instructions for implementing a Skip-a-Pay program, refer to the Credit Cards User Guide.

Field Descriptions

Field Name

Description

Effective date of change

The date on which the payment change will take effect.

For a credit card account, the change will actually happen as of the end of that month, as part of normal statement processing. For example, if the date 2/15/07 was entered, the change would take effect at the end of February during the normal billing cycle.

Payment amount

Enter the new payment amount.

Special instructions for credit card accounts:

  • If you are setting up a new minimum payment as part of the reaffirmation process, enter the new amount and press Enter. This amount will remain in place until this record is deleted or another one is entered for a future date. To return to the system-calculated payment, create a separate record with an amount of 9,999,999.99 (all 9s). Starting with that month, the system will take over and calculate the payment as usual from that point on.

  • If you wish to allow the member to skip a payment, enter 0 or leave the field blank. This will affect one payment cycle ONLY; future cycles will calculate the minimum payment as usual. (If you want to skip payments for more than one month, you must enter a separate $0.00 record for each of the months.)

IMPORTANT: Also refer to the Credit Cards User Guide for important additional steps you must take if this is also a delinquent account.

Payment frequency

(Does not appear on credit card loan accounts.) Enter the frequency of payments (e.g., “M” for Monthly, “W” for Weekly, etc.)

  • Use the lookup to see a list of your credit union's configured codes.

Interest rate

(Does not appear on credit card loan accounts.) Enter the interest rate to be charged on the loan as of the effective date. A low and a high range are provided as a reference.