Hey Andrew,
These are great suggestions. It sounds like being able to handle some
ability to add a fee to a loan account or some ability to add on
interest for late payments is something that would be useful for at
least a few MFIs out there. Your suggestions below are great options
for handling this.
My suggestion to you would be to add an item into the issue tracker as
an 'Enhancement'. Rather than having item in the issue tracker be the
specific solutions proposed below, enter the item indicating the root
cause or need for the enhancement at Adelante, so that then we can think
creatively about the potential solutions and pick the best one. So in
this case, you could enter an enhancement that says "We need a way to
charge the customer the interest accrued for all late payments" or
something similar which makes the issue you're facing obvious but leaves
the design of the specific solution for complete consideration in the
future so we can pick the best design that works for all MFIs facing
similar issues. You can always add your potential solutions or options
as part of the description too.
Thanks,
Aliya
________________________________
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED] On Behalf Of
Andrew White
Sent: Wednesday, February 13, 2008 8:38 AM
To: Mifos functional discussions
Subject: Re: [Mifos-functional] SPAM-LOW: Workaround for loan closed,but
late payment not entered?
Hi Soham,
Thanks for your note.
Perhaps a useful feature for a future release would be an option that,
when entering the last payment on a loan, a pop-up or similar mechanism
could be enabled that would say something like "Warning: this is the
last payment on this loan, and this loan will close automatically. Do
you want to enter any additional fees before the loan closes?"
Another possible solution would be to add the ability to re-open a
closed loan to add the fees. Both would require code changes, though,
and aren't likely to make it into Mifos 1.1 because we've already passed
the "feature freeze" for that release. Maybe some of the Mifos
developers could comment?
-Andrew
La Ceiba, Honduras
On Feb 12, 2008 10:10 PM, Soham Dhakal <[EMAIL PROTECTED]> wrote:
Hi Andrew,
We will also face the same problem here in Nepal because the late
payments are dealt in the same way. So the only workaround we can think
of is to make sure the data entry person has certian steps they need to
follow if its the last installment or if the loan is being paid in full.
If i recall there is a feature that allows you to redo transactions, but
i have not tested it with closed loans.
Regards
Soham
________________________________
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED] On Behalf Of
Andrew White
Sent: Tuesday, February 12, 2008 10:26 PM
To: Mifos functional discussions
Subject: SPAM-LOW: [Mifos-functional] Workaround for loan closed, but
late payment not entered?
Hello all,
Here in Honduras, we're trying to decide how we'll handle late
payments in Mifos 1.1 when it's released.
The policy of the MFI here is to only charge the additional
interest that accrued as a result of late and/or partial payments.
There are no penalties per se for late payment -- just the additional
(simple) interest.
The issue we are running into is that if the last payment of the
loan is entered, and the data entry person forgets to manually calculate
the additional interest and tack it onto the loan the same day as the
last payment is entered, the loan gets closed due to the batch processes
that night.
Does anyone else have this problem, or have suggestions as to
how to best handle late fees / additional interest on group loans?
Atentamente,
Andrew
La Ceiba, Honduras
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