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Avik,
Some answers to your questions:
Q1. Once the loan is written-off, does it keep gathering interest at the same rate?
No. The act of writing off a loan is common enough in microfinance. MFIs will do this if it exceeds a certain threshold based on the number of days the loan is in arrears. So when an MFI writes off a loan, they write it off completely as a bad debt - they dont expect to receive any repayments. Interest does not continue to be charged to the loan.
From time to time however people will repay some/all of what they did owe much further down the line - this type of repayment which we've called a 'recovery repayment' is what we want to support there in this issue.
Q2. Should the Make Repayment option still be available?
No. The only option availabe to a written off loan should be the 'Make recovery repayment' which is different to make repayment
Q3. Does the recovered amount get reflected in 3 new columns in the Written-off loan report as Recovered Principal, Recovered Interest and Last Recovery Date.
Possibly.
Its likely we need a new summary column on loan table to track the total recovered. We dont need to break it out as principal/interest/charges though as its expectional and would likely be 'accounted' for in a special accounting account