|
I'm a bit confused by this question and would like to know more of the business case. I assume that this is for a final loan payment - say the balance is $90 and the consumer pays $100. Typically the loan would be paid off in full and the excess $10 would be placed in a general ledger suspense account. The consumer contact to obtain the refund. If the consumer also has a savings account, the surplus would deposit to the savings account.
If this is not for a final payment surplus payment, but rather mid loan - say the regular loan payment is $200 and the consumer pays $210 - the surplus or excess payment would go to the loan principal.
|
