Hi Thomas,
1) Yes, I want to repay installment earlier and have ability to pay
the full interest amount?
I think that Declining Balance Interest Recalculation should not be
changed to handle this scenario. However, maybe you can achieve the same
result by using fees?
I can also create an improvement issue to enhance automatic penalties,
so that they will be automatically applied when Loan is repaid earlier?
What do you think about this idea?
Regards,
Lukasz
On 08/01/2012 01:40 PM, Ndugwa Thomas Henry wrote:
Hi Lukaz,
For Decling Balance Interest Recaluclation
1) Yes, I want to repay installment earlier and have ability to pay
the full interest amount?
2) When I Apply Payment, I would like to be able to apply the amount
including that in arrears . ie. if I took a loan of 1,000,000 at 10 %,
and supposed to pay back 1,100,000. at the end of 1 Month. 1 Month and
3 Days, this amount will be 1,113,000.. I would want to "*apply
payment*" and it accepts the 1,113,000. Currently it accepts only
1,100,000 even for loans in arrears
Thanks for the follow up
On Tue, Jul 31, 2012 at 5:23 PM, Lukasz Chudy <[email protected]
<mailto:[email protected]>> wrote:
Hi Thomas,
Declining Balance-Interest Recalculation is designed in the way
that if you repay installment earlier then you pay less interest
than if you repay installment on expected date.
As I understand, you want to repay installment earlier and have
ability to pay the full interest amount?
Regards,
Lukasz
On 05/14/2012 04:28 PM, Thomas (Uganda) wrote:
Hello Keith;
-At the moment to do a payment, if the payment is done
before that the
payment date established in the schedule, the system
considerate that the
interest amount for this installment is less than it
should be, so the
system apply the payment with a less amount for this
installment and the
rest is applied for the next installment and with the
passing of the days
the interest of the first installment continue able and
after the payment
date, is considerated as a penalty. The foundation would
like to be able to
apply payments before that the payment date established
with any problem for
take this to the customer history as a good pay
If i understand Marco correctly, I guess 2 replicate this
behavior,
Use Declining Balance-Interest Recalculation
So input a loan of 1,000,000 at 10 % per month, for 1
installment, the
expected payment at the end of 1 month is 1,100,000.
If the Client brings 1,100,000 after 3 days only interest for
the 3
days will be applied to the loan and the balance will be left
showing
the client has pending balance to pay. Yet in actual sense
this Client
paid in full (As a gud pay per say)
So do U think this is a bug? It would be nice to have
flexibility to
apply payment upto the full installment i.e 1,100,000 then
close this
clients account
On May 10, 10:45 pm, Keith Woodlock <[email protected]
<mailto:[email protected]>> wrote:
Marco,
I'll try to answer your questions as best I can from point
of view of
mifos software:
-When generate a schedule of payments, if one of the
payment date falls on
sunday, the system take the day of payment as the next
day. The foundation
would like to take the payments date in the schedule
normally when these
fall sunday.
Out of the box configuration or mifos has sunday as
weekend (or not
business day of week). You should be able to change your
configuration
so that all days of week are considered business days,
that way the
automatic schedule generation wont skip sunday. (as far as
i can
remember.)
-When generate a schedule, for the rounding in the
installments, the last
installment has an amount different from the other
installments. The
foundation would like to generate the schedule with
the same amount for each
istallment.
I think this is deeply engrained in the mifos automatic
loan schedule
generation and I dont think theres an easy way to get what
you want
instead of it. Other may know better though.
-At the moment to do a payment, if the payment is done
before that the
payment date established in the schedule, the system
considerate that the
interest amount for this installment is less than it
should be, so the
system apply the payment with a less amount for this
installment and the
rest is applied for the next installment and with the
passing of the days
the interest of the first installment continue able
and after the payment
date, is considerated as a penalty. The foundation
would like to be able to
apply payments before that the payment date
established with any problem for
take this to the customer history as a good pay.
What 'approach are you using'? interest-recalculation?
Dont fully
understand what is being said here.
Hopefully others can help out more.
Keith.
On Thu, May 10, 2012 at 8:22 PM, Ed Cable
<[email protected] <mailto:[email protected]>> wrote:
Hey all,
Some questions from Marco from Quipu Technologies:
El 10/05/12 13:20, "Marco Vergaray"
<[email protected]
<mailto:[email protected]>>
escribió:
-When generate a schedule of payments, if one of the
payment date falls on
sunday, the system take the day of payment as the next
day. The foundation
would like to take the payments date in the schedule
normally when these
fall sunday.
-When generate a schedule, for the rounding in the
installments, the last
installment has an amount different from the other
installments. The
foundation would like to generate the schedule with
the same amount for each
istallment.
-At the moment to do a payment, if the payment is done
before that the
payment date established in the schedule, the system
considerate that the
interest amount for this installment is less than it
should be, so the
system apply the payment with a less amount for this
installment and the
rest is applied for the next installment and with the
passing of the days
the interest of the first installment continue able
and after the payment
date, is considerated as a penalty. The foundation
would like to be able to
apply payments before that the payment date
established with any problem for
take this to the customer history as a good pay.
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