Hi everyone,
I was trying to define a loan Penalty for clients who don't have defaulted (they didn't come to the meeting and make the scheduled loan repayments). The penalty charged for this is 20% of the loan balance (including the interest). In the system when I tried to define this, how ever the options that are there are "Select the charge for the one time fees 1. Upfront 2. Time of Disbursement 3. Time of first loan repayment" I selected upfront as my understanding of upfront is that it can be charged whenever. When I charge a client the penalty, I get an error "Applying this fee is currently not supported since it would require recalculating the loan schedule after payments have been made." If I use the Misc Penalty function the loan repayments scheduled are not redistributed either. 950 is the amount of the Misc Penalty which is ( 20% charged on the loan) The amount is included in the account summary but however, it doesn't appear in the repayment schedule. If I use Misc Fee, it appears in the repayment schedule and the account summary. However the fee is added to the next installment that is due. Is it possible for the fee to be redistributed amongst the scheduled payments that are due such that if there are 13 months of scheduled loan repayments left, the amount is distributed equally among those months 950/13~74. Such that 74 is added to the installments that are due till the total amount of the loan is paid. If one is defining a fee, that is not calculated i.e. doesn't have a percentage e.g. 20%, one has to define the amount of the fee. My question is how would one define a penalty? Kind Regards, Maina Wachira. -- This message has been scanned for viruses and dangerous content by MailScanner, and is believed to be clean.
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