Article Details
Id:11394
Product:finPOWER Connect
Type:FIX
Version:2.00.00
Opened:30/09/2013
Closed:30/09/2013
Released:04/10/2013
Job: J012278

Loan Contract; updated Default Interest Rate section

The Loan Contract may incorrectly print the post maturity Default Interest Rate under the following circumstances:

1. Default Interest Rate Basis is "Fixed Rate".
2. Default Interest Rate is less than the Interest Rate.
4. Post Maturity Interest is charged as Default Interest.

Note, it is normally unlikely that the Default Interest Rate is lower than the Interest Rate.

The Default Interest section will print text like "Annual Default Interest rate after the term of the contract (from day month year) is x%" - but the x% is the Default Interest Rate, but because the Interest Rate is higher this will be charged.

For example, if the Interest Rate is 18% and the Default Interest Rate is 10%, then 10% is printed - but 18% is charged.

The following Word VBA Documents have been updated:

Loan_Contract_AU, version 1.09 dated 30/09/2013
Loan_Contract_NZCCCFA, version 1.30 dated 30/09/2013