Article Details
| Id: | 21468 |
| Product: | finPOWER Connect |
| Type: | FIX |
| Version: | 4.01.01 |
| Opened: | 26/04/2024 |
| Closed: | 20/05/2024 |
| Released: | 24/06/2024 |
| Job: | J033374 |
 High Importance |
|
 Breaking Change |
|
Revolving Credit Loan Accounts; Minimum Payment Balance Adjustment repeated
If a Revolving Credit Loan Account is overpaid, finPOWER Connect will post an adjusting transaction on the Minimum Payment Due date to make sure the overdue balance isn't rolled into the next payment period - thus reducing the Minimum Payment required.
The following scenario may cause finPOWER Connect to create repeating positive and negative adjustments on the Minimum Payment Due date:
- Statement and Interest cycles defined such that Interest is charged on the date the Minimum Payment is due.
- Default Fee is charged and is due immediately
- This means the Default Fee is due on the same day as the Minimum Payment is due.
- The Loan's Minimum Payment is over paid.
- This means a Minimum Payment Adjustment is created.