Balloon Payments; new option added to determine whether the Balloon Payment is Direct Debited or not

A new option has been added to determine whether a Balloon Payment should be Direct Debited if the Loan Account is paid by Direct Debit. Previously the Balloon Payment was always direct debited.

On the Account Type, the default option for new Accounts can be defined under the Payments page, Direct Debit Options block. The setting is "Direct Debit Balloon Payment?". Note, existing Account Types will be checked, but the default for new Account Types is unchecked.

In the New Account wizard, if a Balloon Payment is entered, and the Payment Method is via Direct Debit you can check/ uncheck this setting for the Loan Account.

The Remaining Payments block in the Financial Details Summary Page now notes, next to the Balloon Payment, whether the payment is due to be paid by Direct Debit.

The Account Direct Debit Stop wizard has been updated to allow this setting to be changed once the Loan Account is open. Note, the setting is located on the first page of the wizard.

The following standard Summary Page blocks have been updated:

• Account_RemainingPayments
• Version 1.02, 16/10/2019

Note, these changes only apply if you are licensed for the Advanced Bank Add-On and for Fixed Term Loans.