NEW4.01.00 · Released 29 April 2024
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NEWfinPOWER Connect
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4.01.00
29 April 2024
  1. Opened7 Mar
  2. Closed11 Mar
  3. Released29 Apr
Article 21259 Job J033033

Floating Rate Loans; Contractual Overdue is now restricted to the Loan Balance

Contractual Overdue "Payment Dues" for Floating Rate Loans are now restricted to the Loan Balance.

Previously the Contractual Overdue Balance could become larger than the Loan Balance. This is because the Contractual Overdue Payment Due transaction is not limited, leaving the Contractual Overdue Balance to grow larger than the Loan's Balance.

NOTE: If the actual payment cycle differs from contracted payment cycle, the Contractual Overdue Balance at the end of the Loan may be a small negative number – being the interest and fees between final contractual payment and the final payment.