[Mifos-developer] Penalties charge time

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sif...@skyburgsystems.org

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May 24, 2018, 7:07:21 AM5/24/18
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Hi guys,

 

Penalties are charging every time a client skips a repayment. We need it to charge the penalty only after the loan matures if the loan hasn’t been paid off in full. The arrears tolerance in the loan product are already set as 7. But it's charging 7 days after someone skips a payment and not 7 days after the 5 weeks have elapsed.

 

Kind regards.

Sifiso

Santosh Math

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May 24, 2018, 7:15:27 AM5/24/18
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Hi  Sifiso,

Did you try 'Penalty Wait Period' in System>Configurations?



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Santosh Math

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Nenge Masoya

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May 24, 2018, 7:43:44 AM5/24/18
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Hello Sifiso,

The  penalties are charged per each overdue installment. so does arrears.  For your case you should raise the ticket in Jira for a new feature.

Regards,

Nenge.


From: "Santosh Math" <san...@confluxtechnologies.com>
To: "Mifos software development" <mifos-d...@lists.sourceforge.net>
Cc: mifos...@lists.sourceforge.net, "dev" <d...@fineract.apache.org>
Sent: Thursday, May 24, 2018 2:15:10 PM
Subject: Re: [Mifos-developer] Penalties charge time

Hi  Sifiso,

Did you try 'Penalty Wait Period' in System>Configurations?


On Thu, May 24, 2018 at 4:20 PM, <sif...@skyburgsystems.org> wrote:

Hi guys,

 

Penalties are charging every time a client skips a repayment. We need it to charge the penalty only after the loan matures if the loan hasn’t been paid off in full. The arrears tolerance in the loan product are already set as 7. But it's charging 7 days after someone skips a payment and not 7 days after the 5 weeks have elapsed.

 

Kind regards.

Sifiso


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Thanks & Regards

Santosh Math

QA Engineer

Conflux Technologies Pvt Ltd

Office+91-080-41208662 | 

Address: #304, 2nd Floor, 7th Main Road, HRBR Layout 1st Block, Bengaluru, Karnataka, 560043 INDIA

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Nenge Masoya
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sif...@skyburgsystems.org

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May 24, 2018, 7:44:53 AM5/24/18
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Hi Santosh,

 

By default the penalty wait period is set as 6. So the current results are not being affected by it because it still charges 7 days after an instalment has been missed where we need it to charge only after the whole loan has matured and not paid up in full.

 

Sifiso

 

From: Santosh Math <san...@confluxtechnologies.com>
Sent: Thursday, May 24, 2018 1:15 PM
To: Mifos software development <mifos-d...@lists.sourceforge.net>
Cc: mifos...@lists.sourceforge.net; Dev <d...@fineract.apache.org>
Subject: Re: [Mifos-developer] Penalties charge time

 

Hi  Sifiso,

 

Did you try 'Penalty Wait Period' in System>Configurations?

 

 

On Thu, May 24, 2018 at 4:20 PM, <sif...@skyburgsystems.org> wrote:

Hi guys,

 

Penalties are charging every time a client skips a repayment. We need it to charge the penalty only after the loan matures if the loan hasn’t been paid off in full. The arrears tolerance in the loan product are already set as 7. But it's charging 7 days after someone skips a payment and not 7 days after the 5 weeks have elapsed.

 

Kind regards.

Sifiso


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sif...@skyburgsystems.org

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May 24, 2018, 7:53:10 AM5/24/18
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Hi Nenge,

 

Interesting. I really thought this feature was already running on the system. Anyway cheers will raise a ticket for it.

 

Sifiso

sif...@skyburgsystems.org

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May 29, 2018, 10:32:09 AM5/29/18
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Hi Nenge,

 

I have raised a ticket on jira for this issue. If you are interested you may follow it here. https://mifosforge.jira.com/wiki/spaces/projects/pages/14909506/Penalty+on+Overdue+Matured+Loan

 

Kind regards,

Sifiso


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sif...@skyburgsystems.org

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May 30, 2018, 5:12:13 AM5/30/18
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Correction the link is actually https://mifosforge.jira.com/browse/MIFOSX-2848?filter=-2

Regards

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