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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Address: #304, 2nd Floor, 7th Main Road, HRBR Layout 1st Block, Bengaluru, Karnataka, 560043 INDIA
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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Address: #304, 2nd Floor, 7th Main Road, HRBR Layout 1st Block, Bengaluru, Karnataka, 560043 INDIA
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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Hi Nenge,
Interesting. I really thought this feature was already running on the system. Anyway cheers will raise a ticket for it.
Sifiso
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
Correction the link is actually https://mifosforge.jira.com/browse/MIFOSX-2848?filter=-2
Regards