Early termination of contract in OC Loans App
- Molitorisová Marianna
In Loans App it's possible to make early terminaton of contract in simple steps.
In the first step you have to go to active contract card, which you want to make change on.
Click on button Change Status and click on Early Termination of Contract. Then, the contract will be moved to the state Closing.
Note:
The contract can be early terminated only from the last unposted instalment that you see in the payments calendar.
In this status you have the option to create Financial settlement - go to Process and choose Create Financial Settlement.
Financial Settlement Card
Financial settlement card contains 3 sections, see description below:
Settlement Details
The unpaid principal, interest, service and insurance amounts represents unposted instalments within the payments calendar.
You can modify settlement amounts by your conditions.
It is also possible to create additional fees related to the early termination of the contract.
Settlement Result
Balance total field is the result of the financial settlement, which has to be paid by the customer.
Processing
This section shows the dates of approval and release of the financial settlement, including the invoice number associated with the financial settlement.
There are buttons on the top bar that you can use to trigger the following actions:
Recalculate - use if you want to get the original result of the financial settlement without additional adjustments by you
Approve - click to approve the financial settlement (you will not be able to modify settlement amounts)
Cancel - use if you want to make further changes to the financial settlement
Settlement Report - click to see the report, which you can send to the customer in print form
Invoices/Credit Memos - In this section you will see a list of invoices or credit notes that belong to the financial settlement.
Note:
If the situation arises that the customer does not agree with the financial settlement proposal and wants to continue paying, it is sufficient to switch the contract back to the active status, and the early termination of the contract can be arranged at a later date.
Follow up:
How to change financing period