| Answer:
I posted a payment but
the loan still shows past due and it has now assessed
another late charge?
Your
loan has a regular payment amount of 152.13.
A
'normal' 5% late charge would be $7.61
Your
late charge is $10.00
When
the payment was posted on June 28, 10.00 was applied
to LC and 142.13 was applied to Interest and
Principal.
142.13
is 93.43% of the normal payment amount.
Unless
you have changed it, the payment fraction required to
advance the due date is 94%. That number was chosen
because it allows for a 5% late charge and a 1% error
in the payment amount.
On
July 4, the system considered this loan to be ( still
) past due because the due for date was not advanced
by the payment of June 28. July
4 was 15 days (your grace period) after the due
date so a late charge was assessed on that date.
The
root cause of this problem is the payment fraction.
You either need to decrease the payment fraction
required to advance the due for date or when a late
charge is posted, decide to either advance the date or
not advance the date and do so manually.
Payment
Fraction For Credit
Occasionally a borrower will pay the wrong amount.
Perhaps the payment is late but the late charge is not
included.
If the borrower pays 99% of the payment amount due,
should the loan be considered past due or current?
This fraction tells the computer to credit the loan
with a full payment if the payment amount posted is
greater than or equal to this payment fraction. This
does not mean to decrease the balance by more than was
actually received. It does mean to consider the
current monthly payment requirement to be met and to
advance the calendar to show the next payment due next
month.
If this fraction is set to 0.98, and the loan
payment is $100.00, a payment of $98.00 will advance
the maturity indicator to show the note to be paid
current. A payment of $97.99 or less will leave the
loan status unpaid for this month.
Change
this fraction at:
"System/
System Options / System Defaults Tab"
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