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The Repayment Plan Scheduled Payments panel displays the amortization and calculated payment schedule for a traditional repayment plan. This panel also allows users to manually generate the payment schedule for a non-traditional repayment plan. Additionally, users are able to view scheduled payments associated with a repayment plan.

• Panel Overview
  • Buttons
  • Grid
• Adding a Scheduled Payment
• Editing a Scheduled Payment
• Recalculating a Scheduled Payment
• Deleting a Scheduled Payment

This topic includes an overview of the panel, as well as instructions for editing, adding, recalculating, and deleting the scheduled payments for a repayment plan.

Panel Overview

The Repayment Plan Scheduled Payments panel consists of a grid that displays all scheduled payments associated with a repayment plan and a series of action buttons that allow users to manage scheduled payments.

Action Buttons

At the top of the Repayment Plan Scheduled Payments panel, the following buttons are available:

Button	Description
	Click this button to add a new scheduled payment (row) beneath the highlighted row. If a payment is not selected, a row is added to the bottom of the grid. This button is disabled within the Repayment Plan Scheduled Payments panel when the repayment plan is Active or Completed.
	Click this button to delete a scheduled payment (highlighted row). This button is disabled within the Repayment Plan Scheduled Payments panel when the repayment plan is Active or Completed.
	Click this button to initiate the process that calculates the remaining balance on each payment for the repayment plan. This button conditionally displays within the Repayment Plan Scheduled Payments panel and does not appear when the repayment plan is Active.
	Click this button to allow users with the Modify Active Repayment Plan Payments permission to recalculate a repayment plan's interest, payments, and balances based on plan modifications.  In order to use this functionality, the Modify Active Repayment Plan Payments permission must be set to Change for the User and/or Security Group. This permission appears in the Recovery category of the Permissions tab in System Management > Users and System Management > Groups > Security Groups. This button only displays once a repayment plan has been activated and has a status of Active, Delinquent, or Cancelled. Upon clicking this button, the Recalculate Repayment Plan pop-up window opens. For more information on the recalculation process, please see the Recalculate Repayment Plan section within this topic.

Repayment Plan Scheduled Payments Grid

The grid within the Repayment Plan Scheduled Payments panel displays the following columns of information for each payment :

Column	Description
Payment #	Displays the order in which a scheduled payment is to be repaid. The values displayed in this column automatically generate when a payment is added.
Scheduled Date	Provides the ability to view and edit the date that a payment is scheduled. Upon adding a payment, the scheduled date defaults to: Current day + 15 days, if adding the first payment The previously scheduled payment + 30 days, if adding a subsequent payment To edit the scheduled date, click within the cell and manually enter the date or select the desired date from the calendar tool.   When entering dates, the following shortcuts are available to users: Shortcut Behavior Shift + Adjusts the date by adding one month Alt + Adjusts the date by adding one week + Adjusts the date by adding one day Shift - Adjusts the date by subtracting one month Alt - Adjusts the date by subtracting one week - Adjusts the date by subtracting one day If an invalid date has been entered, the date displays in red font. Validation The following validation occurs when a date is entered to ensure the scheduled date is valid: Scheduled Date cannot be blank. Dates must be entered as MM/DD/YY or MM/DD/YYYY. Payments cannot be scheduled on or after the next payment. Payments cannot be scheduled on or before the previous payment.
Payment Amount	Provides the ability to view and edit the payment amount. Upon adding a payment, this value defaults to the previous payment amount. If an invalid payment amount has been entered, the amount displays in red font. Validation The following validations occur when entering a scheduled payment amount: Payment amounts cannot be $0.00. Payment amounts cannot be negative. Payment amount must be a numeric value with only one decimal.   Payment amounts are rounded to two decimal places.
Historical Amount	Displays the scheduled amount that existed when the repayment plan was created. This field allows the user to identify the original amount the repayment plan was created with.  This field only displays once a repayment plan has been activated and has a status of Active, Delinquent, Completed, or Cancelled.
Payment Status	Identifies whether a scheduled payment is Scheduled, Paid, Paid Late, or Late. This field only displays once a repayment plan has been activated and has a status of Active, Delinquent, Completed, or Cancelled.
Number of Payments	Displays the number of payment type transactions for a scheduled payment. This value is calculated based on the number of payment transactions associated with the payment. This field only displays once a repayment plan has been activated and has a status of Active, Delinquent, Completed, or Cancelled.
Amount Paid	Displays the sum of all payment transactions paid to fulfill the scheduled payment. This field only displays once a repayment plan has been activated and has a status of Active, Delinquent, Completed, or Cancelled.
Date Paid	Displays the date that the payment was satisfied in full. If multiple payments were made to reach the full payment amount, this field displays the date when the entire payment was paid in full. This field only displays once a repayment plan has been activated and has a status of Active, Delinquent, Completed, or Cancelled.
Remaining Balance	Displays a running total of the payment plan's balance, after interest has been accrued and the scheduled payment has been applied.
Historical Remaining Balance	Displays the remaining balance that existed when the repayment plan was created. This field also allows users to identify how the repayment plan was affected by the timing of the transactions. This field only displays once a repayment plan has been activated and has a status of Active, Delinquent, Completed, or Cancelled.
Modified By	Displays the name of the user who last edited the scheduled payment. If no edits have been made to the scheduled payment, the name of the user who created the scheduled payment displays. If the scheduled payment was created by the system, this field is blank.
Modified Date	Displays the date and time when the scheduled payment was last edited. If no edits have been made to the scheduled payment, the date and time when the scheduled payment was created displays. If the scheduled payment was created by the system, this field is blank.

Adding a Scheduled Payment

To manually schedule a payment for a repayment plan:

• Select the row above where the payment is to occur within the repayment schedule and click .
• A new row is added to the Repayment Plan Scheduled Payments grid. This row pre-populates with the Payment #, Scheduled Date, Modified By, and Modified Date.
• Update the Scheduled Date field to reflect the payment's due date and enter the desired payment amount.

• Click  to schedule additional payments.
• Once all payments have been added, click  to update the remaining balance for each payment based on the date and payment amounts.

• Click  to retain the scheduled payments.
• Once the terms of a repayment plan have been entered, click  to initiate the terms of the repayment plan.

Editing a Scheduled Payment

To edit a payment:

• Select the row to be edited.
• Update the Payment Amount and/or Due Date. 
• Once the desired information is updated, click  to update the remaining balance for each payment based on the date and payment amounts.
• Click  to retain the scheduled payments.

Recalculating a Payment Plan

Users with the Modify Active Repayment Plan Payments permission are able to recalculate a repayment plan's interest, payments, and balances based on plan modifications.

To recalculate a repayment plan, click . The Recalculate Repayment Plan pop-up window opens.

 

Within this window, the following fields are available:

Field	Description
Current Balance	Displays the repayment plan's outstanding balance. This value is read-only and inherited from the repayment plan.
Solve For	Select an option from the drop-down list to indicate whether the calculator solves for the repayment plan's Payment or Term. On a traditional repayment plan, this field defaults to the Solve For value selected for the Repayment Plan. On a non-traditional repayment plan where a Solve For value was not selected, this field defaults to Payment. Selecting Payment disables and clears the Payment field. Selecting Term disables and clears the Term field.
Payment Amount	Enter the amount the debtor is to pay at each scheduled payment. This field defaults to the repayment plan's existing Payment Amount.
Payment Frequency	Select one of the following options from the drop-down list to indicate how often the debtor must make payments towards the repayment plan. This field defaults to the Payment Frequency of the Repayment Plan. If a Payment Frequency is not defined, this field defaults to Monthly. Payment Frequency Option Description Bi-weekly Payments are to be made once every other week for the length of the repayment plan term. Monthly Payments are to be made once a month for the length of the repayment plan term. Semi-monthly Payments are to be made twice a month for the length of the repayment plan term. Weekly Payments are to be made once a week for the length of the repayment plan term.
Next Due Date	Displays the date when a repayment plan's next payment is due.  This value is read-only and inherited from the repayment plan.
Next Payment Date	If a debtor is unable to pay the next scheduled payment on the next due date, but wants to keep the repayment plan, this field allows users to modify the repayment plan's payment schedule. Within this field, enter the modified next due date for the repayment plan payment. This field defaults to the current day + 15 days.
Term	Enter the number of payments for a repayment plan based on the Payment Frequency Type. This field defaults to the number of remaining payments (payments in a Scheduled or Late status) for the repayment plan.

Once the desired fields are changed, click . The Recalculate Repayment Plan pop-up window closes and the following occurs:

• Each field in the Recalculate Repayment Plan pop-up window is validated to ensure a value is provided and appropriate data was entered.
• The Recovery module calculates the repayment plan's new terms based on the current date and values. The calculator solves for payment or term based on the values provided within the Recalculate Repayment Plan pop-up window. 
• The following repayment plan fields are updated:
  • Payment Amount reflects the amount of the first payment.
  • Maturity Date reflects the date of the last payment.
  • Term reflects the value on the Calculate Repayment Plan pop-up window.
  • Solve For reflects the value on Calculate Repayment Plan pop-up window.
  • Payment Frequency reflects the value on the Calculate Repayment Plan pop-up window.
  • Effective Date reflects the current date.

The existing paid payments remain on the original repayment plan.

The Audit - Account screen reflects any changes made to repayment plan fields as a result of recalculations.

Click to close the Recalculate Repayment Plan pop-up window without recalculating the repayment plan.

Deleting a Scheduled Payment

To remove a scheduled payment from a repayment plan in an Initialized status: 

• Select the unwanted payment and click .
• The payment and all its information are removed from the Repayment Plan Scheduled Payments grid.
• Click  to update the remaining balance for each payment based on the date and payment amounts.
• Click  to retain the scheduled payments.

 

 

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