Suspending Payments

Introduction

Suspending payments is a way to hide forecasted payments—basic predictions of how payments will be applied in the transactions report. When payments are suspended, forecasted payments are not shown until a specified date is reached. Please note that this does NOT affect scheduled payments or due dates. To change scheduled payments you will need to change due dates.

This tool can help you calculate payoff without taking future payments into account.

Suspending Payments

To suspend a payment, open the specific loan account and navigate to Account Setup > Setup Tools > Suspend Payments.

This tool is not available if the account is not activated.

Here, you can select a time period for how long payments will be suspended. You can either select a pre-determined increment, or you can select a specific day in the future by using the calendar button. Once you've made a selection, click 'Save'.

To clear suspended payments, use the clear button.

The Transactions Report

Once you've suspended the payments, you can see the effect it has on the Transaction Report. Within the same loan, navigate to Reports > Transactions, and scroll down to the forecasted payments after today's date.

You'll see that for however long you suspended the payments, they only show up as scheduled, and not forecasted. A payment is still due on that day, but the system isn't calculating those payments' effect on the loan. You can see in the picture above, for instance, that none of those scheduled (but suspended) payments change the principal balance in the column on the right.


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