Change to Interest Calculation in Collection-Master

By |2021-06-28T15:49:44-04:00October 28th, 2020|collection- master, vForum|Comments Off on Change to Interest Calculation in Collection-Master

The Direct Payment interest calculation will be changing in Collection-Master version 9.1E.002. This change only affects firms that have Collection-Master configured to calculate interest on the cost bucket portion of the consumer balance. This specifically pertains to Direct Payments with funds applied to cost recovered in the aforementioned configuration. Currently, for Direct Payments applied with a previous payment date, interest is credited based on Principal Collected but not costs (Note: This includes Contract & Legal Fees). This is only an issue if costs were set to accrue interest. This means if costs are accruing interest and being recovered via [...]