Move a due date or defer a payment
Change an in-house loan's schedule after it is signed. Move every remaining payment to a new day, or push one payment to the end of the loan, with a preview first and a record of every change.
When a borrower's situation changes, you can change the schedule of their in-house (BHPH) loan without rewriting the loan. There are two changes:
- Move the due date. The next payment falls on a new date, and every payment still owed follows from it. Use it when the borrower's payday moves from the 1st to the 15th.
- Defer one payment. One unpaid payment moves to one period after the last payment. Every other date stays. Use it when the borrower cannot make one month.
Make a change
- Open the loan and click Change schedule.
- Pick Move the due date and choose the new Next payment due, or pick Defer one payment and choose which one.
- Write a Reason, for example "The customer's payday moved to the 15th". It is required and stays on the loan's record.
- Click Preview. You see the new next due date, whether the loan is still past due, the new last payment, and the payments that change.
- Click Apply change.
The loan page then shows the new dates in its schedule, a Schedule changes card with every change and its reason, and Last payment due when the last payment has moved past the contract's maturity date.
What changes and what does not
- No payment, fee or balance changes. The principal balance, the interest owed so far, any fees and the payoff are the same after the change. Nothing is posted to your books.
- On a simple-interest loan, the last payment changes. Interest accrues daily, so a later date adds interest and an earlier date saves it. The regular payments stay the same, and the last payment is recalculated so the loan ends at zero if every remaining payment arrives on its date. The preview shows the new amount before you apply.
- On a zero-interest loan, only the dates move.
- The contract stays as signed. The APR, the finance charge, the amount financed and the maturity date on the loan terms do not change.
- Late fees already charged stay. A payment that already had its late fee cannot be charged a second one at its new date.
- Reminders and the borrower portal follow the new dates. The next reminder is for the new due date, and the portal shows the new schedule.
- A promise to pay made before the change is marked superseded, not broken, because the change is the new arrangement.
Limits
- The new due date can be today or later, must be after any payment already paid, and can move by at most one payment period. To skip a payment instead, defer it.
- The last payment cannot be deferred; it is already last.
- Only active or defaulted loans can be changed.
- Loans with precomputed interest or semimonthly payments cannot be changed here.
Moving the due date on a loan that is behind brings it current: the missed payment is now due on the new date. Deferring one missed payment does the same when it was the only one missed. The preview says whether the loan will still be past due.
Who can do what
- Change schedule: owners and managers only.
- Everyone who can open the loan sees its Schedule changes.
FAQ
Does the borrower get told?
Not automatically. Tell them the new date. Their next reminder and their portal show it.
Is there a fee for a deferral?
No. The app charges no deferral fee. On a simple-interest loan the extra interest is in the last payment.
Can I undo a change?
Make another change: move the due date back, for example. Every change stays in the Schedule changes card and in the loan's audit history.
Does the assistant move due dates?
No. The collections assistant never promises a due-date change or a deferral. Those are your decisions on this page.