This applies to customers who have in present a high amount of money, and they would like to use them to cover the payments in the future (getting in this way month/s without any repayment), as well as not changing the amount of the future instalments.
Example: Loan account with a monthly payment of 100 p.
Instalment date | Interest | Principal | Total | Status |
|---|---|---|---|---|
1-Aug | 30 | 70 | 100 | PAID |
1-Sep | 29 | 71 | 100 | PAID |
1-Oct | 28 | 72 | 100 | SCHEDULED |
1-Nov | 27 | 73 | 100 | SCHEDULED |
1-Dec | 26 | 74 | 100 | SCHEDULED |
1-Jan | 25 | 75 | 100 | SCHEDULED |
1-Feb | 24 | 76 | 100 | SCHEDULED |
…. | 100 | SCHEDULED |
The client wishes to pay the future instalments and uses 330 p for that.
Result is that the next 3 instalments will be fully covered (300 p) while the 4th will only be covered partially (30p) and customer will see that he will still be due 70p.
The 5th and future instalments will remain unchanged.
Instalment date | Interest | Principal | Total | Status |
|---|---|---|---|---|
1-Aug | 30 | 70 | 100 | PAID |
1-Sep | 29 | 71 | 100 | PAID |
1-Oct | 28 | 72 | 100 | PREPAID |
1-Nov | 27 | 73 | 100 | PREPAID |
1-Dec | 26 | 74 | 100 | PREPAID |
1-Jan | 25 | 5 70 | 70 | SCHEDULED |
1-Feb | 24 | 76 | 100 | SCHEDULED |
… | 100 | SCHEDULED |
Minimum amount : 1p
Maximum amount : total loan outstanding balance + interest due.1
Account source: Main account and Pockets
Number of partial prepayments - option 1 - possible: unlimited.
Fees for prepayment option 1: TBD
Out of scope:
loan closure scenario should not be used with this product feature.
allocation order in case of overdue accounts
Technical solution: Jan Görig (Unlicensed)
Testing:
Happy path: Top-up account with needed amount. Choose option 1 for repayment. Confirm. Check the values in the instalment plan and confirm they are correct.
Test amount higher than available on main account → error message on screen
Test amount higher than loan balance + accrued interest → error message on screen
Acceptance criteria:
No errors
Instalment plan shown to customer displays the instalment/s covered in the future
The money is kept and automatically distributed to the future instalments of the client, giving the client a break in repayments
Dependencies: TBD
