At the time of handover 24-11-2022, the below Collection requirements were analysed and prioritised for after MVP phase, thus not included in the handover package as deliverable.
For loan accounts that reach the 90DPD phase, as based on the Collection strategy of the bank, the following actions should take place:
The outstanding loan balance including the below items, will become immediately due and payable:
unpaid principal
unpaid fees, and
interest accrued and unpaid
All future interest to be earned and other applicable fee’s will be reflected as part of the debt and will appear in the collections system as the total amount due.
No interest accrual will happen after 90DPD / termination.
The loan status should be to the customer (in app/FE) as “closed” and unpaid.
The account will be marked as terminated in TM (BE) and it will become written-off / closed at 180DPDs.
Terminated accounts are considered Non-performing loans (NPL).
More information on the Collection strategy can be found here: