The °neo platform allows you to remove costs from any existing loan in the system that has costs on it. These costs might be related to administration costs, late fees, or other penalties.
From the Loan 360° overview page, by clicking on the ‘Actions’ button in the top right corner and selecting ‘Remove cost', you can remove extra costs on an existing loan.
Once that is selected, you will be shown the cashflows of the loan including their costs, and you will have to select one or multiple costs to remove.
After selecting all of the costs you wish to remove, you will have to review the details on a summary page, then confirm the change.
Depending on the configuration of the ‘Remove Costs’ process in the Configuration Portal , once you confirm the changes, they will either be implemented immediately, or an Approval Task will be created where a second user needs to confirm the changes. More information on the Approval Tasks can be found under Task Management .
The costs have now been removed from the loan and will no longer be seen as a part of the total amount of the expected cashflows.
Updated over 1 year ago