Manage Repayment Instructions
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Manage Repayment Instructions Overview The following procedure is used when a customer request is received to create; amend or delete repayment instruction on their loan account. The Manage Repayment Instructions is used to process a Direct Debit Request for repayments where the repayment amount changes each month ege.g. minimum monthly repayment amount for Principal and Interest or Interest Only repayments. The Repayment Instruction is initiated on the loan account to draw funds from an external account only. A Hogan deposit account is considered an external account for Ignite loans. Guiding Principles Pre-Requisites The following pre-requisites must be completed before commencing this procedure: Summary Pre-Requisite Tasks Ensure Customer Search completed and profile viewed in CRM. Confirm Refer to procedure: Search and Prepare Customer/Party Profile Customer has been identified and authenticated. Refer to Procedure: Identifying a Customer – Branch & Phone The Manage Loan Account procedure has been completed Rules: The following rules must be understood before completing this procedure: Summary Rule Direct Debit Request Form For Store requests, a Direct Debit Request Form must be completed to add, edit or delete repayment instructions Repayment Accounts Only one repayment account can be set up with 100% appropriation with an External Linked account Repayment Instructions The Repayment Instruction cannot be added on the day of the loan settlement/disbursement The Repayment Instruction should not be added on the last day of the loan term as the payment cannot be pulled on the next day as the loan will not be active anymore The Repayment Instruction can be added if the Loan is in Hardship The Repayment Instruction will include any arrears amount due on the repayment due date of the loan The Repayment Instruction will pull out the outstanding balance of the loan on the maturity date of the loan Manage Repayment Instructions is used to process a minimum repayment amount and can only be set up as a monthly frequency Payment Dishonours The dishonour letter will also be auto generated at the same time the dishonour is processed to the loan. If no manual payment is received form the customer within the 3 day grace period or no funds are available to be pulled from the RPA bucket within the grace period, then the Arrears Admin Fee or Default Interest rate (Unregulated Loans) will be applicable to the loan The funds will always be pulled from the Linked account first, irrespective to the status of the RPA. If there are no funds in the linked account, Ignite will utilise the funds from the RPA balance if available There are no auto retries to pull the funds from the linked account Customer Phone Request For Contact Centre requests, a customer can Add, Edit or Delete the Repayment Instruction details via a phone request providing the Customer Locate and Customer Identification requirements are met and details of the change are recorded in CRM Cautions The following cautions must be understood before completing this procedure: Risk Caution Customer Experience Failure to follow this procedure correctly could cause delays, result in a breach of privacy and the Code of Banking Practice and create a poor customer experience Financial Loss Although the Direct Debit is processed to the loan, the payment can still be dishonoured by the other financial institution e.g. insufficient funds Related Items The following tools, folder locations, websites or documents, are required for this process: Tools, Folder or Document Location Ignite Intranet Home Page>Tools>Tools for Banking>Systems/Sites(A-O)>Ignite Direct Debit Request Form Intranet Home Page>Banking Portal>Info Sites>Home Lending>Forms> Direct Debit Form Or Ignite> Manage Loan Account> Generate Documents button> LM MailTrack Intranet Home Page>Tools>Tools for Banking>Systems / Sites(A-O)>LMMailTrack Related Tasks The following procedures are linked as related processes within this procedure: Procedure Procedure Manual Generate Ad Hoc Documents Ignite Procedure Manual Manage Loan Account Ignite Procedure Manual Search and Prepare Customer/Party Profile Ignite Procedure Manual Search/Retrieve & Upload Ad Hoc Document Ignite Procedure Manual Set Up Linked Account/Payee/Beneficiary/Biller Ignite Procedure Manual Step 1: Confirm Customer's Request Step a Action Notes Confirm Customer's Instructions. If Then Creating a new Repayment Instruction No Payment Instructions will appear under the Instructions section. Proceed to Step 4 Amending an existing Repayment Instruction Payment Instructions will appear under the Instructions section. Proceed to Step 2 Deleting an existing Repayment Instruction Payment Instructions will appear under the Instructions section. Proceed to Step 3 Step 2: Amend an Existing Repayment Instruction Step a Action Click on the Edit hyperlink to display the Account Payment Instructions section Click on Retrieve Instructions button Click on expand arrow Click on the red cross under the Action column Click OK on the message box to delete the Repayment instructions A new repayment instruction will now be required to be created Proceed to Step 4b Notes If the Instructions have been edited on the Repayment Due Date, the funds would have been pulled with the earlier Instructions. If the OK (green ticked) is selected then the following error message will display: Settlement has not been set up for the following transaction. At least one settlement mode must be present. Click Ok to close the message box. Step 3: Deleting an existing Repayment Instruction Step Action a Click on the delete hyperlink to delete the Payment Instructions Message box will appear if Repayment instruction are to be deleted Click OK to confirm b Click OK Proceed to Step 5 Notes If the Instruction is deleted on the Repayment Due Date, the funds on that day would have already been pulled. Ensure that the Direct Debit Request Form has been completed and signed Step 4: Create a new Repayment Instruction Step Action Notes a b Click on the Edit hyperlink to display the Account Payment Instructions section Click on Retrieve Instructions button Settlement in AUD section Select the Percentage Radio button Select Linked Account from the Settlement Through drop list If Then There is no Linked Account available Refer to Procedure: Set up Linked Account/ Payee/ Beneficiary/ Biller Do not select Ledger Return to Step 4a There is a Linked Account available c Proceed to Step 4c Collections section 100% is populated into the Appropriated by field Click on the Search icon by the Account Number field to display the Search and Result Dialog pop up box. Select an Account from the list Click Ok to close the Search and Result Dialog pop up box If The Repayment The below fields will now be populated. Confirm details displayed are as requested on the Direct Debit Request form or verbally instructions are added on with the customer the Repayment due date, it will pull the funds from Account Number the next due date Counter Party Name onwards as the pull payment will occur at the Institution identification Type beginning of the day. Bank Code Branch Code Region Code Institution Id Bank Name Branch Name Do not alter the following fields: External Reference number (On the Customers statement this will default to Loan Account number and date of payment) Trace Account No (On the Customers statement this will default to Loan Account number) d Click on the Save button If Ok is not selected then the previous account will The Settlement in AUD section will display the following information Sr No Settlement Through Percent Details Action Click Ok continue to be the linked account. The Operation completed successfully message box will display Click OK to close the message box Payment Instructions will now display under the Instructions section of the LN100 Manage Loan Account screen. e Advise the Customer the following information: The Loan repayment will start on the next due date The repayment amount will be the due amount (Instalment amount arrears if any) Dishonour fee may be charged by the other financial institution if enough funds are not available Last Repayment due date will pull the full amount due on the account maturity Funds in RPA may not be available for Loan Redraw, until the Direct Debit payment has cleared A 30 day Notice letter will be sent out to the customer informing about the due amount on the Maturity date of the loan Proceed to Step 5 If Then A completed Direct Debit Request Form received Proceed to Step 5 Completed Direct Debit Request Form requires to be produced from Ignite Click on the Generate Document button to produce the Direct Debit Request Form for completion Refer to Procedure: Generate Ad Hoc Document. Proceed to Step 5 Step 5: Record details of repayment instructions Step a Action Identify the channel in which the customer request has been received. Notes If Then Completed and signed Direct Debit Request Form received Proceed to Step 6 Via the phone Record Notes in the customer's CRM profile confirming request was received via phone. Contact Centre /Broker/ other Team From the customer's profile, locate the Heads Up display bar and click on the Notes link Click on New Subject = DDR In the Comments field, include the following DDR details: Start Date End Date Frequency Amount requested External BSB and Account details (new request) Reason for Cancellation/Change (close request) Click on Save The note will now appear in the Customer's profile. Step 6: Upload Direct Debit Form into Ignite Step a Action Upload the signed Direct Debit Form into Ignite Refer to procedure: Search/Retrieve & Upload Ad hoc Documents Notes
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