Description: As a bank/loan provider in Thailand, I want to collect penalty charged only on the next billing cycle/instalment as regulated by Bank of Thailand.
Problem statement - Currently, overdue penalty applied immediately and on the current instalment. However, for Thailand, there is a regulation where penalty can only be collected from the customer on the next billing cycle as the penalty amount is not being reflected on the statement that was sent in the current billing cycle.
Type of feature:
Improvement: An option to allow the penalty amount charged/applied to be only due or collected on the following billing cycle/instalment.
Dev-less solution provided: Yes
In the interim, we have suggest the following dev-less solution:
Disable the penalty on schedule feature
Change the allocation order on product to Fee, Interest, Principal and Penalty
This way if the customer pay late but pay the amount on the stated on the billing statement, the instalment will be marked as "Paid", with the penalty due amount outstanding
Dev-less solution accepted : No
Tenant is concern that if their End-customer perform an overpayment, it will result in the penalty amount being repaid. We have suggest using custom allocation via API to cater for this, but it require additional effort to manage the logic outside of Mambu. Additionally, they would like to see the penalty on the schedule as well.