Paid In Full and Settled In Full Settings
The Client
settings will allow users to set a status and action change when a paid
in full or settlement payment is posted.
From a Client's
account, click the 
tab to display the Settings Screen.
Click the 
button.
Paid
In Full Options
- Set Status: To
have the status changed if a payment has a Paid In Full type, check the
box next to Set Status. Select
the 
button to select the new status code for the account.
- Add Action: To
have an action added if a payment has a Paid In Full type, check the box next to Add Action. Select
the button to select the new action code to be added to the account.
Enter the
Wait days.
- Tolerance: To set an allowable dollar amount of variation from the total payoff that would still be considered a payoff by your client, check the box after Tolerance and enter the dollar amount. If the remaining balance falls between completely paid to zero and this dollar amount after the next payment, the system will consider it paid off and post the automation selected here. * This is a Version 8 Feature.
Settlement
Options
- Set Status: To
have the status changed if a payment has a Settlement type, check the
box next to Set Status. Select
the button to select the new status code for the account.
- Add Action: To
have an action added if a payment has a Settlement type, check the box next to Add Action. Select
the button to select the new action code to be added to the account.
Enter the
Wait days.
- Tolerance: To set an allowable percentage or dollar amount of variation from the settlement, check the box next appropriate boxes.
- Percentage: Enter the percentage of the settlement that this client will accept as being fully settled. If they require 100%, then do not check this box or enter a percentage. For example, your client may state that they only require 98% of the settlement to consider the account settled.
- Dollar Amount: Enter the dollar amount under the settlement amount that this client will accept as a full settlement. For example, your client may state that if it is with in $10 of the settlement amount, consider it settled.
- Maximum Settlement Months: If this client only allows a certain amount of months to reach the settlement, enter the number of months in the Box. When users set a settlement, the will only be allowed to select up to the maximum amount of months. * This is a Version 8 Feature.
Authority
In the Authority
section, enter the Settlement Instructions authorized by the Client. These
will display in the settlement section of the debtor's claim and should
reflect any instructions to allow collectors to take settlements.
Settlement Calculations
CollectMax allows you to set the acceptable percentages to auto-calculate a settlement amount on the debtor account. Enter the percentage of each balance segment that your client will allow you to take in each field. Check the box to having it figure new interest into the interest amount. This will allow you users to use the calculate button on the Settlement Screen of a debtor's account to quickly figure the settlement amount.
Note: Using the minimum settlement percentages, may cause the users to only ask for less than what may be recovered for this client.
Click the 
button to save any changes.