This option allows the automatic update of the system debit order amount to adjust to an interest rate change, or capital balance adjustment, or both, ensuring the loan repayment according to it's original term.
The following is an example of the selection screen:
If 'Interest Only' is set to 'N', the update will calculate the amount necessary to repay the current balance, at the current interest rate, over the remaining period of the loan.
If 'Interest Only' is set to 'Y', the update will adjust the system debit order amount to reflect only the changed interest rate, ignoring the current balance.
Select the debtor or debtors you want to update, by clicking or entering on them, clicking on File and updating.