Stopping interest and fees from accruing in bankruptcy protection

How to use Moneylender when a borrower files bankruptcy.
Post Reply
wtech_josh
Site Admin
Posts: 19
Joined: Tue Jul 30, 2019 7:17 pm

Stopping interest and fees from accruing in bankruptcy protection

Post by wtech_josh » Wed Dec 11, 2019 8:57 pm

Do two things to the loan: set the interest rate to zero when the protection took effect, and expire the late fees before the protection kicks in.

Select the loan > Settings tab > Interest section > click the New (plus) button > set the rate to 0% and the effective date to when the protection kicks in > Save.

Just below that on the Late Fee section of the Settings tab > select the Late Fee setting > click the Edit (pencil) button > set the Expires date to a grace period before the protection kicks in > click Save.

That’ll stop further interest from accruing, and tell Moneylender not to charge anymore late fees.

Post Reply