Loan suddenly shows the amount due as the full balance.

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wtech_josh
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Posts: 19
Joined: Tue Jul 30, 2019 7:17 pm

Loan suddenly shows the amount due as the full balance.

Post by wtech_josh » Wed Dec 11, 2019 4:09 pm

If your loan is suddenly showing the full balance as the amount due, check that you didn't accidentally try to record a payment on the Settings tab instead of the Payments tab.

The Settings tab usually only has one entry in the payment section - a setting like the borrower pays "$500 monthly for 180 months". Sometimes people forget where payments from the borrower go (on the Payments tab) and this spot seems like a reasonable place. Creating a second payment setting on the loan that says "$500 once" supersedes the original 180 payment setting, and now Moneylender thinks this is the last scheduled payment on the loan causing a balloon payment.

The fix is to remove the erroneous payment setting from the Settings tab to restore the original payment schedule on the loan and then to add the payment on the Payments tab.

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