Overpayment carrying forward even though it shouldn't??
Posted: Tue Oct 06, 2020 4:30 pm
In one of my loan's if the buyer pays an extra amount it takes off that amount from the next month's payment.
For example if the buyer paid $100 extra it takes $100 off of the next month's regularly scheduled payment.
I DO NOT have Overpayments Carry Forward selected on this loan. I wish for the loan to take the extra $100 off the principal, but for it not to take anything off the next month's regularly scheduled payment.
How or what should I look at in order to fix this? I thought Overpayments Carry Forward would fix this problem but that option is not selected on this loan so not sure why it is behaving this way.
Please let me know and thanks
For example if the buyer paid $100 extra it takes $100 off of the next month's regularly scheduled payment.
I DO NOT have Overpayments Carry Forward selected on this loan. I wish for the loan to take the extra $100 off the principal, but for it not to take anything off the next month's regularly scheduled payment.
How or what should I look at in order to fix this? I thought Overpayments Carry Forward would fix this problem but that option is not selected on this loan so not sure why it is behaving this way.
Please let me know and thanks