Bulk Change Maturity Date Tool

Bulk Change Maturity Date Tool

This tool allows you to extend all the currently selected loans to a target maturity date.
Get here by clicking Tools > Bulk Maturity Date Change.

New Maturity Date – Enter the new date when the selected loans will reach maturity and become payable in full.

Always have payment due exactly on the chosen maturity date – check this box and a single payment with the schedule type “Once” will be added on exactly the maturity date if that date is not already on the current payment schedule. Moneylender will check if there is an existing final payment on its own at the end of the loan, and just move that payment rather than create a new one. The amount of this single payment will be set to 1.00 since the final payment on a loan is always the amount needed to pay the balance in full.

Daily interest just prior to maturity – if interest is on its own schedule, checking this box will create a daily interest setting from the end of the last full interest cycle up to the new maturity date. If there is an existing daily interest setting on the loan after a non-daily recurring interest schedule, the existing setting is moved rather than creating a new setting.

Also change interest rate starting on … to this rate – When checked, Moneylender will check for a rate that already begins on the specified date and change its rate if found. If not found it will create a new rate on the specified date matching the schedule settings of the rate immediately prior to the starting date (or monthly if no rate setting exists at that point in time) and then change all subsequent rate settings to the specified rate.

Change Maturity – once you have set your selection in the window, click this button to begin the process. You will be asked if you are sure you want to proceed.

The progress bar will advance as the process completes each loan. When the results appear in the textbox at the bottom of the window the process is complete.

The results box will contain a tab-separated list of the status of each loan as well as the actions performed on the payment and interest rate records for the loan. It can be copied and pasted into a spreadsheet for easy review.

When extending a loan, this is the logic that the tool will follow to adjust the payment settings: