When an unexpected issue comes up with payments, you may need a way to schedule new repayment days to prevent more problems. For instance, if a borrower is unable to pay on time and asks for an extension, you will be able to add a new repayment schedule for them.
Direct debit mandates offer flexibility by enabling you to supplement existing schedules within a signed mandate. This feature is particularly useful when you need to collect payments on specific dates as circumstances dictate. Follow these steps to incorporate a payment schedule into already established mandates.
Step-by-Step guide on creating a mandate schedule:
1. Log in to your lender admin console
2. Navigate to Direct debits on the side menu, under the Loan Management grouping.
3. Click on an already created mandate to create a new schedule for.
- Click the New Schedule button
4. Fill in the details of the new schedule.
5. Click the Submit button
6. The new schedule that was just created will be added to the mandate when successful
Also read: You can now activate your direct debit mandates in 1 minute