LOAN BUGS: multiple issues need help please

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nana
Posts: 29
Joined: Sat Jul 14, 2012 4:04 am

LOAN BUGS: multiple issues need help please

Post by nana »

I grant a user a loan with 5 instalments. I'm able to repay 4 but when i try to repay the 5th, it says : The account doesn't have enough credits to repay this loan.

I also click on Manage Systems Account and i get this error: Invalid form submission

I try to create a Loan ID and it only works when i make it Required but not Unique. Anytime i check Unique, the transaction fails to PROCESS. Is this another bug in 3.6?

I created an ID field for loan repayments so anytime you are about to repay your loan, you can type in a unique ID for referencing the payment. when i try to repay, i don't see this field on the loan repayment window but when you click Repay, a pop up box prompts you that that ID is required.

Can someone please answer these. i have sent threads wanting to know which formula is being used for computing loan instalments in Cyclos with no replies. I need help please.

admin
Site Admin
Posts: 1420
Joined: Mon Jan 24, 2005 10:31 am

Re: LOAN BUGS: multiple issues need help please

Post by admin »

Hello,
I grant a user a loan with 5 instalments. I'm able to repay 4 but when i try to repay the 5th, it says : The account doesn't have enough credits to repay this loan.
Can you check the balance?

About the loanID. There is indeed a problem with custom fields of loans. This will be fixed with the version 3.7. This version will come out by the end of this month.

Regards,

nana
Posts: 29
Joined: Sat Jul 14, 2012 4:04 am

Re: LOAN BUGS: multiple issues need help please

Post by nana »

thanks for the reply.....can you tell me the formula being used for the loans? i mean can you type the actual formula in your reply?

thanks

admin
Site Admin
Posts: 1420
Joined: Mon Jan 24, 2005 10:31 am

Re: LOAN BUGS: multiple issues need help please

Post by admin »

With the version 3.7 we improved the documentation.
Here is a copy & paste

Account fee example:
Build a transfer for each amount part, as following:
Imagine the loan amount = 1000, grant fee = 30, monthly interest = 20, in 10 payments = 10 x 105

Each payment should generate:

A base repayment of 100 (original amount repayment, excluding fees and interests)
The grant fee repayment of 3
The monthly interest repayment of 2
When expired, ie: expiration fee = 4, expiring 5 days of 1%/day
The expiration fee repayment of 4
The expiration daily interest repayment of 5 (1% of 100 * 5 days)

Formula:
Variables
RA = received loan amount
IN = installment number
GF = grant fee
MI = monthly interests
EF = expiration fee
EI = expiration interest
IA = installment amount
D = delay in days
DA = Loan total due amount

When granting:
DA = RA + GF + MI/100 ^ (total days / 30) * RA
IA = DA / IN

The formula is: IA = (RA + GF) * (((1+MI/100) ^ (IN + D/30)) * MI) / (((1+MI/100) ^ IN) - 1) DA = IA * IN Note that the last installment amount is DA - (IA * (IN-1)), so we don't have rounding problems
Note that the charge mode cannot be changed on existing fees; it can only be set for new account fees.

nana
Posts: 29
Joined: Sat Jul 14, 2012 4:04 am

Re: LOAN BUGS: multiple issues need help please

Post by nana »

thank you so much for this reply. The system account (debit account) gives you the total amount / account balance for amount owed (in so far as members still owe )

How do i generate.

1. just the total amount[/b] for loans repaid by all members
2. the total amount for loans closed by all members

Shouldn' there be a total amount field at the bottom of each search filter?
For now all we see is the individual loans and their amount when we search for loans.

nana
Posts: 29
Joined: Sat Jul 14, 2012 4:04 am

Re: LOAN BUGS: multiple issues need help please

Post by nana »

I'm trying to repay some loans i granted in my demo app. Sometimes the payment goes through.
Sometimes i get this error message:

The account doesn't have enough credits to repay this loan

What account is being referenced here and how do i eliminate this in my application?

Thanks,

Nana

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