Auotmatically recover loans

Functionality discussions and feature requests

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ken4ward
Posts: 94
Joined: Tue Sep 18, 2012 3:29 pm

Auotmatically recover loans

Post by ken4ward »

I have earlier created a thread on this but maybe I wasn't clear enough that's why there's been no response. When a loan is to be granted the parameter "expiry date" signifies that the loan will expire on the selected date. When the loan expires, the option of repayment that I have seen so far is that the user will be the one to manually repay the loan, even though he may have the money in his account if he decides not to repay, the best the system admin could do is to send an invoice to the user to repay the loan, which I think it's not efficient enough.
Cyclos, being a complex engine, I believe, implicitly there has been a function defined to automatically recover loans which I have not yet discovered. What I want is this: when a loan expires, automatically the system should search for such users accounts that has not repaid their loan. If money is still available in such a users account, it should automatically deduct (charge) from the user's account the amount owed by the user and move the money back to where the money was debited from. If the amount in his account is not up to what he owes, periodically, the systems should continue to check such an account, if peradventure the user's account is credited, the system should automatically deduct (charge) the account until the total loan is fully repaid. This will totally remove manually monitoring recovery of loans by the admin.

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