Once a creditor account has been added, users can create a settlement offer or offers for that account. Before information is entered it is very important to verify that the Creditor ID is the correct one for payment delivery.
Opening the Offer Screen
Double Click Account to open Account Details
Click Create Offer
or
Select Negotiations View
Select Account
Click Create Offer
Creating a Offer
Select the Offer Type
Update Current Balance with the balance for that day given by the Creditor – the Original Balance should be left untouched to display what the client originally provided the Agency.
Review Available Funds ( Available Funds )
Only if using Virtual Savings funds check Virtual
Enter Settlement Offer Amount or Est Settlement Pct
Confirm the settlement fee percentage and amount – make changes if necessary
Enter the Number of Payments or the To Creditor Per Payment (Entering the payment will possibly cause the last payment to be less than others)
Enter the Payments Start Date – this is the date when payments will be processed by the Agency
If using Global make sure the Creditor Payment Type is selected on the Account Summary Tab
Click Create Schedule
Make edits to the schedule as necessary - when editing amounts right click options are available to add or subtract the difference
Set to Full Amount - will set current cell to full and amount and it will zero out everything else above and below
Distribute amount in x payments - will ask for a number of payments, zero out everything above current cell, distribute FULL amount in the number of payments, and the rest would be zero.
Distribute remaining amount in x payments. - will ask for a number of payments. Total sum of everything above current cell, distribute remaining amount in the number of payments below, and the rest would be zero.
Select Approved by Agency
Select Approved by Creditor
Select Approved by Debtor
Select Approved by Attorney - (enabled for Litigation Edition)
Select Reserve Funds - this would be used if the negotiator is waiting for a final approval before processing this settlement and doesn't want to show these funds as available for other settlements
Select Process Settlement - this will update the Current Balance of the Account as shown in the Account List to the settlement amount and populate the Payment Schedule with the Settlement Schedule Points.
Optional, notes can also be added related to that specific offer
Optional, an offer status can be specified 28398
Cancelling a Settlement Offer
As long as the settlement has not been fully paid in full the settlement can be cancelled. All unpaid Settlement Schedule Points will be deleted from the Payment Schedule.
Select Offer to be cancelled
Click Cancel Settlement
Reprocessing a Cancelled Offer
As long as the settlement has unpaid points and no other offer is currently processed for the account the Re-Process Settlement option will display. All unpaid Settlement Schedule Points will be added back to the Payment Schedule.
Renegotiate a Processed Offer 29265
A settlement can be renegotiated once processed if the amount or fee were to change. Upon clicking the renegotiate button the following events will occur. The new offer would then be able to be processed and the remaining balance(s) would be updated accordingly.
Current Offer Cancelled - deleting any unpaid payment points
New Offer Created with current dates but all other offer data will be copied
Move settlement schedule and payment schedule to the new offer
Offer can be edited and schedule modified - only unpaid payments can be modified
Note: If Agencies want to track different offers received on different days/or that were different offer types multiple offers can be created.
Undoing a Virtual Settlement from being marked as Paid
Go to Payment Schedule
Right Click Settlement Point marked as Paid
Select Undo Virtual payment