A customer may request to pay off the remaining amount prior to maturity date. The call centre agent will endorse the request to Registration Department. The Registration department will then verify for any outstanding amount, or any legal case pending against the customer. They will also determine additional charges that may be incurred with the early pay-off. Upon requesting for early termination approval, a quote is prepared and customer is advised for the payoff amount. The quote is valid up to the customer request date. If the money is not received on the expected date, the quote will be expired. If there is any intervening transaction after the quote is created, the quote will be invalidated.
In AF, the termination quote has an expiry date which the user can change to a specific date. This determines the last date that the quote can be accepted before it expires. . Alternately, a plugin will be developed to automatically set the expiry date to the following date. Please refer to PLG13 in the Technical Configuration section. TLT also requires that termination quotes will be reversed automatically but this is not supported in AF. TLT user has to manually reverse the termination quote if the need arises.
Fees and charges in relation to termination are included in one invoice and one receipt. If payment is received from the customer that affects the payoff amount in the termination quote, a plugin will be developed to trigger a warning message that the payoff amount is no longer up-to-date. Please refer to PLG13 TLT28 for further details.