below pls find summary discussion regarding contract renewal among the team yesterday:
1. written confirmation before renew:
- make sure renewal terms (i.e. period extended, renewal fee etc.) are confirmed with client before the renewal take place
- RM may refer the form created by Nick to confirm the renewal terms with client
2. interest calculation:
- be aware interest for kaifakk is calculated on a monthly basis while anything else is based on a daily basis
- for contract that requires to collect the post-date-cheque as for monthly interest repayment, it is allowed to get the cheque
- dividing interest calculated as per above by the number of repayment period
3. summarized info required if contract being renewed > 1
- RM is required to make a summary of the contract (i.e. how much interest is collected per contract)
- this is to facilitate the after-sale team when they do the A/R card
4. revised contract:
- Tew to revise the renewal contract to add more details of interest amount, collection or anything that would be clearer than before (target complete within next week)
4. others (add-on from the discussion)
- RM to make sure revaluation fee is collected based on the renewed contract states
should you have anything to add, kindly let me know within today.