What does ‘Loan Amend’ do for you?
• It allows you to amend ‘one’ or ‘several’ elements of a previously proposed application without the need for an additional customer application being made.
Why is ‘Loan Amend’ good for you?
• Speeds up processing time• Gives an automatic decision where possible• Reduces the number of referrals that you get
This presentation will run through the process of‘Loan Amend’ and advise you of the variousamendments that can be made.
Loan Amend: A Brief Introduction
Click Applications and then List Applications
Choose relevant Application
Apply Amendment
Change either Goods Price, Deposit or Term
Click Calculate
Click Amend
Process to Amend Loan: Follow the steps
• To amend a loan go to List Applications
• You can only amend a loan if the funds have not been paid out to you the Retailer.
• If the monies have been paid out the amend function will not be available.
Click Applications and then List Applications
Choose relevant Application
Apply Amendment
Change either Goods Price, Deposit or Term
Click Calculate
Click Amend
Choose the relevant application that you would like to amend
• Choose the Application you would like to amend
Click Applications and then List Applications
Choose relevant Application
Apply Amendment
Change either Goods Price, Deposit or Term
Click Calculate
Click Amend
Click Amend to start making changes
• Click Amend to start making changes
Click Applications and then List Applications
Choose relevant Application
Apply Amendment
Change either Goods Price, Deposit or Term
Click Calculate
Click Amend
Making the relevant changes
There are several amend options available to you:
• Goods price• Deposit• Term
We will now run through each amend option individually
Click Applications and then List Applications
Choose relevant Application
Apply Amendment
Change Goods Price
Click Calculate
Click Amend
Calculating the Amendment: Goods Price
• The box on the right will appear advising of new amount, number of payments, amount of payment and APR
• Amend the goods price here and click calculate
Click Applications and then List Applications
Choose relevant Application
Apply Amendment
Change Deposit
Click Calculate
Click Amend
Calculating the Amendment: Deposit
• Amend the deposit here and click calculate
• The box on the right will appear advising of new amount, number of payments, amount of payment and APR
Click Applications and then List Applications
Choose relevant Application
Apply Amendment
Change Term
Click Calculate
Click Amend
Calculating the Amendment: Term
• The box on the right will appear advising of new amount, number of payments, amount of payment, APR
• Amend the term here and click calculate
Click Applications and then List Applications
Choose relevant Application
Apply Amendment
Change either Goods Price, Deposit or Term
Click Calculate
Click Amend
Apply Amendment
• Once you have made the relevant amend, you will need to Apply Amendment for any changes you have made to be processed.
Click Applications and then List Applications
Choose relevant Application
Apply Amendment
Change either Goods Price, Deposit or Term
Click Calculate
Click Amend
DecisionAccept
Decision: Accept
There are 2 amendment decisions. The example above shows an Accept. The amended application will be accepted if the following criteria has been met:
• Goods Price – if you increase the amount by no more than £50 or you have reduced the original amount
• Deposit – if the deposit meets internal policy requirements
• Term – if the term applies to your offering
Click Applications and then List Applications
Choose relevant Application
Apply Amendment
Change either Goods Price, Deposit or Term
Click Calculate
Click Amend
DecisionRefer
Decision: Refer
• If you increase the original amount by more than £50 then additional checks and searches will be required. Your application status will automatically go to ‘referred’
• If the original application is older than 30 days your status will go to ‘referred’
• The application will then follow the normal referral process (see local process or speak to your Line Manager)
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