|Doc. Number||Article Title||Effective Date||Version|
|FHC-XX||Earned Performance Fee Control||January 21, 2023||0.2|
This article reviews the new Earned Performance Fee Control feature. This article includes the following topics:
The Earned Performance Fee Control feature calculates the total earn performance fees collected for an individual debt, even if those fees were collected on a settlement that is now voided.
In this scenario, begin by going to the Contacts tab and selecting the client you wish to update. From there, go to the Client Dashboard, and then select the “Debts” tab. Your screen should appear like the one shown below:
In the “Enrolled Debts” table at the top of the screen, you should see a listing of creditors. These creditors owned the debts listed. Using the example shown above, note that there is an amount listed ($0.00) for Discover in the “Settlement Fee Cleared” column on the right.
This column shows the dollar amount and earned performance fees collected for this specific debt. If you do not have this column, you may customize this table by clicking the “Customize” button in the top right of the table (see below).
If you click on the “Settlement Offer” icon (the handshake icon shown in the middle of the image above), a new dialog box opens and you will see the previously settled but now voided offer (see below). Click on the “New Offer” button in the top right corner of the dialog box.
The “New Offer” page may appear a little different than what is shown below.
In the middle of the screen, you should see three Settlement Fee-related entries. There is a field for Settlement Fee Cleared, Settlement Fee Remaining, and Settlement Fee.
The Settlement Fee Remaining and Settlement Fee will always show $0 until an offer is entered in the “Offer Amount” field on the left of the screen. Once the offer amount list is entered, click the “Start Date” field where you may enter the start date for this offer.
To the right of the Start Date field, is a field for you to enter the number of payments to be made. Make your selection by entering the number of payments in the “# of payments” field. After you make your selection, press the tab key and will notice that the “Settlement Fee” now has a dollar amount listed of $2,000, which is 20% of the original balance.
NOTE: in this example, 20% just happens to be the Earned Performance Fee percentage for this individual consumer.
If you scroll down, the Settlement Fee Cleared was $191.55, leaving a Settlement Fee Remaining of $1,808.45. Settlement Fee Remaining is the dollar amount that will be scheduled in the Earned Performance Fee schedule that may be viewed by scrolling down the page.
In this scenario, a customer has paid all earned performance fees for an individual debt. Begin by returning to the Contacts tab, and then click on the Debts nested tab. In this example, the customer paid $60 in earned performance fees.
Click the “Settlement Offer” icon, and then the “New Offer” button in the top right corner. The following screen appears.
Enter the new offer amount in the “Offer Amount” field. Under the Payment Schedule section, enter the payment start date and the number of payments to be made. Once these are entered, the amounts shown in the “Settlement Fee Cleared” and the “Settlement Fee” fields will be the same, leaving $0 in settlement fees remaining. Therefore, there will be no transactions under the Performance Fee Schedule because there are no earned performance fees left to be collected.
In this scenario, a customer has not paid any earned performance fees on an individual debt.
In this scenario, there is a Discover account with $0 in earned performance fees paid. To create an offer, click the handshake “Settlement Offer” icon (see below left), and then click "Create One" if there are no existing offers for this settlement. Otherwise, click the “New Offer” button in the top right corner (see below right).
On the page that appears next, go to the "Offer Terms" tab (see below).
Note that the row containing Settlement Fee Cleared, Settlement Fee Remaining, and Settlement Fee is no longer visible. This is because this customer has paid no earned performance fees for this debt. That row will only populate if there have been earned performance fees paid.
Enter a new offer amount in the “Offer Amount” field. Under the Payment Schedule section (see the middle of the image below), enter the payment start date and the number of payments to be made.
Once you add the Start Date, and Number of Payments, if you scroll down to the Performance Fee schedule (see below), the dollar amount listed will be the total earned performance fees for this individual account, which should total $3,000 of this $15,000 original balance.
To turn this new feature on and off, go to the Admin tab and then click on "Settings" in the Navigation Bar.
You will now see an EPF fee control toggle at the bottom of the "General" section of the Settings page.
By un-selecting this radio button, the earned performance fee schedule will revert to how it was prior to this feature being rolled out. That will allow you to collect the total earned performance fees for debt, every time the debt is settled, even if it's been voided in the past.
Article Version History:
|0.1||11/21/2022||Added new header and footer, reimaged several screenshots|
|0.2||01/21/2023||Removed company references with Forth for rebranding as needed; refreshed screenshots.|
For more information, email us at Support@setforth.com.