Setting Up Payment Schedules for Accepted Settlements

This article describes the process of assigning payout terms of an accepted settlement. Once you have reached a settlement with a creditor for a client's debt, you can accept their offer and define the payment terms in the CRM.

To do this:

1. Find the settlement you wish to accept in the list of offers from the Settlements tab.

2. Click on the green arrow in the row you wish to edit.

3. If a settlement offer was already accepted, and a payment needs to be adjusted, make the change from the "Adjust Payment" screen available via the client's Enrollment Details page. The Settlement Offer for an accepted/completed settlement offer should only be edited if the user aims to void it.

4. If a settlement offer is not already accepted, you will be taken to the offer details page. All payment terms are filled out here. From the Offer Terms subtab (see below), the top section is where you can adjust the offer amount, offer percentage, who made the offers, the name of the negotiator, and the date this offer will expire.

5.) From the Payment Schedule section, you can choose the number of payments you wish to pay and the recurring start of these at the top of the screen. NOTE: by clicking on the small icon/image (of sheets of paper) to the left of the "Remaining" column, you can copy the value of the previous row, saving you time in entering additional payment information.

6.) From the Performance Fee Schedule section, you can assign a Minimum Fee and/or a required minimum balance, you may edit the amount and dates of each performance fee, and you can determine whether to customize your schedule or assign it to "auto-schedule (see below).  

7) From the Amortization Scheduler section, you can see a breakdown by month of all debt transactions. By default, this page shows only "active" transactions, but there is a setting available to include "Inactive" transactions as well. See our Help Center article on the Amortization Scheduler for more information.

8.) Go to the Payment Information subtab, and enter the remaining details of the offer including performance fee information, payee check information, and check reference information (see below).

9.) Once you confirm that the information from the "Offer Terms" and "Payment Information" subtabs is correct, scroll up to the top of the page. On the top right-hand side of the page, change the status dropdown menu to "Accepted" and click Save Offer (see below).

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