There are restrictions within Redress Manager for loan calculations where the interest is added upfront. These extend to the splitting of loans, the use of variable rates during the calculation and generating interest differences via the system generate option.

 

Co-operative Bank

 

            Special methods used for interest, different to mortgage calculation

 

Coventry BS

 

            Normal collection of interest, similar to mortgage calculation

 

Direct Line

 

            Normal collection of interest

 

HSBC Loan

 

            Interest added up front, capital taken forward, different to mortgage calculation

 

HSBC Loan (Jan Hol)

 

            As above but allows for no payment in Jan

 

Lombard Direct

 

            Normal collection of interest

 

Mint

 

            Normal collection of interest

 

Northern Rock USL

 

            Interest added up front, different to mortgage calculation

 

Norwich & Peterborough

 

            Similar to mortgage calculation

Related Topics

Appendices