The Payment Details layout provides valuable information concerning debts you collect on behalf of yourself or your clients. You can use this layout to track payments made towards a non-judgment, judgment, or renewal judgment debt.
This layout is only available for Debt Collection, Foreclosure, and Homeowner's Association Dispute matter types.
There are four components to the Payment Details layout:
- Debt Details: This section defines the parameters of the debt being collected.
- Renewal Judgment: If the layout is being used to track payments made toward a Renewal Judgment, this checkbox can be used to identify it as such. When this box is checked, the layout description for this instance of the layout will display "Renewal Judgment."
- Judgment/Default Due: Users should use this to record the default date of the debt (if no judgment has been acquired) or the date of the judgment or renewal judgment this instance of the layout is tracking. If interest is added to the debt, a date must be entered here for the accrued interest to calculate properly.
- Total Debt: This is where the total assessed debt should be entered.
- Interest Rate: This is where the interest rate applied to the debt should be entered.
- Current Per Diem: This amount will automatically calculate the current per diem rate on the remaining debt based on either the original debt (if no payments have been entered) or the remaining balance.
- Payment Details: This area is for information purposes only and is not used in any calculations.
- Payment Frequency: Record the agreed-upon payment frequency.
- Individual Payment Amount: Record the agreed-upon payment amount.
- First Payment Due Date: Record the agreed-upon date the first payment should be made.
- Totals: Each of these fields automatically calculate based on the information entered elsewhere on the layout.
- Total Payments: Calculates all payments made toward the debt to date.
- Total Accrued Interest: Calculates the total amount of interest that had accrued as of the most recent payment date recorded.
- Remaining Balance: Displays the remaining balance as of the most recent payment date recorded, including all accrued interest.
- Total Fees: Populates the total amount of fees that have been added to the debt as recorded on the Fee & Expenses tab of the matter.
- Total Owed: Displays the sum of the Remaining Balance, Total Fees, and Total Expenses fields.
- Payments: This area is used to record Payments made or Fees added to the debt. Note: The Export to CSV link in the upper right corner of the table can be used if you wish to generate a spreadsheet of the payment history entered on the table.
- Type: Use this dropdown to identify if you are recording a Payment to be subtracted from the balance or a Fee to be added to it.
- Date: Record the date the Payment or Fee was applied.
- Method: Record the way a payment was made.
- Notes: Use this to add any pertinent information.
- Amount: Use this to record the amount applied.
- Interest: This will automatically calculate the accrued interest to the date entered in the Date field.
- Balance: This will automatically calculate the remaining balance.
Did You Know
For renewal judgments, you can right-click to add an additional instance of the layout to account for each time a renewal judgment is acquired.