ODP Manager includes tools that may help you manage your Fresh Start Loan process.
For each account in a Fresh Start repayment plan, you can add the Fresh Start Loan repayment schedule. Payment reminders are created that display when due to remind you to check if the payment has been made as agreed. Once the payment is received, you can track the payment amount and date.
Also, you can easily create the Fresh Start Loan agreement using the ODP Manager account information and repayment schedule. Even if you choose not to track repayment schedules, you can still streamline FSL agreement creation by generating the document using ODP Manager.
The standard letter templates include an FSL Default close letter. If an account under a repayment schedule has defaulted and must now be closed and charged off, this letter can be generated and tracked in ODP Manager.
Do you send other Fresh Start Loan letters to accounts in repayment status? An Ad Hoc letter can be created for you to generate as needed – just enter the deposit account number and the letter will pre-fill with the account information. Once it is generated, it is tracked and retained within ODP Manager just like your Collection and Custom letters.
ODP Manager also includes a Fresh Start Tracking report that lists all accounts with a Fresh Start Loan Repayment ODP Status code. Use this report to monitor accounts currently in repayment or to identify accounts that have paid the Fresh Start Loan in full and should be reassigned an overdraft limit.
Let ODP Manager make managing your Fresh Start Loan process easier!