Loan Management: How do I postpone the next payment scheduled for an active loan?

Borrowers may reach out to the lender requesting changes to their contractual loan payment schedule due to unexpected life events or hardship.  If the lender decides to accommodate,  the "Reset" function on the Loan Payment Schedule page can be used to update the amount and the due date of future payments.  Automatic ACH to be processed on Happy Mango will follow the newly updated schedule. The Reset function is available only for loans that are using Happy Mango for processing loan repayments by ACH.

Clicking the Loan Number with hyperlink opens the LOAN PAYMENT SCHEDULE page of that loan. You will see the "Reset" button.  Clicking on the "Reset" button opens up a pop-up window with three choices.

1. Skip Next Payment

This function is available to loans that have been making payments on schedule. Delinquent loans will not have this option.  It skips the next payment due by shifting the entire payment schedule forward by one payment cycle. It is important to note that interest will accrue during the skipped payment period.  This will lead to an increase in the last scheduled payment due. 

Clicking on the "Skip Next Payment" link reveals the pop-up window below. Once confirmed, the Current Schedule tab will be updated, and an icon will appear next to the next payment due date indicating that there has been a change in the payment schedule.  If notes have been added, the details of the notes will appear when clicking on the icon. 

2. Postpone the Payment Due Date

This function is available to loans that have been making payments on schedule. Delinquent loans will not have this option.  It postpone the coming payment due date to 7 days before the next payment due date. It is important to note that interest will accrue during the extended payment period.  This will lead to a slight increase in the last scheduled payment due. 

Clicking on the "Postpone Due Date" link reveals the pop-up window below. Once confirmed, the Current Schedule tab will be updated with the change in this single payment, and an icon will appear next to this payment indicating that there has been a change.  If notes have been added, the details of the notes will appear when clicking on that icon. 

In addition to the above, you can also use the "Temporarily Reduce Loan Payment" or the "Modify Remaining Loan Schedule" functions to provide payment relief for an extended period of time. Please refer to these articles:

• Loan Management: How do I temporarily reduce the payment amount for an installment loan?
• Loan Management: How do I modify the remaining payment schedule of an active loan?

A record of any Skip, Postpone, or Modify action is shown in the middle of the Loan Payment Schedule page.  The sum total of the changes made is displayed in the "Reset History" column of the Active Loans page.