Q: Following the Bank of England Base Rate change yesterday, we are hoping to adjust the interest rates and subsequently the payments due for each of our loans on the LMS system. All our loans are set at interest of a set margin + BoE Base rate, as BoE base rate changed from 4.5% to 4.25%, […]
Question: We are a personal injury law firm that advances its clients and upon settlement we wish to calculate the interest on these fees that are added at different dates. Answer: Margill products easily do these calculations and hundreds of law firms use Margill for this specifically or for their legal calculations (prejudgment / post […]
Q: How can we create a report which identifies all of the unpaid payments? A: I would create and run a Transaction report. 1. Create a New report template. On the top right, pick up at least the Unpaid Pmt Line status (there could be other Unpaid Pmt Line statuses). 2. On the left from the “Transaction […]
Question: I’m trying to apply a payment in order to elimintat the outstanding balance in a loan. Can you explain how to do it? Answer: The outstanding amount is somewhat of a theoretical amount in more complex or irregular loans. The amount is based on what is actually paid (“Payment” column in the Payment schedule) […]
Margill Loan Manager – Update of Borrower’s data with Global Changes and an Excel sheet Question: I must make sure that all my loans include a name, address, city, province (or state), postal code (or Zip) and country for the Borrowers in a specific format. How can I do that in Margill? Answer: This operation […]
Q: Is it possible to issue a refund to a customer who overpaid, directly from Margill? A: Do you mean issuing a credit to the customer directly in Margill like when you do a pre-authorized debit with Perceptech / Acceo / Transphere (in Canada)? The answer is no with Perceptech / Transphere but with our […]
Seamless Legal/Litigation Fees Finance Management and Interest Calculation for Law Firms with Margill Loan Manager Many law firms, particularly, personal injury lawyers (accidents, injuries, claims, liability) will finance their client costs and fees until the settlement occurs, at which time they will deduct these fees, costs and now interest, from the settlement amount. With rising […]
Q: On a $1000 loan at 20% interest, why is my interest not $200 for one year? A: This is a common question that we often get and some information is missing to answer the question so we’ll analyse this, taking into account various scenarios and how to manage this in Margill Loan Manager. There is […]
Question: I am often faced with paying late alimony, and I want to be sure that the interest calculations they are hitting me with are correct. I pay 4% simple interest only on late or fractional payments. I am testing your software right now, and if I am say $500 short but pay it within […]
Question: How can I mass import “Unpaid” payments with an Excel sheet in Margill Loan Manager? I need to obtain the Outstanding payment amount too. Answer: Usually, when payments are NOT made (so were skipped or the payments returned for non sufficient funds (NSF), on a historical basis, these would simply be ignored and only […]