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How can I mass import “Unpaid” payments with an Excel sheet in Margill Loan Manager? I need to obtain the Outstanding payment amounts.

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 […]

What’s criminal? Lenders beware – amendments to Criminal Code under Bill C-274

An Act to amend the Criminal Code Bill-C-274 (the Bill) entered first reading in the House of Commons on May 11, 2021. The Bill would amend1 the definitions of “criminal rate” and “interest” in subsection 347(2) of the Criminal Code, while also repealing section 347.1, which had allowed certain exceptions for payday loans. The Bill will be […]

Is Margill Interest calculator or Margill Law calculator able to create a compound interest calculation with irregular payments and interest rates that change over time?

Q: Is Margill Interest calculator or Margill Law calculator able to create a compound interest calculation with irregular payments and interest rates that change over time? So is my understanding correct that your software will be able to work out the balance owing in terms of an overdue loan with compounded interest based on the following […]

In the Loan Manager, is it possible to change a payment date for all loans at the same time?

Q: In the Loan Manager, is it possible to change a payment date for all loans at the same time? For example, I want to change the date from March 26 to March 27? A: This can be done in batch but each date will have to be modified. You can do this for “Due […]

Webinar – What’s new in Margill Loan Manager 5.2

Last February 11, 2021, the Margill Team held a webinar to introduce the new features of the Margill Loan Manager software, version 5.2. For those who have missed it or if you wish to see it again, here it is:  

Credit agreement best practice – LIBOR cessation

Osler law firm offers an excellent article regarding the London Interbank Offered Rate (LIBOR) which will eventually end. And even in these difficult times of the COVID-19 pandemic, there is no suggestion that LIBOR’s end will be delayed and should end, as expected, on December 31, 2021. A text by Andrew G. Herr, Lisa Mantello […]

Global FinTech survey report – Key findings

Financial institutions, including banks, asset/fund managers and insurers, as well as established FinTech businesses and start-ups, have been presented with major disruptive events with the advent of COVID-19 and national lockdowns, and with the impending risk of global or regional recessions. In May and June, a group of attorneys from the law firm Norton Rose […]

I would like to convert 7500 of accrued interest to principal. Can this be done in Margill Loan Manager?

Question: I would like to convert 7500 of accrued interest to principal. Can this be done in Margill Loan Manager? Answer: Certainly with special Line statuses. First, go to Tools > Settings: Make sure “Interest paid” is available (not checked to Hide from menu) as well as an “Add. Principal X” Line status. We will […]

Webinar – What’s new in Margill Loan Manager 5.1

A host of new features have been introduced with the launch of Margill Loan Manager 5.1. New features are fun but you need to know they exist. We’ve hosted a 30-minute webinar in which we have explored these new functions.  

How can I create a schedule where I can see the interest that accrues on a daily basis, every day?

Q: My law firm must calculate the interest from June 30, 2019 to May 28, 2020 on an amount due by an insurance company. I must be able to see the interest that accrues every day. Interest rate is 4% annually and amount is 150,250.33. A: In Margill Law Edition, you would usually use the […]