Euroset calculations ensure finance companies stay compliant with APR, partial and full settlement regulations.
ERS is specifically designed to allow lenders to cope with the various calculations embodied in the CCD including
- APRs - fully ECCD compliant
- Illustrative settlements - for old style contract documents
- Early and partial settlements - daily accurate and fully compliant
- Otimised instalment re-schedules - finds the maximum instalment possible under the agreement APR after a partial settlement
- Amortised repayment schedules. - as required by law
- Simple to use
- Loans of any term
- Calculations can be viewed in detail to repudiate challenges
- ECCD compliant
ERS comes in two formats – a base version, code named K2, for single-advance, single-interest rate agreements and Everest, which offers facilities for multiple-drawdown and multiple-interest rate loans.
The underlying calculation engine contains the new compensatory amount mathematics, and may be easily switched to recognise time periods in line with the various schools of thought currently existing in the industry.
For partial settlements, the software will calculate a new repayment schedule according to the different options available to the consumer, and will maximise the value to the pence/cent within the original APR.