ILPP
What is ILPP short for?
Income Loss Payment Plan
What is an indicator that an account is out of recency?
Flashing X by days since last paid.
Daily!!
Drivenet - CHF/Underwriting Tab - Under Collections
PP
Payment Plan entry screen
How low can we go for payments on an ILPP?
50%
Where should you look to find your teams most up to date recency percentage?
DL-1
How do you build your failed/broken PP list?
Collection Action Screen option #9. Enter Y in the broken field.
Fill in the blanks:
We want to collect _____ not ______ whenever possible.
Cash - Cars
PS
Payment Schedule
How do you code your ILPP's in the system?
CG - 7 (save list)
If a customer is out of recency, how much do they have to pay to reset recency?
Anything above $0.00
When should a PP be short?
When doing a Fresh Start, ILPP or an extenuating situation.
What are 3 of the 6 reasons a customer qualifies for a payment plan?
Good Payment History - Valid RFD - Offering money down/today - Good PP Kept % - Lots of $$ invested - Lower balance
SN
Sales Notes
How long should an ILPP last?
Should not exceed 8 weeks
How many days between payments will make an account out of recency on: weekly, bi-weekly and semi-monthly customers?
Out of recency on day 17 since last paid.
What does it mean if your PP has a variance of -$196?
It is short.
What is the Payment Ladder?
BIF
Reset days past due or 50% & PP
GFP (something) today & PP
WU
Web User Name for their online account
How do you build your ILPP list?
Collection Action Screen option #10. Then put SL in the field, and your name in the collector field.
How many days until monthly paying customers are out of recency?
33 days since last paid
How do you copy a PP?
Action Code: PP - C & PP # you want to copy.
When is it okay to give a PP to an SOD account?
When there is an extenuating RFD/circumstance.
RS
Refund Status - You can see the status of any refund