The consolidation screens use the same adjustments as available in the Multi-lender, Investment and Pension screens. The debt option is the same as the Multi-lender, the Invest and the investment screen and the Pension the same as the pension screen.

 

Set adj portion %

 

This adjustment apportions other adjustments based on the percentage entered. This is very useful when splitting investment cases where you can use the original adjustments and set to split them on the notional calculation to say 25% / 75% or 50% / 50%. It can also be used to proportion investments over different interest rates / indices based on attitude to risk.

 

Example

 

Main adjustment set

 

1          Investment                    01/03/2010        £1,000

2          Withdrawal                    05/10/2012        £500

 

Notional adjustment set

 

1          Set adj portion %          01/03/2010        25.000              20/06/2013        Part A

1          Set adj portion %          01/03/2010        75.000              20/06/2013        Part B

 

This would apportion 25% of the investment (£250) and withdrawal (£125) to Part A and 75% of the investment (£750) and withdrawal (£375) to Part B.

 

Annual Salary

This adjustment is used as part of Consolidation Pension cases to enter the amount earned over the period of a year. This can be used alongside other detail to calculate the GMP Earnings Factor. A start date, value and end date are required for this adjustment.

 

Example: Set adjustment Annual salary 01/03/22 65,000.00 01/03/23

Effect: The view detailed recalc screen will show £65,000.00 in the salary column on 01/03/22 until 01/03/23 if the action of GMP earnings factor is selected.

NI Weeks Missed

This adjustment is used as part of Consolidation Pension cases to enter the number of weeks that a customer has not made their National Insurance contributions. A start date and value are required for this adjustment: the value is the number of weeks.

 

Example: Set adjustment NI weeks missed 01/10/2024 22.00

Effect: From 01/10/24, 22 weeks of NI contributions are set as missed.

Contracted out NI

This adjustment is used as part of Consolidation Pension cases to enter the amount of National Insurance contributions paid by an employee. A start date, amount and end date are required for this adjustment.

 

Example: Set adjustment Contracted out NI 01/02/18 13,000.00 01/02/19

Effect: The view detailed recalc screen will show £13,000.00 in the contributions column on 01/02/18 until 01/02/19 if the action of GMP earnings factor is selected.

 

Credit

This adjustment is used as part of the Consolidation - Payment Refund cases. A start date and a value are required for this adjustment. The percentage parameter specifies the proportion of the adjustment value to be applied. Any credit adjustment will negatively affect the balance.

 

 

Debit

This adjustment is used as part of the Consolidation - Payment Refund cases. A start date and a value are required for this adjustment. The percentage parameter specifies the proportion of the adjustment value to be applied. Any debit adjustment will positively affect the balance.

 

Earnings factor

This adjustment is used as part of Consolidation Pension cases. Earnings factors are obtained from the employee’s contracted-out NICs paid on earnings between the Lower and Upper Earnings Limits. These can be either manually entered in or calculated using the system. For the system to calculate the earnings factors, you will need to enter either the Annual Salary or the Contracted Out NI or both. If any national insurance contributions have been missed, those will need to be entered in too using the NI Weeks missed adjustment.

 

Revalued earnings factor

This adjustment is used as part of Consolidation Pension cases to apply the yearly Social Security Revaluation of Earnings Factors Order on earnings factors. A start date, value and end date are required for this adjustment.

 

Daily interest factor % (for pension calculations)

This adjustment applies an interest rate to the calculation for the period entered in. A start date value and an end date is required to apply a year's worth of interest in one day.

 

Example: Set adjustment Daily interest factor % (pension calculations) 01/02/21 5.00 01/02/22

Effect: The view detailed recalc screen will show an interest rate of 1825 from 01/02/21 to 01/02/22.

Display periods (for pension calculations) 

This adjustment is used to change the display  conventions in Redress Manager from date to periods (1-X). A start date, a value and an end date are required for this adjustment. 

 

Example: Set adjustment Display periods 01/09/22 1.00  01/09/24

Effect: From 01/09/22, the tabs on Redress Manager will no longer show dates. Instead, each tab will be numbered from 1-X.

 

Payment received

This adjustment is used to show a credit against the credit card balance. a net payment entry will be shown for the date specified. This net payment will show a balance reduction.

 

Example:

(Before)

01/01/2010: Net Payment - 0

01/01/2010: Balance - 10000

 

Set Adjustment Payment Received 01/01/10 -1000.00

 

Effect: 01/01/2010: Net payment - 1000

01/01/2010: Balance – 9000.

Insurance premium

This adjustment will show a debit against the credit card balance relating to a charge for PPI insurance. A start date and a value is required for this adjustment.

 

Example: Set adjustment Insurance premium 17/05/22 39.99

Effect: On the detailed rework screen the balance for interest column will show an increase of £39.99 on 17/05/22.

 

Note if a minimum payment % is set this will be affected by this adjustment.

 

Interest

This adjustment will show a debit against the credit card balance relating to the monthly interest charge. A start date and an amount are required for this adjustment.

 

Example: Set adjustment Interest 01/05/22 387.21

Effect: On the detailed rework screen the balance for interest column will show an increase of £387.21 on 01/05/22.

Purchase

This adjustment will show a debit against the credit card balance relating to ta purchase made by the consumer. A start date and an amount are required for this adjustment.

 

Example: Set adjustment Purchase 01/06/22 389.99

Effect: On the detailed rework screen the balance for interest column will show an increase of £389.99 on 01/06/22.

 

Refund

This adjustment is used to show a credit against the credit card balance relating to a refund from the card provider. A start date and an amount are required for this adjustment.

 

Example: Set adjustment Refund 01/07/22 120.99

Effect: On the detailed rework screen the balance for interest column will show a decrease of £120.99 on 01/07/22 and the net payment column will show £120.99.

Late payment fee

This adjustment will show a debit against the credit card balance relating to the consumer making a late or missing a monthly minimum payment. A start date and an amount are required for this adjustment.

 

Example: Set adjustment Late payment fee 11/03/23 99.00

Effect: On the detailed rework screen the balance for interest column will show an increase of £99.00 on 11/03/23.

 

Over limit fee

This adjustment will show a debit against the credit card balance relating to the consumer exceeding their agreed credit limit.  A start date and an amount are required for this adjustment.

 

Example: Set adjustment Over limit fee 21/04/23 99.00

Effect: On the detailed rework screen the balance for interest column will show an increase of £99.00 on 21/04/23.

Cash advance fee

This adjustment will show a debit against the credit card balance relating to the consumer making a cash withdrawal.  A start date and an amount are required for this adjustment.

 

Example: Set adjustment Cash advance fee 13/08/23 99.00

Effect: On the detailed rework screen the balance for interest column will show an increase of £99.00 on 13/08/23.

 

PPI adjustments:

 

Payment received

This adjustment is used to show a credit against the credit card balance. a net payment entry will be shown for the date specified. This net payment will show a balance reduction.

 

Example:

(Before)

01/01/2010: Net Payment - 0

01/01/2010: Balance - 10000

 

Set Adjustment Payment Received 01/01/10 -1000.00

 

Effect: 01/01/2010: Net payment - 1000

01/01/2010: Balance - 9000  

Insurance premium

This adjustment will show a debit against the credit card balance relating to a charge for PPI insurance. A start date and a value is required for this adjustment.

 

Example: Set adjustment Insurance premium 17/05/22 39.99

Effect: On the detailed rework screen the balance for interest column will show an increase of £39.99 on 17/05/22.

 

Note if a minimum payment % is set this will be affected by this adjustment.

 

Interest

This adjustment will show a debit against the credit card balance relating to the monthly interest charge. A start date and an amount are required for this adjustment.

 

Example: Set adjustment Interest 01/05/22 387.21

Effect: On the detailed rework screen the balance for interest column will show an increase of £387.21 on 01/05/22.

 

Purchase

This adjustment will show a debit against the credit card balance relating to ta purchase made by the consumer. A start date and an amount are required for this adjustment.

 

Example: Set adjustment Purchase 01/06/22 389.99

Effect: On the detailed rework screen the balance for interest column will show an increase of £389.99 on 01/06/22.

 

Refund

This adjustment is used to show a credit against the credit card balance relating to a refund from the card provider. A start date and an amount are required for this adjustment.

 

Example: Set adjustment Refund 01/07/22 120.99

Effect: On the detailed rework screen the balance for interest column will show a decrease  of £120.99 on 01/07/22 and the net payment column will show £120.99.

 

Late payment fee

This adjustment will show a debit against the credit card balance relating to the consumer making a late or missing a monthly minimum payment. A start date and an amount are required for this adjustment.

 

Example: Set adjustment Late payment fee 11/03/23 99.00

Effect: On the detailed rework screen the balance for interest column will show an increase of £99.00 on 11/03/23.

 

Over limit fee

This adjustment will show a debit against the credit card balance relating to the consumer exceeding their agreed credit limit.  A start date and an amount are required for this adjustment.

 

Example: Set adjustment Over limit fee 21/04/23 99.00

Effect: On the detailed rework screen the balance for interest column will show an increase of £99.00 on 21/04/23. 

 

Cash advance fee

This adjustment will show a debit against the credit card balance relating to the consumer making a cash withdrawal.  A start date and an amount are required for this adjustment.

 

Example: Set adjustment Cash advance fee 13/08/23 99.00

Effect: On the detailed rework screen the balance for interest column will show an increase of £99.00 on 13/08/23.

Related Topics

Adjustments