The periodic offsetting option

'Periodic offsetting' is a term identifying that a debtor has agreed to have repayments set from a number of future payments.  Both the payment type and the agreed amount of repayment will need to be identified on PRACSYS.

The system will then automatically deduct the agreed amount from as many payments as it takes to repay the debt.  This process will automatically adjust the 'Amount recovered' field on the account screen to reflect the current balance of the account.

Where the final balance of any overpaid amount is less than that specified on the system as the set repayment amount, the balance will automatically be deducted from the final payment.  This action will finalise repayment and the system will close the account.