Skip Term Recovery

Skip Term Recovery

It refers to the process of recovering unpaid dues from the employees who have skipped one or more installment payments. When an employee defaults on their loan by skipping payments, it creates a gap or "Term" in the repayment schedule. 

The term Skip typically means that the employee has missed one or more payments without providing any explanation or notification to the Employer. This can occur due to various reasons such as financial difficulties. 

"Skip term recovery" involves efforts by the Employer to track down the employee, communicate with them regarding the missed payments. This may include sending reminders, attempting to contact the employee via phone, email or mail. 

Skip term recovery is loan servicing to minimize losses for Employer and ensure that the employee fulfill their repayment obligations according to the terms of the loan agreement.

To view the Skip Term Recovery, Login to SPARC > Menu > Loans 

Steps to Skip Term Recovery: 

1. Login to SPARC 
2. Go to Util Menu and Click on Loan function, A screen like below will open
3. Click on Load Employee Loans then Go to More details button it directs you to Loan status screen like below screen 

4. Click on Skip Term Recovery on the above screen and opens a screen to select skip recovery.

5. Please select one or more installment payments by selecting skip recovery check box provided on the screen above. Please note that you can only choose to skip recovery when the loan status is scheduled. After selecting 'skip recovery', click on the 'Save' button to save the skip recovery status.