We recently received a call from a customer who wanted to know how to override the statutory rate applied on judgments (currently 4.75% as of 7/1/12) to apply a 10% per year rate. The ArrearsMaster® program makes it simple to apply a user selected rate, but unfortunately it isn’t all that clear how to do it! – hence, this blog item!
The answer is found on the first screen of your ArrearsMaster®: Go to the State list, and scroll down the list to the bottom (or click in the list window and hit the “End” key), where you will find two special rates: “Zero” and “Fixed.”
If you select “Zero,” no interest will be applied and all payments will be applied to the principal amount of the debt.
If you select “Fixed,” ArrearsMaster® will open an input window where you can type in whatever annual fixed rate you want applied!
We hope this helps in your future calculations. Thank you for the opportunity to highlight features of our ArrearsMaster® program.