Create an installment agreement

You can use the Pismo platform to refinance an existing credit card debt. To refinance this debt, create a new payment agreement for your customer.

Create a new installment agreement

Before you create a new payment agreement, make sure the customer is eligible for refinancing. So, check with your organization’s refinancing terms, procedures, and conditions (for example, debt-to-income or credit history).

If the customer is eligible for refinancing:

1. Get their account details.
2. From the response, copy the number from the current_cycle field.
3. Go to list statements and enter their account ID.
4. Paste the number from the current_cycle field in the account details into the startCycle field.
5. From the response, look at the previous_balance field to get the refinanced amount.
6. Use your own calculation method based on the refinanced amount to generate a new payment plan.

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Since the Pismo platform supports a collection of installments, you can use any desired amortization system to calculate a payment agreement.

7. After you have the plan, you can create a new installment agreement. To create one, use Create a Payment Agreement.

8. In this endpoint, set the following fields to false:

   • statement_agreement
   • compulsory
   • settle_accural

   You now created an installment agreement.

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IOF fields only apply to Brazil. If you’re not in Brazil, enter 0 in the IOF fields.

Once you’ve created a new installment agreement, the Pismo platform posts the new installments on the currently open and future statements. If the customer needs to cancel the agreement, use Cancel an Installment Payment.

Search for existing installment agreements

If you need to review an existing agreement, use Retrieve Payment Agreements. You can use this endpoint to check interest rates, current balance, and the installment plan.

If you need to search an existing payment agreement by its ID, use Get installment payment by ID.