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Payment arrangements overview

A payment arrangement is a flexible alternative to a policy’s standard payment schedule. There are several different types of arrangements - they let you reschedule, split, or waive payments to suit a client’s circumstances and to manage arrears.

Manual arrangements can be set up by an operator at any time, regardless of whether the policy is in arrears, while an overdue premium arrangement is created automatically to support a policy after it has fallen into arrears.

Payment arrangement types:

Arrangement Created What it does
Promise to Pay Manually Schedules custom payment amounts over one or more dates to manage overdue or upcoming payments.
Change Payment Date Manually Moves one or more scheduled premium payments to a new date. A payment can be advanced (brought forward) within the current billing period, or deferred (pushed later).
Payment Waivers Manually Voids selected payments so the client is not charged. Subject to the yearly and lifetime limits configured by your organisation.
Overdue premium arrangement Automatically Automatically stacks the overdue balance from a missed premium payment to be attempted again on the next scheduled due date.