Payment deferrals (also known as Payment Holidays) allow you to defer selected payments to a later date. They can be used for deferring both regular and overdue payments.
Account prerequisites:
- User permission: Invoice update
Charlie anticipates a temporary cashflow dip during a job transition. Concerned about his upcoming premium payments, he contacts his provider for assistance. They suggest a Payment Holiday, and agree on deferring two payments to a later date. This helps Charlie proactively avoid arrears during his financial transition.
Setting Up a Payment Holiday:
- To create a Payment Holiday, navigate to the relevant policy and click on "Create payment arrangement" in the Actions menu.
- For each upcoming payment, you have the option to select a new date.
Once complete, add a note and click next. The note will not be visible to the client. - After reviewing and confirming the updated payment schedule, click Confirm to make the arrangement effective. If the client has email as their preferred method of contact, they'll be sent confirmation of the payment arrangement. See the Client Contact Information article for more details about communications.
Viewing Payment Holidays
Once created, you can view the Payment Holiday on the policy Payments tab under the Variations section:
Any rescheduled payments will also appear in the upcoming payments list, with a 
badge.
Payment holidays cannot be cancelled, however they can be overridden. To do this, create another payment holiday arrangement with updated payment dates.