The 'Change payment date' action (formerly known as Payment Holiday) allows you to move the due date of one or more upcoming premium payments (including the final payment on a policy schedule). A payment can be pushed back (deferred), or pulled forward (advanced) up to it's billing date.
Account prerequisites:
- User permission: Policy 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 he changes his upcoming payment dates, and agree on deferring two payments to a later date. This helps Charlie proactively avoid arrears during his financial transition.
How to change payment dates:
- Navigate to the relevant policy and click on "Create payment arrangement" in the Actions menu. Then select 'Change payment date'.
- For each upcoming payment, you have the option to select a new date.
The earliest date you can pull a payment forward to is it's scheduled billing date. If a policy's due date is the same as it's billing date, then you will not be able to pull it forward.
A payment can be pushed out as far into the future as needed.
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 changed payment dates
Once created, you can view the changes on the policy Payments tab under the Variations section:
Any rescheduled payments will also appear in the upcoming payments list, with a tag indicating the type of change.
These types of arrangements cannot be cancelled, however they can be overridden. To do this, create another arrangement with updated payment dates.