The Schedule section on the Money tab is used to record payment instalments, including payments already received and future payments that are due.

This acts as a reminder and tracking log, helping you see when the next payment is due and whether the policy has been paid in full.

Enabling Instalment Payments

To use payment schedules:

1. Go to Admin > Schemes.
2. Open the scheme and select the Payments tab.
3. Enable Instalment Payments.

Once enabled, instalments will be available as a payment option at the end of the quote journey.

Creating a Payment Schedule

Once instalment payments are enabled:

1. Open the policy and go to the Money tab.
2. Select Create Schedule.
3. Enter the payment amounts and due dates under the appropriate sections.
4. Save the schedule.

Important: Payment schedules are for recording and tracking payments only. SchemeServe does not automatically collect or debit payments on the dates entered in the schedule.

If bank details are collected during the quote journey, this is for data gathering purposes only. The details can be stored against the policy and included in reports for onward transmission to insurers, premium finance providers, or other third parties as required.

Entering bank details does not create a Direct Debit instruction, set up a finance agreement, or trigger any payment collections. Any premium finance arrangements, Direct Debit mandates, or payment collection processes must be arranged and managed separately by the insurer, finance provider, broker, or other relevant party outside of SchemeServe.

The Schedule section simply provides a record of instalments due and paid, helping users track outstanding balances and payment status throughout the policy term.

Premium Finance Arrangements

Where a client pays by premium finance, the broker must still record the premium payment on the policy's Money tab.

As the premium finance provider typically pays the full premium amount to the broker upfront, a payment should be recorded for the full premium amount, even though the client may be repaying the finance provider by monthly instalments.

The instalment agreement exists between the client and the finance provider and is managed entirely outside of SchemeServe. The Schedule section can be used for reference purposes if required, but it does not manage or monitor the finance agreement.

It is assumed that the client will make all payments due under the finance agreement. If the client defaults, the finance provider will notify the broker. The broker can then process a cancellation MTA to recover the appropriate return premium from the insurer. Any recovered premium can be used to reimburse the finance provider.

If any balance remains outstanding with the finance provider, such as accrued interest, administration fees, or default charges, recovery of those amounts is a matter between the finance provider and the client, as the finance agreement is a separate contract between those parties.