What if payment(s) are collected in advance?
If the consumer would like to pay the monthly payment in advance there are several choices to post the payment:
- The payment may be applied to the next scheduled payment. This action will cause the Next Payment Date to “roll” to the following month. Do this one or more times if the amount collected equates to one or more (monthly) payments.
- The payment may be applied to the Plan Contract Balance. This is how the plan may be paid-off early, however the Next Payment Date will not be changed.